Applying for a loan against property\/mortgage loan is very easy. There are so many lenders in the market offering very attractive mortgage loan interest rates to all people in India who need a huge amount. But it is not easy for the average customer to decide which bank to choose. It is also not easy to understand if they are loan ready or no.<\/p>\n
Let us understand this case in the form of a dialogue between Mr. Amit Kumar and a Ruloans executive. Here\u2019s how the conversation takes place;<\/p>\n
Amit \u2013 Hi Team. I really need your help today.<\/p>\n
Ruloans \u2013 Sure Sir, what is your problem?<\/p>\n
Amit \u2013 My problem is with loan against property.<\/p>\n
Ruloans \u2013 Okay Sir. Can you elaborate the problem?<\/p>\n
Amit \u2013 Recently one of my friends got his loan application rejected. This got me thinking if I\u2019m loan ready or no.<\/p>\n
Ruloans \u2013 Yes Sir. Usually, there are few aspects you need to notice before you apply for a loan against property.<\/p>\n
Amit \u2013 Is it? Alright.. Please tell me what are those things?<\/p>\n
Ruloans \u2013 The first thing you need to notice is your PROPERTY VALUE and LOAN AMOUNT requirement. You need to remember that you will only get a certain percentage of your property value as loan amount (around 40-65%*). Hence for example, if you require 50 lakhs as loan amount but your property amount is of 50 lakhs, then it is impossible to get this full amount.<\/p>\n
Amit \u2013 Okay. I get it. Thankfully my property value is high and my loan requirement is not a lot. So I guess I\u2019m safe.<\/p>\n
Ruloans \u2013 Yes Sir, it is very important that you get this calculated first.<\/p>\n
Ruloans \u2013 The second thing you need to notice is \u201cIncome Status\u201d. Since the loan amount is really huge, the bank will check your income status to understand if you can repay the whole loan amount without any defaults. Hence if your income level is low, the bank can give you a lower loan amount instead of a higher one.<\/p>\n
Amit \u2013 Oh my god. I didn\u2019t know that income stability would impact my loan amount. This is an eye opener.<\/p>\n
Ruloans \u2013 Yes, Sir. But don\u2019t you worry. There is a solution to this problem as well.<\/p>\n
Amit \u2013 Really? Please tell me what it is.<\/p>\n
Ruloans \u2013 Sure Sir. It also happens to be the third thing you need to notice i.e. \u201cCo-applicant requirement\u201d. In case your income level is not suitable to repay the loan amount, you can add a co-applicant. This will mean that both; you and the co-applicant\u2019s income will be joined and then they will calculate if you can repay the whole amount or no.<\/p>\n
Amit \u2013 A co-applicant? Alright. Means, I might be able to get a good loan amount with a co-applicant who has a decent income?<\/p>\n
Ruloans \u2013 Yes Sir, that\u2019s a possibility.<\/p>\n
Amit \u2013 That is good news. Alright. What\u2019s the fourth thing to notice?<\/p>\n
Ruloans \u2013 The fourth aspect to notice is \u201cOwnership\u201d. If you are the sole owner, getting a LAP is easy. But if there are co-owners and they do not agree with your decision, then the loan can be rejected.<\/p>\n
Amit \u2013 Okay. This is fine. This property is under me and my wife\u2019s name. We both want the loan so there is no possibility of a dispute.<\/p>\n
Ruloans \u2013 That is great Sir. There is one final aspect you need to notice a lot.<\/p>\n
Amit \u2013 Wow, there\u2019s one more? Yes, please tell me about it.<\/p>\n
Ruloans \u2013 \u201cRead your loan application carefully\u201d. By this I mean, understand all the fees that are involved in your loan application; processing fees, taxes, pre payment charges, penalties etc. Understand the total amount you will have to pay and then only sign it.<\/p>\n
Amit \u2013 Wow. I now can be clear before taking a mortgage loan. These 5 aspects will definitely help me get a loan without any problem. Thank you so much.<\/p>\n
Ruloans \u2013 You are always welcome Sir.<\/p>\n
So as we can see, just because the mortgage loan interest rates are attractive, you must not apply for a mortgage loan blindly. Check for these 5 aspects, understand your requirement, keep the loan against property documents required ready. This will help you get the loan application accepted quickly! In case you have any such requirement for a loan against property, Click Here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Applying for a loan against property\/mortgage loan is very easy. 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