New Delhi : We all have dreams and aspirations that we want to achieve. Unfortunately, the dreams of many people take a back seat due to lack of financial means. However, today there are financial solutions to help you get out of every sticky situation.
With a home loan, you can give wings to your dreams, see them fly, and also live your life to the fullest. You can easily finance your child’s education, manage your wedding expenses, grow your business or even handle unforeseen medical expenses, celebrate your first wedding anniversary, travel on the long-awaited European vacation and much more.
A home equity loan is a secured loan used against a commercial or residential property held as collateral with the lender. Since the funds are not subject to any end-use restrictions, borrowers can use the funds for a variety of purposes, such as expanding their business, paying for a child’s marriage or education, etc.
You can take advantage of this loan by mortgaging residential, commercial or industrial property. A home loan is a convenient option for financing all high-end expenses for business or personal purposes. You can mortgage different types of property as collateral to qualify for high value loans up to Rs 5 crore or even more, depending on your profile and the property in question.
When applying for a home loan, you will need to provide documents, such as ID, proof of address, income documents, and property documents, as well as an application form to the lender to verify. the eligibility of your loan.
A home loan can be used to achieve many financial goals and dreams. Find out how a home loan can help you make all of your dreams come true.
What can I get with a home loan?
If you are looking for an answer to this question, you have come to the right place. There are several ways a home loan can help you make your dreams come true. Here are a few.
The debt consolidation loan combines all of your existing loans into one, leaving you with one equal monthly payment (EMI) to process each month. An offer like a home loan can provide you with substantial financing over a long period of time. This is especially useful since you can also convert all of your high interest loans into a relatively low interest loan.
2. Business expansion
Are you planning to start a new business or expand an existing business? Businesses need funds to get things done. In such cases, a home loan can come in handy by giving you a little extra cash and helping your business grow. From purchasing new equipment to launching new products, funds from home loans can be useful for your business.
3. Cover the cost of higher education
Studying in a good educational institution requires a substantial investment of traveling abroad, living in a new place, etc. Applying for a home loan can help you finance expenses related not only to your child’s education but even your own if you want to continue your education.
4. Finance the wedding expenses
Indian weddings are a gala affair and even a simple wedding comes at considerable cost to the hosts. From selecting the wedding location to booking a honeymoon abroad, a home loan is an end-to-end financial solution that helps you manage all of your wedding expenses.
5. Tackle health emergencies
Dealing with a health emergency amid skyrocketing medical costs is a daunting challenge that can only get worse with the funds. To raise those immediate medical funds, a property loan is a better choice given its quick disbursement period.
6. Travel the world
With a mortgage, you can travel the world, go on vacation alone or with your family without stress or fear of running out of money. A home loan is an end-to-end financial solution that helps you manage all of your vacation expenses.
Advantages of a loan against property
When you apply for a loan against a home or mortgage loan, you benefit from a home loan with several advantages that allow you to meet your high-end expenses with ease. Below are some of the benefits that customers enjoy.
1. Low EMI and comfortable reimbursement
You can request a long repayment term of up to 18 years. This distributes the loan amount and allows you to get lower EMI amount every month. calculate your EMI loan using a loan against real estate calculator.
2. Low interest rate
A home loan is a secured loan and therefore comes with a low rate of interest compared to unsecured loans like a personal loan.
3. Low or no prepayment charges
As per the RBI’s mandate, people with floating interest rate loans are not required to pay additional fees on prepayment or foreclosure.
How to apply for a home loan
The major lenders in India allow applicants to submit their applications online, with only a few details to substantiate the form. Typically, once you have completed the Loan for Property form, you will be contacted by a representative for document collection and other steps. If all of your paperwork is in place, you’ll enjoy quick approval and disbursement.
Several key lenders today are offering attractive loan terms against property offers. Currently, the interest rate on these loans starts at as low as 8.35% which is another reason why now is the perfect time to get financing under this solution.