Canmore real estate

 A property loan is a secured loan where a residential/commercial property is pledged as collateral. It's a long run. The loan against property is exceptionally widespread among the self-employed. A loan against real estate is reasonable in contrast to individual loans, as the interest charged is similarly low.

The interest rate ranges from 9 to 14% per year. Although the advance residence for a loan against real estate ranges from 1-9 years, it can be extended up to 15 years. The lender will check your financial evaluation before approving the loan. To get a loan against a property, you should have an unmistakable and attractive title to the property.

Banks provide loans in the range of 50-65% of the value of the property. NBFCs (Non-managing an account Financial Companies) offer loans up to 75% of the property valuation. A loan against property has a processing fee in the range of 0.5-1.5% of the authorized loan amount.

Why apply for a loan against real estate?

LAP helps to meet long and short term financial requirements like children's education, business, medical emergencies and so on.

Eligibility criteria to be applied:

Salaried persons should be between 22 and 65 years of age.

Self-employed persons should be between 25 and 65 years of age.

Properties not accepted as collateral:

Land

Property of the cooperative

Industrial sheds

Warehouse or cold storage

Agricultural building or land

Property under construction

rules:

The property should be insured

The property should meet the minimum area criteria required by the banks.

The property should meet the minimum market value depending on where it is located, be it non-metro cities or metropolitan cities.

How big a loan can be used in LAP?

Lenders determine loan eligibility by considering a property's market value percentage and ability to repay. Non-banking finance companies (NBFCs) and banks usually offer a loan amount in the range of 50-65% of the property value.

Tenor:

The maturity of the loan against the real estate varies from 1 to 9 years.  Interest rate for a property loan: The interest rate for a property loan is lower than that of a personal loan. The loan against real estate has an interest rate in the range of 9-14% per year.

Fees and fines:

The fees, charges and penalties are as follows:

Processing fee: It ranges from 1-2% of the loan granted. 

Statutory fees

Stamp duties

Penalty in case of late payment of EMI (Equated Monthly Installments), penal interest at the rate of 2-3% per month on the outstanding installment amount.

For further details please visit;

http://www>rescommarketing.com/