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  • 19 Sep 2018
    Pune is a great city to live in. The city is known for its rich Maratha culture, and the temples and forts in and around the city are a testament to its great heritage. Pune is also quickly becoming India’s newest technological hub. Overall, it is a wonderful place to live whether starting your career or retired. In this piece, let’s find out how pensioners can benefit from a loan against property in Pune. The Ideal Way to Supplement Income Retirement is considered to be a second childhood. You get to explore many different activities that you could not do during your busy work life. A number of retired people take up various hobbies such as painting, travelling, gardening or writing books. However, there is one disadvantage of retirement: it can be expensive. Your pension can help cover costs, but sometimes, it may not be enough. In such cases, it can be necessary to find an additional source of regular income. This is where a loan against property for pensioners can come in handy. The Loan Against Property Interest Rates are quite low in comparison to other loans available. Why a Reverse Mortgage Loan is Ideal for Pensioners A reverse mortgage loan offers a steady stream of income to cover various expenses of senior citizens. Here’s how it works: people who are above the age of 60 can mortgage their self-occupied homes with banks and Non-Banking Finance Companies (NBFCs) in return for a loan. This way, the borrower not only gets to live in his own house, he also receives an additional source of income through the loan. Purpose of the Loan Senior citizens can use the loan for a wide range of different purposes. This includes: Supplementing pension or other income Meeting medical expenses Home maintenance purposes Renovating or extending the residential property Eligibility Criteria for Reverse Mortgage Loan A few essential criteria must be followed to avail a reverse mortgage loan. The list includes: The person should be a citizen of India The person should be above 60 years of age Married couples are eligible as joint borrowers on the loan if at least one of them is above the age of 60 and the other is not below 55 years The person should be the owner of a self-occupied residential property that is located in Pune The property should be free from any encumbrances Disbursement Process of the Loan There are generally two modes of disbursement of the loan: periodic payments and lump-sum payments. In the periodic option, the borrower can opt for monthly, quarterly, semi-annually or annual payments based on his/her financial requirements. And in the lump-sum option, the total amount payable is subject to a maximum cap. The actual terms and conditions can differ from one lending company to another. But regardless of which option you choose, it is important to remember that the loan is applicable only on residential properties. It is important to note here that commercial property is not eligible for a reverse mortgage loan. Additional Read: A beginner’s guide to availing Loan Against Property in Pune Conclusion A reverse mortgage loan is suitable for you if your children are well settled and may not any use of your house. With this option, you can benefit from a regular stream of income to supplement your annual income and meet your financial expenses during the year.  
    78 Posted by Alisha Antil
Business 191 views May 16, 2018
Things To Consider Before Applying For A Loan Against Property

A Mortgage Loan is any loan for which you have to submit collateral, and a Loan Against Property is one such loan. You can pledge a property that you own and avail a high amount of funds, depending on the value of your property. But, in order to use it to its full potential, it is essential to have a thorough understanding of a mortgage loan. This will help you plan your finances better, and make the most of your loan borrowing decision. So, take a look at a few things that you need to keep in mind when you take this loan.

Maintain A Good Credit Score, Check Eligibility Criteria And Documentation Requirements:
While your credit score isn’t the only thing that determines your eligibility, it is an important part of getting loan approval. This is because it is a measure of your creditworthiness, and shows whether or not you are responsible with borrowed funds. A good score will help you get a better rate of interest on your mortgage loan, as well as help you negotiate better terms with the lender.

Also bear in mind that your employment status can affect the interest rate. Sometimes, having a minimum income is a loan against property eligibility criterion that you have to meet. On the other hand, working at a reputed company may give your application a boost. So, be sure to check the criteria before applying to any lender. You can check for a Loan Against Property Eligibility on the lender’s website. This allows you to prepare for your loan application beforehand and avoid last minute hassles.

Pay Attention To The Interest Rate:
Before proceeding with your application, it is important to be informed about current loan against property interest rates. This involves comparing mortgage loans offered by various lenders and picking the best one. Apart from checking the rate of interest, also check to see whether the interest rate is fixed or floating. This will ensure that you are clear about how interest will be calculated on the principal that you borrow.

Consider Affordability Of The Loan:
Before you proceed with the sum that you have in mind, take a moment to gauge the loan’s affordability. This means evaluating the income you have left over after paying your monthly expenses, and factoring in the cost of EMIs. After you budget for monthly expenses and emergencies, use a Loan Against Property EMI Calculator to see how much you will have to pay towards the loan on a monthly basis. This will allow you to judge whether or not you can afford the loan. Then, you can either proceed with the application, or look for a loan with a lower interest rate, or choose a lower principal amount that is in line with your budget.

Look For A Lender Who Offers Good Service:
In order to choose the ideal lender, carry out a thorough search of the market. This involves looking up additional benefits that can make your loan experience smooth and fruitful. Choose a lender like Bajaj Finserv whose Loan Against Property gives you a high-value loan at an affordable rate of interest. Besides, they offer additional features such as doorstep document collection, disbursal within 72 hours, online loan management and the option to avail the sanction as a Flexi Hybrid loan.

As long as you are mindful of these 4 factors, you’re sure to have a rewarding and hassle-free loan borrowing experience.