By | 15/12/2016

Every individual in India loves to have an asset/property under his/her name. Since 2010 the investment in Real Estate has multiplied many times. However due to lack of funds, and other reasons, people are pledging their assets/property to get good loans from financial institutions in India.

A Dream Come True For All Indians:

Various assets came into the existence like row houses, flats, condominiums, apartments, plots, sites like the 30*40, 60*40 sites and others in India. Real estate is important holding determining living condition/status of an individual. Furthermore, it is believed that purchasing any asset is considered lifelong investment.

People are pledging the condominiums, apartments, plots, sites, row houses, flats to get good loans. Banks will verify the document, study document, and offer the loan to the person meeting the eligibility criteria’s. People from various walks of life like the professionals, employees, self employed professionals, NRI (Non Residential Indian) can pledge property to take up loans to full fill needs of their parents, siblings, children and spouse in India.

Ways to Pledge One’s Asset In India:

Any individual living in various part of India can pledge his/her asset to take the loans. Various loan types are present like the home loans, vehicle loans, personal loans, and others. Some of the means to pledge the assets in India are as follows:

  • Must Be Citizen Of India
  • Should be working with any companies for at-least two years
  • Companies in India existing for more than 5 years can be eligible
  • All companies in India belonging to various segments, excluding the Chit Fund companies
  • Export and Credit related companies can apply

Features of Loans Against Property:

Some of the features of the loan against property are:

  • Higher loan amount will be given by bank
  • Speedy and restriction free loans with fast approvals
  • Banks do accept residential/commercial property as security
  • Wide variety of loans available like car loans, property loans, home loans, medical loans, personal loans and others
  • Super fast processing of the request for loans

Appropriate Criterions For Loans Against Property:

Some of the conditions for loans against property are as follows:

  • Citizen Of India.
  • Xerox copies containing Pan Card, Telephone bills, Electricity Bills, Mobile Bills, Driver’s License.
  • Salary slips for last 6 months.
  • Xerox of Bank Account Statements.
  • Xerox of Various Property Documents.
  • Above 21 years and below 65 years of age.
  • Living in the place, where you reside for one year
  • No Criminal Records/Proceedings/Charges.

How Can One Apply For Loan Against Property?

You need to approach the bank and talk with the risk management team and do the following:

  • Fill in the online application form
  • Contacting the financial advisory company for Best advice
  • Call the bank’s customer service number
  • One can visit nearest branch
  • If you are an existing customer with the bank, then processing for loan will be more easier
  • Submitting all relevant document of the property/asset
  • Your contribution towards your asset must be above 50%
  • You must have proper repayment capacity like the income, qualification, occupation, age, assets as well

Facilities Offered By Banks:

Various kinds of facilities are offered by the banks and would consist of the following:

Term Loans: It is a loan offered by the bank for specific amount, and comes with a fixed schedule. It has got a floating interest rate. Example: Small business units use cash from term loans to purchase small/big equipments.

Working Capital: Amount given by bank, to the company for its day to day functioning is known as the working capital.

Demand Loans:  A unique kind of loan, ideal for complete repayment, the moment it is given by lender. Borrower can repay money anytime before lender asks, without any penalties.

NRI (Non-Resident Indians) are the major segment in India showing tremendous interest in purchasing assets/property. Middle class is pledging many assets of theirs to get huge amount of loans to satisfy their unfulfilled desires.

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