Do you need some urgent funds? Do you have a
house? You can apply for a loan against property and fulfil all your essential
and big-ticket needs.
However, before you could apply for it, there
may be some questions that you may want to be answered. To help you get answers
to some vital questions, we have clubbed some loan against property FAQs to
help you know more. Read on!
1) What is a Loan
Against Property?
As the name suggests, the loan against property is
a facility that helps you access a bigger amount after pledging your property.
As a result, the loan becomes secured, and you can enjoy a lower loan against
property interest rate.
2) For What
Purposes you can Use the Loan?
The loan against property works like a personal
loan. You are free to use it for covering diverse needs. Be it the business
expansion, marriage, medical emergency and beyond; you can use the loan amount
for many purposes.
3) Can a Salaried
Person in Gurgaon go for a Loan Against Property?
A salaried person is entitled to apply for the
loan against property facility. However, the property that he/she wishes to
pledge should exist in a city as in a lender’s list. Hence, before applying for
the loan, you need to check the list of cities available on the webpage of the
lender.
4) Can a Self-Employed Person apply for Loan Against Property?
Yes, a self-employed person can also apply for the loan against property. However, before applying, he/she should check
the eligibility conditions to avoid rejections.
5) Do You Need To Mention The
Purpose Of Availing The Loan?
Most of the leading banks and non-banking
finance companies (NBFCs) don’t want you to specify the purpose behind the
application of loan against property.
6) Can A Commercial Property
Be Treated As Collateral For The Loan?
Yes. Both commercial as well residential
properties are collateral for the loan against property.
Also Read: Myths
about Loan against Property Busted
7) What Is The Quantum Of The
Loan That You Will Get?
For the loan against property, around 50-70%
value of the pledged property is what is generally offered as the loan.
However, the quantum of the loan differs from lender to lender. It is good to
be sure of it because you may have the requirement for a bigger loan amount
which you may not avail.
8) What Is The Maximum Amount
That One Can Avail?
Here is what a person can avail as per his
financial profile. Have a look:
Salaried professional – Up to Rs.1 crore
Self-employed personnel – Up to Rs.3.5 crore
The mentioned amount may go up and come down as
per your eligibility and the terms and conditions of your prospective lender.
9) What About The Taxation
Benefits On Loan Against Property?
Unlike the home loan, the EMI payments for this
loan have no entitlement for the salaried professional to save taxes. On the
other hand, a self-employed person can claim income tax deductions on paid
interest amount. The only thing is that he/she would need to prove that he used
the loan funds to improve his/her business.
10) How Is The Valuation Of ‘to Be Mortgaged
Property’ Conducted?
Your prospective bank or non-banking finance
company (NBFC) will conduct a formal property valuation process. It will be
conducted to determine its final value.
Do you want some large amount to fund your
multiple needs without paying a higher loan rate? You can easily apply for the
loan against property online. By sharing your basic personal details like name
and mobile number, you can quickly check out your pre-approved loan deals today
only!
Bajaj Finserv provides some remarkable
pre-approved offers on loan against property, home loans, personal loans,
business loans and a lot more. Going for such schemes will assist you to go
through the loan formalities fast and hassle-free.
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