However, some people find it difficult to decide which loan to apply for or whether a loan against property is a good idea. While some concerns may be justified, financial experts say that a loan against property is one of the most secured loans and carries a lower interest rate compared to other options.
In this way, can I take loan on my father property?
You can take a loan from the bank even if the property is in your father’s name. In that case you can either take personal loan for certain amount or you can take home improvement loan as a co-applicant with your father.
Similarly, how much home loan can I get on 40000 salary?
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
Is loan against property taxable?
Even when you have an ongoing home loan, you are eligible to get tax benefits; however, there are no tax benefits for Loan Against Property under Section 80C of the Income Tax Act.
Documents Required for Property Loan
- Application form with a recent photograph.
- Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)
- Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)
A home equity loan, also known as a home equity installment loan or a second mortgage, is a type of consumer debt. Home equity loans allow homeowners to borrow against the equity in their residence. … Fixed-rate home equity loans provide one lump sum, whereas HELOCs offer borrowers revolving lines of credit.
Get the sanction letter from the lender
After successful completion of the validation process, your lender will make you an offer for a loan against your pledged property. This means that your lender has confirmed the authenticity of the documents you have submitted and considers you creditworthy.
A loan against property (LAP) is a secured loan that banks, housing finance companies and NBFCs provide against residential or commercial property. These loans are usually offered at a lower interest rate as compared to a personal loan or business loan and are disbursed at a reasonable time.
Best Loan Against Property Schemes
|HDFC Bank||8.00% p.a. – 8.95% p.a.||Up to 15 years|
|IDFC First||8% p.a. onwards||Up to 20 years|
|Tata Capital||10.10% p.a. onwards||Up to 15 years|
|Axis Bank||Up to 11.25% p.a. onwards||Up to 20 years|