How to Take a Loan Against Property?
Do you have a plot that is no longer in use? A flat that hasn’t got any tenants yet? Well, a loan against property in Jhansi can be very beneficial if you need to fund your business’s daily operations or buy a premium car or go on a Europe tour. Sounds appealing? Today, Bhumi Finance Varanasi will tell you all you need to know about a loan against property in Moradabad and how you can go about applying for one, in this very blog. Read till the end.
All you need to know about loan against property
Also known as LAP, a loan against property helps one in sanctioning cash flow against a piece of land or property by keeping it as collateral with a bank or a financial institution. There can be countless reasons why an individual will opt for a loan against property in Moradabad. A handful of them are listed below:
Get the benefit of a low-interest rate.
There is no iota of doubt that banks and financial institutions charge a low interest rates on a loan against property. It is to be noted that this interest rate is lower in comparison to other kinds of loans including personal loan in Varanasi. Hence, you can pay less number of EMIs without affecting your monthly budget.
You can easily fund high-value purchases.
With a LAP, you can easily fund huge purchases. Say, you need to expand your business and for the same you need technologically-advanced machines or skilled workers, then you do need a deep pocket. When you apply for a LAP, financial institutions will grant a larger loan amount as you’ve pledged a fixed asset (that is your property) as collateral. With such a loan against property in Moradabad, you’ll steer clear of any financial hurdles that you may face otherwise. In this way, you will eliminate the possibility of not making the right decisions because of financial constraints.
You can function without affecting your monthly budget.
As compared to other loans, a LAP comes with a usually longer repayment duration. At Bhumi Finance Varanasi, we offer a repayment tenure of even 20 years for certain LAPs. This means that now you have monetarily smaller and more affordable EMIs to pay. This will help you plan and establish a new set-up for the next month of year without affecting your current monthly budget. In case this is related to business expansion, then you can run a brand new set-up without worrying about generating profit as well as the huge monthly repayments. This gives you a leeway to experiment with your business model which is difficult to do since it tends to burn a hole in your pocket.
It gets sanctioned quickly!
Well, applying for a loan against property in Jhansi, seeking an approval from your respective bank or financial institution and then getting the ultimate approval is not even easier said than done. It’s a daunting task. But when it comes to LAP, approvals and sanctions can be quick and seamless. The application process is simple, and the funds are disbursed as soon as the legal documentation gets completed. This can be a great option if you need to get your business up, or visit your dream destination during the next few weeks etc.
How to apply for a LAP?
At Bhumi Finance Varanasi, all you need to do is submit a loan against property in Jhansi application with the following documents:
KYC documentation including identity proof (such as PAN card, Aadhaar card, voter ID card passport or ration card) as well as residence proof which could be in the form of your passport, Aadhaar card, driving license etc.
If you are opting for a LAP to sponsor your business, then you need to attach certification proving the existence of your business along with your business profile.
In addition to that, an income tax or IT return of the last three years filed as an individual as well as for your business. The ITR for business must be attached with a comprehensive profit and loss account, and balance sheets duly certified/audited by a Chartered Accountant (CA).
You also need to provide the bank account statements of the owner’s account as well as the business’s bank account for the last 12 months.
A photocopy of the title documents of the property and approved business plan is required.
After submission of the documents, pay the processing fee. In no time, you will receive an approval from Bhumi Finance Varanasi on your LAP.
Easy, no? Apply for LAP online by visiting our website - https://bhumifinance.com/. You can also get the best of used car refinance loan, a personal loan transfer as well as construction loan in Varanasi from Bhumi Finance at the most lucrative interest rates.