Are you reluctant to call your house, your home?
Your home is not merely your resting place. It takes time and extra effort to transform a house into a home!
Are you looking forward to renovate or refurbish your abode? Middle-class families refrain from realizing their dreams of restoring their home owing to financial issues. At critical moments like these, leading financial institutions serve the purpose. They offer affordable Loan Against Property Interest Rates. Now, let’s look at the bigger picture of home renovation loan.
Consider a loan against property for renovating your wretched home. Basically, this secured loan will help to fetch the borrower a good amount of money by mortgaging his property with the lender. Loans against properties can be availed against both residential and commercial properties applicable for both salaried and self-employed individuals.
So, with home renovation loan, one can get enough funds to do a complete makeover and transform it into a dream home. Remarkable benefits of applying for loans against properties are:
- High Financing Amount
Loan against property India provides a handsome loan amount for home renovation. Moreover, with an affordable rate of interest, borrowers can repay this secured loan at ease.
Note: A salaried employee may get an amount up to Rs. 1 Crore, while self-employed individuals can avail a loan of up to Rs. 3.5 Crore.
- Flexible Tenor
Loan against property for home renovation comes with an impressionable tenor which allows partial pre-payment without any penalties. This, in turn, has a considerable advantage as the borrowers can get rid of the extra interest by paying nominal penalties.
Additionally, salaried individuals have the facility to select a tenor of up to 20 years. On the other hand, self-employed individuals can choose a tenor of up to 18 years to repay the loan amount conveniently.
- Balance Transfer Facility
This secured Home Renovation Loan also allows consumers to transfer their existing loan to any other lender at lower interest rates, and with minimal documentation.
While opting for balance transfer, few reputable financial institutions also offer a high-value-top-up loan to the borrowers.
- Easy Disbursal
One major advantage of loan against property is that customers can avail the loan with minimal documentation within 72 hours, subject to fulfillment of eligibility criteria.
- Online Account Management
Debtors can manage their loan account online via the lender’s online portal. Track all loan related details like statement of accounts, repayment schedule, etc. with just a few clicks.
Questions that Borrowers normally ask:
- What sort of documents I need to submit for home renovation loan?
Loan against property documents required from the borrower’s end include:
KYC documents, prior months’ credit history, documents of the property to be mortgaged, address proof and IT returns.
- What is the loan against property eligibility criteria?
Salaried individuals should range between 33 to 58 years whereas self-employed needs to age between 25 to 70 years with a regular source of income.
Now, it is evident the smartest option to apply for Loan Against Property to acquire funds for home restoration.
Undoubtedly an improved home can uplift the spirit of all members, making it a happy place. So, get yourself a modular kitchen, modify your living-room scene and relive your accomplishment with a loan against property.