Loans and mortgages have a significant place in Indian history. The word loans and money lenders dates back to British rule. While there have been immense changes in the structure, loan is still considered to be meant for only rich and upper middle class families. Loan against property blows air to these misconceptions.
As the name suggests, these loans are availed against your property so these come at a reasonable rate of interest. These can be availed for a variety of causes without any questions asked – medical reasons, personal expenses and professional reasons. Here are some guidelines that you must keep in mind before availing a loan against property: One must fill and duly sign the loan application. It is important to get the application attested and properly filled before you apply for a loan against property. The person who is applying for loan should have sufficient passport size photographs. You must carry a proof of your signature with you when applying for a loan against Gurgaon property. You must also have a valid residence proof. The property documents are a must since you will get the loan only based on these documents. You must also have your salary slips for at least past 3 months and ITR documents. There are however companies who are willing to offer housing loan without ITR. You will find many different guidelines to avail a loan against property. Another benefit that a LAP comes with is that the repayment schedule is highly flexible and the loan can be paid in easy monthly instalments. This ensures that the borrower is not burdened and at the same time the borrower can also enjoy various tax benefits. A loan against property is often taken by people who are planning to get their homes renovated. But the purpose can be anything as these loans can be availed for a myriad of other reasons too. Source: https://inrcredit.quora.com/Loans-against-Property-A-Solution-to-All-Your-Worries
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