secured mortgage loan – Ruloans

3 Things To Look For Before You Close Your Home Loan

Ruloans Team — Tue, 29 May 2018 10:36:02 +0000

Getting and paying back a home loan is a major financial task one goes through. People put a lot of efforts while taking a home loan and paying it back every month by EMIs. You may know the do’s and don’ts you have to follow while taking a home loan. But do you know what you should do when you are done with your entire home loan EMIs? Well here we have a list of things you should take care of before closing your home loan…

You collect all your original documents from your lender

As home loan is a type of secured mortgage loan, you are supposed to keep your documents as collateral to the bank/NBFC from whom you got the home loan. The original documents of your property are kept with the loan lender until you pay the loan back within the given tenure. So when you pay back the loan, don’t forget to collect all the original documents of the house from your home loan lender. These documents include the sale deed, title deed, loan agreement, power of attorney etc. When you collect these documents, remember to check that all the documents are intact and they aren’t damaged.

Obtain an NDC from the lender

NDC means ‘No Dues Certificate’. NDC clarifies that you have settled all your dues towards the loan lender and now the lender does not have any rights or claim on your property. The NDC has the loan details on it like including the address of the property, name of the customers, loan account number, amount of loan and date of starting and closure of the loan. If you plan to sale or rent your property in future, you will require the NDC from the bank/NBFC.

Ensure that your credit records are updated

When you have an ongoing loan, it certainly affects your credit score. If you pay your EMIs on time it proves to be a good sign for a healthy credit score. When you have a loan going on, it showcases on your credit report. It’s considered as financial obligation and you might find it like a hurdle when you apply for another loan or credit card. So when you close your home loan, make sure that your this particular financial obligation is also closed on your credit score report.

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5 Steps to consider before taking a used car loan

Ruloans Team — Mon, 28 May 2018 12:38:06 +0000

A used car loan is a type of secured mortgage loan offered by leading banks and NBFCs in India. The loan is given to people to help them buy a second hand/used car. Banks and NBFCs grant a used car loan if the loan borrower has a strong credit score. One also needs to have a strong financial plan before applying for a used car loan. One has to pay a specific down payment while buying the car and later regular EMIs. Considering these financial obligations, one has to be careful with the financial planning. Once you have the down payment amount ready, you can choose the car you want to buy. Stick to your choice of car or your budget will keep fluctuating.

One can easily apply for a used car loan online on Ruloans. You can check your eligibility, compare your loan options, upload documents and apply online at www.ruloans.com for used car loan.

Why Take A LAP To Fund Your Child’s Overseas Education

Ruloans Team — Wed, 16 May 2018 07:48:32 +0000

LAP or loan against property is a type of secured mortgage loan. One can use a loan against property to fulfil their various personal as well as professional needs. You can use the funds taken from loans against property to fund your child oversees education. Paying for a foreign university from India can be pretty exhausting on your wallet. That’s why we have listed some of the factors below as to why you should get a LAP to fund your child oversees education…

It’s easy to get!

A loan against property is approved and disbursed quickly by banks and NBFCs. Once you submit all the legit documents, your loan gets approved and disbursed as quick as within 72 hours*. You can get a loan against property for your commercial as well as residential property. The sooner the funds you get, the quicker you’ll be able to pay for the tuition fees, visa fees, down payments, shopping, airfare and other necessary expenses quickly. LAP is offered by many leading banks and NBFCs in India. By opting for Ruloans’ online application process for LAP, you can get a quick loan against property in 5 easy steps.

You get a larger amount

A loan against property is approved by the bank/NBFC considering the loan borrower and property’s eligibility. The amount approved in LAP is up to 70%-80% of the current property value. If your property value is high, accordingly you will get a higher loan amount. A higher loan amount means you can easily fund your child oversees education. A higher loan amount will cover all the necessary expenses and secure your child’s future in one go.

You get a longer tenure

The tenure to pay back a loan against property ranges from 15 to 20 years. This way you get ample amount of time to pay back the hefty amount you borrowed to fund your child oversees education. Your child can also pitch in and later he/she will pay back the loan once they start earning. Longer tenure will also be easier on your wallet.

You can avail low-interest rate

As a loan against property is a type of secured mortgage loan, you can avail the benefit of a low-interest rate. As you are providing collateral for your loan, banks and NBFCs charge you with lower interest rates. The interest rate for loans against property in India starts from 7.50* onwards which is way low compared to unsecured loans. You can choose a fixed interest rate or floating interest rate as per your requirements.

To apply for a loan against property today to fund your child’s overseas education visit us at https://www.ruloans.com/