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Loan Against Security
Loan Against Property
| Loan Amount | ₹100,000 |
| Interest % | 8 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,699 |
| Total Interest | ₹ 4,386 |
| Loan Amount + Interest | ₹ 104,386 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 49,005 | ₹ 3,189 | ₹ 52,194 | ₹ 50,995 | 49.00 % | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||
| ₹ 50,997 | ₹ 1,197 | ₹ 52,194 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||
The needs and requirements of loans vary from one individual to another. Therefore, at Upniva we offer a wide range of Loan Against Property to serve every individual and their financial needs.
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
One of the most important steps. Now you will have to submit all the required documents digitally.
Once your application is approved based on your eligibility, you will have your loan amount disbursed to your bank account.
Like a personal loan, a loan against property can be used for both personal and business purposes other than any speculative use
A mortgage loan is secured against a high-value asset, which gives you access to a high loan amount, helping you meet your high-end expenses with ease
A mortgage loan also comes with the feature of balance transfer, allowing you to refinance your existing mortgage loan to another lender giving lower interest rate or better loan terms
Interest paid for the loan against property provides tax benefits under Section 37 (1) of the Income Tax Act, 1961. If the loan amount is used for financing a new house purchase, the interest paid on the loan will get you tax benefit of up to Rs. 2 lakh under Section 24 of the Income Tax Act
The interest rate on a secured loan is lower than the interest rate on an unsecured loan. This makes loan against property a cheaper and a better alternative to personal loans
The tenure of loan against property usually extends to 20 years, giving you the benefit of lower EMIs and greater flexibility in repayment
Lenders need a list of documents when you apply for a mortgage loan in order to analyze your loan repayment capacity and confirm that any information you provide is accurate. This list of documentation will vary from one lender to the next. It may also differ depending on your scheme, kind of resident, and type of job. However, the following are the most frequent documents needed to apply for a loan against property:
The interest rate is a major determinant of the entire cost of your property loan. Because a loan against property is of greater value and has a longer-term, the interest rate can have long-term financial consequences for borrowers. Taking advantage of low-interest rates on a loan secured by real estate will lower the EMI as well as the total interest paid. As a result, potential borrowers should seek a mortgage loan with the lowest available interest rate. Citibank now has the lowest rate on a loan against property, starting at 8.20 percent per annum. The exact rate of interest on your property loan will, however, be determined by your lender, credit profile, and loan size.
It is a good idea to plan for payments before applying for a loan against property. This will help you prevent financial difficulties in the future. Upniva offers a loan against property EMI calculator to assist you to organize your finances ahead of time. It’s essentially an online calculator that determines the EMI amount due on your loan. On the basis of a few fundamental loan-related details such as loan amount, interest rate, and tenure, the LAP EMI Calculator provides accurate and quick results.
The ability to prepay the outstanding loan amount at any point during the loan term is a unique feature of LAP. Individual borrowers with a fluctuating rate of interest on their loan against property are not charged a prepayment penalty, according to the current RBI rules. Corporate businesses, on the other hand, are still charged a small cost for prepayment. Prepaying your loan helps to reduce the amount owed on the principal.
To prove yourself qualified for a loan against property, the applicant will have to match a set of eligibility. Losing to match any eligibility can become a reason for your loan application rejection.
A loan against property, whether residential or commercial, may be used for both private and professional reasons. You can actually utilize it for anything besides speculative or lawful actions.
Typically, the bank or the lending organization considers your ability to repay. Your income, age, qualifications, number of dependents, spouse's income, assets, liabilities, stability, continuity of employment, and savings history are considered when determining the loan amount. However, the maximum loan amount that is often lent is not greater than 60% of the property's market value.
You can add your spouse as a co-applicant, which can help you get a loan of a high amount. However, each co-owner must submit a joint application if the property is co-owned.
The daily reducing balance is used to compute interest. In comparison to the interest on the annual reducing balance, your monthly outlay (or EMI, or equated monthly installment) is significantly less.
As long as you are not above retirement age, a loan against property has a maximum term of 15 years. This stipulation, however, may be flexible in some circumstances.
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