You are Here
How To Avail Loan Against Residential Property?
Business Real Estate

How To Avail Loan Against Residential Property?

4 min read

We often land in situations that require immediate funds. Some of us might not have a lump sum amount in our account to solve an immediate financial crisis. Luckily, people have the option to secure a loan against residential property in India. One can receive immediate funds with a loan against residential property. These funds can be used to solve the financial crisis, and the property will not be at risk. Unless the borrower defaults on the loan, the residential property is under no risk. Some of us might not be aware of the rules for loans against property.  Read on to understand how to acquire a loan against your residential property.

What exactly is a loan against residential property?

A loan against residential property is a type of secured loan in India for individuals. It is also referred to as a mortgage loan by NBFCs and other lenders. Individuals can pledge residential property as collateral and secure funds with a lender. The lender will keep the original papers of the residential property throughout the repayment period. It does not mean you cannot use the residential property used as collateral. The property can be used continuously by the borrower. The lender has the right to acquire the residential property when the borrower defaults on the loan. Like a loan against residential property, one can also use commercial property to secure a loan. Fullerton India is the best choice for property loans in India at nominal interest rates.

Features & pros of a loan against residential property

Here are some key features and pros of a loan against residential property in India:

  • Borrowers can get high LTV (Loan to Value) for residential properties with Fullerton India.  One can get up to 70% of the residential property’s market value with a loan. If you have a good credit rating, you might get a loan against the residential property of 5 crores.
  • A loan against residential property can get quickly approved in India. Since lenders have collateral, they aren’t worried about credit risk. However, lenders might take some time for credit analysis of unsecured loans. With Fullerton India, you can submit the mortgage loan application online and secure immediate funds.
  • Those days are long gone when borrowers must visit several offices to get a loan. With the online application process, one can secure a loan against residential property with minimum paperwork. A few required documents for the mortgage loan can be uploaded online.
  • Since mortgage loans are secured, they come with affordable interest rates. Before starting the mortgage loan process, compare the interest rates of different NBFCs online. For example, Fullerton India is well-known for offering low-interest rates on mortgage loans.
  • Loans against residential properties come with longer repayment periods. One can choose a repayment tenure of 10 years for a mortgage loan and pay it gradually. Someone with a high monthly income can choose a shorter repayment period and save on interest charges. Borrowers are offered the flexibility to choose their repayment period for a mortgage loan.
  • Mortgage loans also come with foreclosure benefits. If someone wants to repay the mortgage loan before time, they can do so by paying a small foreclosure charge.

How to apply for a loan against residential property online?

The steps to apply for a property loan with Fullerton India are as follows:

  • Visit the official website and find the mortgage loan option.
  • Provide some personal details to start the mortgage loan process.
  • Submit the mortgage loan application online on the website of Fullerton India.
  • You will be asked to upload a few documents for mortgage loan approval.
  • After verifying the application details and the documents, the loan will be approved.
  • Funds will be transferred to the borrower’s account, and the lender will need the original property papers as collateral.

Don’t forget to check the mortgage loan eligibility on Fullerton India’s website. You will also have to provide some documents like PAN card, Form 16, Aadhar card, and your account statement for mortgage loan approval.

Conclusion

When your mortgage loan application is about to be approved, representatives of Fullerton India will get in touch. The lender still needs to verify the correct market value of the property before giving the loan. Once the property and the documents are verified, your loan will be fully approved and you will receive instant funds. Submit the mortgage loan application online now!

Share

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Educational News

Draw A Gas Mask

How to Draw A Gas Mask Easily

5 min read
Ikea became the top furniture retailer in the world thanks to its innovative business model. If you opt for IKEA case study help from professional websites like MyAssignmenthelp.com, you will surely get an abrupt idea on IKEA’s business strategy. With 433 Ikea international stores in almost 53+ countries and approximately $45.5 billion in global retail sales in 2019, everyone has an Ikea story. You can easily get the IKEA success story if you search for online IKEA SWOT and pestle analysis. So how did Ikea expand so much beyond its original role as a furniture company? The fact lies within the swot analysis of IKEA case study. IKEA is a loyal brand that encourages obsession, and that is on purpose. Here's how Ikea hooks you: from psychological gimmicks to the store's design and excellent value. Let’s have a glimpse on the crucial aspects of IKEA’S outstanding success. Overcoming the worst aspect of furniture shopping Furniture was viewed as an investment for the following 20 years before Ikea even existed. According to several business analysts and experts, this led to a lot of anxiety and uncertainty. They produced items that were intended for immediate use and were nicely designed, if not particularly durable. and were eventually discarded when they were worn out or, more likely, when the user had switched to a different taste level or purchasing strata. You can get a brief idea on the IKEA’s core marketing strategy from IKEA pestle analysis and it’s case study. Reaching the appropriate demographic Experts assert that Ikea has a strong appeal among young people. The products have a "whimsical" name, a straightforward aesthetic, and are tidy. In addition, Ikea is renowned for paying employees a living wage and being open about the manufacturing process. Not too costly, but also not too cheap Business experts think Ikea's price point is ideal. Although deep discounters like Aldi offer lower prices, consumers believe they are getting a good deal at Ikea. Nevertheless, Ikea is significantly less expensive than rivals like West Elm and Bed, Bath & Beyond. Shops are a place to go Customers need a reason to visit stores as e-commerce grows in popularity. Ikea has established itself as a distinctive shopping location thanks to its elaborate showroom and cafeteria. Having a foresight nature of the IKEA’s inventor made the brand more successful and reliable to the customers worldwide According to business professionals, “Now that the middle class in Asia is growing, IKEA has its sights set on that region.” IKEA founder Ingvar Kamprad started out by selling furniture through his mail-order business. He then encountered a social issue and used it as a business opportunity. Furniture prices have increased by 23% more than any other retail good since 1935. In response, Kamprad developed a line of home furnishings that was affordable for everyone. The current furniture cartel made an effort to stunt Kamprad's development and prosperity. Kamprad was forbidden by the cartel from making direct sales to attendees at events! then succeeded in convincing the furniture-making cartel to stop supplying Kamprad. In response, Kamprad switched suppliers, enabling it to lower its prices even further. IKEA's success was largely attributed to low prices and Kamprad's aptitude for profiting from unfortunate circumstances. Because of the layout, retail has become retail therapy IKEA specialists shared, that Ikea's stores also appeal to the subconscious mind, which is the main factor in decision-making. For starters, shoppers are likely already familiar with the layout of Ikea's warehouse stores' showroom floors, where furniture, pillows, and other home goods are staged in makeshift rooms. The overwhelming amount of white in kea also appeals to the subconscious, a neuromarketing strategy that tech giant Apple also heavily employs. The layout of Ikea encourages customers to make larger purchases in addition to the clever neuro design. Ikea arranges the store along a designated walkway that leads customers through nearly all of its inventory in one direction. Summary, Several case studies discovered that IKEA's distinctive marketing and management planning strategies draw customers back into the physical store. The success of Ikea as a global retailer can be attributed to several key factors. Firstly, Ikea has a unique and innovative business model that prioritizes producing affordable and stylish furniture that is intended for immediate use. Secondly, Ikea has a strong appeal to younger generations due to its simple aesthetic and transparent manufacturing process. Thirdly, Ikea's price point is attractive to consumers who believe they are getting a good deal. Additionally, Ikea's stores have become a destination due to their elaborate showrooms and cafeteria, and the company has a strong online presence as well. The company's founder, Ingvar Kamprad, was able to capitalize on unfortunate circumstances and develop a line of home furnishings that was affordable for everyone. Ikea's store layout is also designed to encourage customers to make larger purchases. Overall, the combination of these factors has contributed to Ikea's success as a global retailer with over 433 international stores in 53+ countries and $45.5 billion in global retail sales in 2019. Author Bio, Stacy Garner is a renowned assignment helper at online assignment service. She offers knowledge on assignment skills to the students who ask IKEA case study help. In addition, she loves to play tennis.

Exploring Ikea’s Global Retail Success: Factors to Consider

5 min read
drawing for kids

How to Draw Sphinx Drawing

5 min read
Assignment Help

Lets Know The Conclusion Beginners Of Assignments

5 min read
Managerial Economics Assignment Help

Hire the top managerial economics assignment helpers within a few clicks

5 min read
Dry Cleaners

The Ultimate Guide to Choosing the Best Dry Cleaners

6 min read