Home Loan and Benefits

Everyone dreams for his or her own home but having one is a deal. Especially in today’s scenario when high real estate price makes it extremely difficult for the middle class to upper middle class to fulfill their dream home mission. The difficulty can be resolved only by two ways, either applier should have lots of money or if not them Home Loan option is always there for you. Apply for a home loan online or offline that is extended for an individual to fulfill their dream home requirement. There are banks and various NBFC’s who offers loan facilities and in return, the property is mortgaged. You can avail home loan for constructions and renovation purpose also. There are numerous schemes released by banks and NBFC which individual can avail as per their requirement.

The Home loan helps in funding 80% of the cost of the property. Other than this there are various other benefits attached to it. Apply for home Loan to avail the following benefits.

·         The Indian government is encouraging more and more people to have their own home. And to import this more beneficially Indian Government provides tax deduction on the principal as well as interest paid on home loan. The maximum deduction of up to Rs. 2 lakh is allowed under section 24B and an individual can claim a deduction up to Rs. 1.5 lakh under section 80C.

·         There is a tax benefit on the second house which can be availed under section 24B of Income tax of India Act.

·         There are no prepayment penalties on floating charges of home loan. Hence you can use your surplus money in making a part of your home loan payment.

·         In case of a home loan, you can transfer your loan to a different lender if they are offering you a loan at a lower rate of interest.

·         In today’s scenario buying a home is not that easy. But the home loan is making it possible for many. As it offers easy monthly installments that you can choose as per your requirement.

·         Out of all loans home loans in Delhi has the longest repayment tenure. This tenure payment goes up to 30 years.

So, having your own home gives you the freedom to enjoy your own space in your own ways. Also, it saves rent which is a big bulky amount in metro cities. Apply for a home loan and live your dream in real on your own terms and conditions. 

What is Loan Against Property

As the name suggests Loan Against Property is the loan type which you can avail by keeping your property mortgage. Now one can apply for a loan not only from banks but also from NBFC’s. NBFC’s are non-banking financial sectors, these are financial institutes that offers loans and works almost similar to banks. In LAP’s case, the loan is offered at a certain percentage of the market value of the mortgaged property. Depending on market value and conditions, banks lend up to 50 to 55% of the value of the property. If you are planning for expanding your business or looking for a fund for higher education then apply for Loan against Property in Delhi. 

In case of property mortgage, your property is kept as collateral with a bank or financial institute. The worst happens in the case when you fail to repay the loan. In that case, the lender will take a strict action of auctioning off your property. In this blog, we will learn about the benefits and advantages of Loan against Property. And who all can apply for it.

You can apply LAP in Delhi for the following purposes:-

·         Funding for Child higher education

·         Wedding celebration

·         Starting a small business or business expansion

·         Planning for dream Vacation

What are the Benefits of Loan against Property?

Applying for a loan is no more pain. Now you don’t need to rush to banks or financial institutes for loans. You can easily sit at your home with a cupful of cappuccino while comparing loans at multiple sites. All you need is a set of complete documents required while applying for Loan against Property Online. 

·         Lower Interest Rate: In case of LAP, the property is a mortgage. So keeping property collateral, the ROI is generally lower. LAP’s ROI generally ranges between 12% and 15% approximately while in case of a personal loan the interest rate varies a bit high.

·         Lower EMI: When you apply for LAP with long-term tenure period you win the EMI game. Because higher the tenure period lowers the EMI or vice versa. The relationship of EMI with Tenure is inversely proportional.

·         Lower Tenure: Loans like LAP’s are generally available for a longer tenure. It may be up to 15 years or more, whereas in case of personal loan tenure period is up to 7 years.

·         Easy to apply and get: Loan against Property is a secured loan and banks prefer to provide such loans. Hence you won’t find any difficulty while applying for these loans.