Ramesh Agarwal was very happy. All his hard-work of 30 years had been rewarded in one go. His daughter had secured admission to a prestigious engineering college. However, his happiness was shortlived. The fees were a few lakhs and Ramesh did not have that kind of cash available. His business was doing good now but he did not have that much money in cash. Without ITR of 3 years, the bank was also not ready to give a loan.
Determined to ensure a good education for his daughter, Ramesh was considering selling a shop he had bought many years ago where he wanted to start a second shop for his son. Thankfully before Ramesh could sell his shop, Ramesh got to know about Shubham’s property loan Now, Ramesh has his plot and his daughter is an Engineer too!
Ramesh is not the only one who has gone through this difficult situation. Shubham has helped thousands of families across the country get through such difficult times with a loan against property.
Shubham Housing Finance brings to you a loan against property. It is easy, accessible, fast, and simple. If your property is qualified for Loan Against Property, you can get the money in your bank account very quickly.
What is a Loan Against Property?
A loan against property/ Mortgage loan acts as collateral to provide cash at low-interest rates with a long repayment period.
In simple terms, when someone takes a loan, something has to be kept as a security in case he/she is not able to pay off the loan in the allotted time frame.
It is an affordable way to bridge any financial need whether it is for your business or personal needs like starting a new business, children’s education, marriage, medical expenses, business expansion, and the like.
At Shubham, we help you unlock the true potential of your property and help you meet your financial needs. These loans come at a reasonably low-interest rate and flexible repayment tenure.
Can One Avail Loan Against Property Without Income Proof?
The eligibility criteria for availing loan against property may vary from one financial institution to another. However, Shubham provides very easy qualifying and documentation criteria for loan against property.
If you meet these eligibility criteria, you can easily avail a loan against property from Shubham housing finance.
The documents required for a loan against property from Shubham are:
1. Application form with all required details filled in.
2. Identity proof such as Pan Card, Voters ID Card, Passport.
3. Address proof such as electricity bill, ration card.
4. Income proof documents, if available.
5. Bank passbook or Bank Statements.
6. Copies of the Property papers
Shubham Housing Finance offers customized loans against property to suit the home finance needs of its customers. Take a look at some of the advantages of taking a loan against property from Shubham:
1. Competitive interest rates
A Loan Against Property is a secured mode of finance, as compared to unsecured loans. The interest rates are comparatively lower. Generally, interest rates on loan against property can range from a rate of interest of 15% to 19% depending on the credit profile of the borrower and other internal policy regulations.
2. Long repayment tenure
Since it is a secured loan, lenders have a lower lending risk and are also willing to grant a longer repayment schedule. The tenure for a loan against property can stretch up to 120 months, i.e. for ten years, thereby facilitating repayment and easing the burden on the borrower.
3. Good Credit history
While applying for a loan against property, you must maintain a good credit score. If you fail to do so, you might get higher interest rates, or the loan application might get rejected as well. So, it’s better you make all your payments on time to maintain an excellent credit score.
4. Stable Income
A steady income indicates that you have a regular source of funds to repay all your EMIs at a proper time. This, in turn, increases the lender’s confidence and results in a lower interest rate.
5. Maintain your property in good condition
The most crucial part is that your property should be in good condition. A property in a bad situation might attract lower valuation at the time of loan being disbursed thus reducing your eligibility. Also, if the property suffers extensive damage during the loan tenure, the company may also call for you to repay your loan earlier since the security deposited with the company is now no longer worth its stated value.
Whatever may be your requirement, at Shubham Housing Finance we understand it and then customize our solutions to fulfil them with our Loan Against Property. Just tell us about your home loan, home improvement loan, loan against property requirements, and we are there to provide you with hassle-free loans faster.