Mr Kumar is a middle-aged man in his early 40’s who runs a small scale business in his city. His business makes decent profits. Currently, he had taken a personal loan worth 5 lakhs just 1 year ago. He has not defaulted on any of the EMI till date. Recently his child fell unwell and was tested positive for cancer. Mr Kumar has been told to arrange cash for his child’s immediate treatment. He is tensed, scared and really looking for any options where he can get the money as soon as possible. What should he do?

Ruloans Advice:

Since Mr Kumar has a high loan amount requirement, he can opt for a loan against property also known as a mortgage loan. There are many reasons why he should opt for a mortgage loan. They are;

• A mortgage loan depends on the value of your property. With a loan to value (LTV) ratio of 40-65%* you can get a large amount as a loan. For example, if Mr Kumar’s property value is of 60 lakhs, he can get approximately a loan worth 30-35 lakhs*.
• A mortgage loan is a secured loan and also a long term loan. By keeping your property as collateral, you can get a mortgage loan for a long period and ease the burden on yourself by paying smaller EMI’s.
• Since there is collateral involved and the loan is secured, the mortgage loan interest rates are lower when compared to other loan options.
• Another benefit that Mr. Kumar has is that he can opt for a mortgage loan from the same bank where he has taken a personal loan from. Since the bank had already checked his loan eligibility earlier when he applied for a personal loan, hence the steps involved in the mortgage loan process will reduce and he can get the loan quickly.

Why choose Ruloans?

With over a decade of experience in the loan industry, Ruloans has been helping customers borrow right. We have partnered with a majority of private banks and NBFC’s all over India. When you choose Ruloans, you can expect the best customer service right throughout the mortgage loan process until the application is approved

All you need to do is;

• Log on to our website
• Fill in your basic details
• Fill in your loan requirement details (Amount, tenure)
• Choose from a variety of banks that are listed on the website
• Upload your documents to begin the loan approval process

By completing these 5 steps, you can get the best mortgage loan with ease. Our representatives will help you throughout the mortgage loan process. By ensuring a hassle-free process we do our best in ensuring that you are ready with the entire mortgage loan documents.

Perhaps this is one of the dreams that any modern individual dreams in India. Property prices are jumping up high in the sky with each year, and so is the standard of living.

Hence in such times, expenses become more than income. In such scenarios people would either opt for the best credit card or personal loan available in the market to deal with their short term problems.

But what if these problems are long term?

To deal with long term cash issues, there is one solution which can help you be safe for many years. That solution is a “Loan against Property”.

What is a loan against property?

A Loan Against property also known as mortgage loan is in simple words a loan which the Bank/NBFC provides to a customer against a property which is under his/her name.

How is the loan amount decided?

The lender will check your registration and ownership papers. They will send a team of valuators who will evaluate the current market price of your property. Then on the market price, you can get up to 65-70% as the loan amount.

How can I get the maximum loan amount at lowest interest rates?

There are 3 ways you get the best deal on mortgage loans at lowest interest rates;

1. Always maintain a good credit score:

Like we have always highlighted, it is very important that you maintain a good credit score. How can you do that? It’s very simple. All you need to do is pay your bills, credit card dues and loan EMI’s on time every month without defaulting!

2. Stable Income and Savings:

As long as you have a debt on you (loan) it is very important that you maintain stable income. Without income flowing in every month, it will get difficult for you to repay the EMI and clear your debts. Failure to do so will result in you losing your property.

3. Control your expenses with a budget:

Perhaps the most important advice we can give you is to manage what you have. Control all unnecessary expenses as these hurt a lot in the long run! That will help you increase your savings.

So this is how you can ensure to have huge savings and also get the best mortgage loan deal at the lowest interest rates in India.