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Is it Possible to Avail Loan Against Property Without Map?

You need to mortgage your property to apply for Loan against Property. Maps are crucially important document provided by authorities. Banks usually don’t offer loan against property without a map. It is no shock that the bank would want to mortgage a property.  It is their way of ensuring safety. In India, it is not a shocker if properties come up with no maps. There are plenty of them that have no map.

Loan Against Property

Addressing the situation here are some pointers that would help:

  • Additional Co-applicant- Add an applicant with a decent credit score, when you do that you essentially ensure that the lender has some additional assurance. What better than your own spouse becoming your co-applicant.

  • Good Property Conditions- To avail the home loan without map you must first ensure that the property is well maintained. The property that is in great condition is sure to fetch well in the market

  • Application Guarantor- If your loan application has a guarantor then you can be sure of increasing your chances of getting your loan against property sanctioned, without the need of using a map. Your Guarantor will be the person who will act as protection for a loan against property without a map.

  • Loan To Value Ratio- A certain LTV is determined and fixed by the bank. It is usually somewhere around 50-70% of market value and 80-90% of the loan amount. Consider you are in grave need of Rs 60 Lakhs then what could be done? The best option would be to add funds; this enhances the creditworthiness of the loan amount.

  • Certain Banks Offer Home Loan without Map- Find the financial service providers who are ready to offer you a home loan without showing map. It is an important document, but some institutions function without the prior need of map as a document.

  • Good Repayment behavior/good CIBIL- When you repay on time it is considered as a good behavior gesture. Your CIBIL score is essential, as this increase or decreases your chances of getting a loan, any loan. There exists no substitute or competition for the CIBIL score. It is a gold standard that exists in the lending industry.

  • Proper Documentation- Although you fail to publish your map for the property, you still should maintain documentation. Some other essentials are an agreement of sale, House Tax, sale Deed, etc. these can cover up for the absence of property’s map.

  • Peer to Peer Lending- With advancements in all spheres, the aspect of new and improved money lending institutions emerging have also been prolifically growing. There are firms who genuinely offer and promote loan types of all variant. Peer to peer lending has emerged as a safe option.

  • Private Lenders- In a few cases, it has also been observed that private lenders are ready to lend for a loan, but they have a fixed term and rate of interest that they charge you.

Loan Against Property Without Map Image

In many cases, you can find private lenders are more than willing to lend to borrowers loan against property without map. But, these private lenders usually charge a fixed interest rate which is quite large compared to the reducing the rate offered by most of the banks. These lenders hold the prowess to offer best money lending service with the help of loans. They offer their careful assistance; lend their ear to know your particular needs better. The body of work they offer is one of a kind. They have a team of professionals who closely work with you to provide you the best possible loan procurement.

Do’s and Dont’s of Applying for a Mortgage

A mortgage is essentially a loan which is taken to purchase property or land. The minimum time of the loan is 25 years but these can be shorter or extended as per the particular demand and need. The loan is secured under the property that you provide as collateral unless the whole amount is paid off. There are some prerequisites that you must consider before applying for a mortgage.

Mortgage Image

Here are some of the things one must take into consideration:

  • The debt load increases when you apply for too many loans. When one applies for a home loan the lender will surely assess the load of debts, and then compare the same with gross monthly income. You don’t wish to increase the Debt to Income ratio, as this can have an adverse effect on your chances of getting loan approval.

  • Credit card debt is a common reason for rejection of a mortgage loan. Too much debt on the credit card can put you on the bad side of lender’s preference. It is wise to use credit card mindfully if you wish to apply for a mortgage loan. Overuse can also affect the credit score by escalating the overall credit utilization ratio.

  • Lenders utilize the credit score as a tool to assess the risks involved. The higher your credit scores the more chances of lender trusting you for providing a loan. If you wish to avail a mortgage loan, you must ensure that you never pay late. A single late payment of credit card can greatly affect the credit score and decrease your credibility.

  • Home loan agents in Delhi will help you incur and understand the other additional costs that were not mentioned or calculated. To improve and better the chances of qualifying for a mortgage, you must save money. Before you apply for a mortgage, it’s good to avoid purchases that diminish your savings. Put off heavy purchases until you’ve secured loan.

  • Mortgage lenders wish to know your complete history which includes steady employment and income. It becomes a matter of concern if you have a non-employment income source. Generally, a steady income of 2 years minimum is required. In case, your income decreases due to any reason this can affect your lending process.

 

Mortgage Image By Loan On Phone

What should you do before applying for a mortgage?

  • Limit the credit card usage to only extreme requirements. You don’t want to overburden yourself with an unimaginable amount of debt on the card.

  • Make sure you repay the credit card bill amount on time. If you don’t pay the bill on time, the penalty charge will be incurred and it will reflect upon the credit score.

  • Save money for future use. This is essential for a down payment and adds cash reserves. Savings are a must; if you have some amount in hand you can be relieved that you will not face any severe money havocs.

  • Ensure that you have job stability, stay on your current job and avoid switching. If you reflect stability this adds a character benefit for your lender, he can trust you better.

Home loan agents in Delhi provides you the right knowledge and awareness that is a must for procuring home loan or any other related loan. You may consult a loan consultant on the phone or physically to help you through the process. Maintaining a status quo is a must. You should know that only switch your job when you have a big fat paycheck. When you apply for a mortgage loan, even the slightest actions can have an effect on the chances of getting loan approval.

What are Unsecured Loans and What are the Pros and Cons?

When you decide on opting for a loan, there are some factors that will help you determine if you need a certain type of loan or not. There are two types of loans, Secured and Unsecured Loans. An unsecured loan is a type of loan which issued and provided only if the borrower is worthy of taking credit. This particular loan type doesn’t require you to use any collateral as an asset. The terms of these loan types are two-phase process, approval, and receipt.

An unsecured loan is a complete opposite of a secured loan. Secured loan defines that the borrower pledges and keeps his collateral as a guarantee. This acts as the lender’s security. Unsecured loans are bigger risks for the lender since the rate of interest is typically high and the credit score expected to be published is also high. In some cases, the lender may allow loan applicants with insufficient credit to offer a cosigner. The cosigner can legally obligate to fulfill the debt in case the borrower becomes a defaulter.

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There are two types of unsecured loans, revolving line of credit and fixed-interest installment loans. They offer perks insurance policies, warranty, free airfare, and hotel stays. Some people who issue the loan also have discounted purchases involved, movie tickets, and much more.

PROS OF UNSECURED LOAN

  • There is no risk to the personal property since you haven’t kept any as collateral. If you get laid off, nothing can bother you since there is nothing the lender can sell to reimburse the money.

  • The process to apply for an unsecured loan is similar, since the banks and credit unions have made the whole process simpler and easier. You can apply for the loan on peer-to-peer lending from the comfort of your home.

  • Unsecured loans have an added advantage that in the worst case scenario the balance that is due gets wiped away if you file for bankruptcy. However, one must keep in mind that this shouldn’t be the intention of opting for a loan. This can count under fraudulent and forgery. Activity. An unsecured loan has its own way of wiping off the personal loan.

CONS OF UNSECURED LOAN

  • The loan amounts are small. Unsecured loans are good for the people who wish to borrow a loan, but it can be fairly risky for lenders. This is why the loan is provided for a lesser amount. The risk that there exists with no collateral involvement is the major reason for risk. Recouping the money is greater.

  • Lenders charge quite a high rate of interest to justify the risk that there involves in providing unsecured finance.

 

WHEN SHOULD YOU CONSIDER UNSECURED LOAN?

To procure an unsecured loan you must have a good credit score with decent credit standing. Some lenders specialize in the lending process to consumers who may not qualify for loans from traditional sources, financial institutions, and banks. Often, people wish for assistance in loan processes.

Pros of Unsecured loans Image by Loan on Phone

Loan on Phone acts as your personal financial assistance, offers you much-needed consultancy for procuring loans on competitive terms and at suitable solution. Loan on Phone helps you through the process with providing you full documentation, describing the service level and also the terms of business. The specialized services provided includes Loan against property in Delhi NCR, loan against unapproved property, and loan against industrial, and much more.

An Overview on Small Business Funding

You may be new to the world of Small Business funding, with little or no knowledge of availing a fund in business but the wish to explore options. Here is a comprehensive guide to help you understand and work upon the right funding options in the right way.

Small Business Funding Challenges

Small business owners are often bogged by various challenges, some of which catch them off-guard. From hiring employees to paying them their deserved salary for their hard work but the most intimidating challenge that is faced by the budding entrepreneur is finding the right financial method.  It is necessary to make an informed decision in whatever sphere of life you wish to work on. A survey was conducted that showed people use personal checking and saving accounts to fund a business maximum of the time.

Small Business Funding Challenges by Loan On Phone

Misconceptions that cloud small business funding

Some common misconceptions that exist are, firstly, the funding is all about business. People often think that they need to only start looking for financing when they find their business niche. Whereas, If experts are to be believed funding methods take into account the credit history along with business history righteously. The right business niche can definitely not guarantee efficient financing. The second misconception is that independent business and franchise are differently funded and envisioned. The likelihood of success depends on your business plan and how much in-demand that niche is.

Business funding options:

  • Bootstrapping business startup- Self-funding is also known as bootstrapping. It is a financing option that is safe and hassle-free. Since startups and budding entrepreneurs are often faced with the issue of ‘what would they show as their credibility to avail any loan?’

  • Crowd funding- It is another way to get funds for investment; It is essentially opting for a loan, contribution, investment, or pre-order. In this arrangement, the entrepreneur will put up a detailed description of a Crowd funding platform. There the goals and detail working of the business will be clearly defined. Anyone interested can contribute money towards the idea of business they believe in or relate with in any way.

  • Angel investment in a startup- Individuals with surplus cash are known as angel investors. People may offer to mentor or opting for alongside capital. Angel investment option has one major drawback that not many are willing to invest humongous amount, this means less capital gets invested. When you consult a private financer in Delhi NCR, you will be guided with the best options.

Angel Investor Image by Loan On Phone

  • Venture capital- The big bets can happen here. These capital arrangements are managed professionally. The business invested upon is against equity and exit when there exists, an IPO or acquisition. VC will be greatly beneficial for businesses with fast revenue generating capability. Companies like Uber, Flipkart can avail millions of investment due to a pre-devised exit strategy.

  • Funding from Accelerators & Incubators- Every major city has this option with the program assisting hundreds of startup businesses. The incubator is essentially a parent to the child that pledges to nurture business with training and tools. Accelerators help take a giant leap with connections and great investment options with reputed investors. A private financer in Delhi NCR will help you gain better understanding.

  • Bank loans- Loans are generally the first thing that an entrepreneur goes to for funding. Working capital loans and funding are the two options of financing for the business. The process of getting a bank loan involves sharing the business plan and valuation details of all sorts.

  • Microfinance providers- If bank loan seems like a work you may resort to trusting NBFCs that provide banking service without any legal requirement or definition of a bank.

  • Government startups- These are another great option for availing the loan. The awareness that has emerged within the government to help the small business entrepreneurs with much needed monetary support is also a great option to avail.

 
If you wish to grow your business fast then you will have to look for funding options. Find the one option that works well for your business idea.

How to Avail Home Loan Against Unapproved Property?

The property which isn’t part of the city’s master plan is called ‘an unapproved property’. Unapproved properties can’t be bought or sold with ease. It is because of the lack of legal and clear documents that lending partners refrain from indulging in any dealings on the property. Delhi NCR area witnesses plethora of unapproved colony or areas. Generally, these unapproved colonies or areas share an efficient connection with the urban cities of Delhi & NCR. The reason for the popularity is better connectivity and low property price. Due to an upsurge in demand, construction practices prevail in unapproved area and colonies. To fulfill the rising demand and popularity of the unapproved colony, there exist a few lenders who agree on providing home loan on the unapproved property.

Home Loan Image By Loan On Phone

Home loan against unapproved property can be borrowed on different types of properties. Independent house of the unapproved area is one such arrangement. You may also lend from bank to purchase a single flat in an unapproved are up to the 3rd floor. You may also opt for a loan when you wish to construct a home post buying the plot. A fresh construction is also funded by the bank. In case of fresh construction, the loan is disbursed only after the property papers are duly checked and in custody of bank for record and assessment purpose.

For any home loan application to get approved or disapproved the bank, there are some key factors that require checking:

  • Age is the first factor that must be considered, the loan applicant must be of 21 years or above and shouldn’t be any more than 60 or 65 years. Repayment of loan must be completed before the age of 60 to 65 years.

  • It is required that the individual must have 3 years of working experience in the business or private sector. This is imperative since the regular income defines the repayment power of the EMI.

  • The Cibil score is a must to maintain, having a decent Cibil score will help you avail loan quicker. It aids as a deciding factor for sanctioning or rejecting the applications of home loans.

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The rate of interest for the home loan against unauthorized property differs depending on the bank. The Unapproved area property varies. The standard home loan is slightly lower in the rate of interest as compared to home loan against unauthorized property.  Rate of interest varies between 10% p.a. to 15% p.a. It is suggested that before you commit to a lender, you must explore. Compare interest rates offered by various financial institutes and banks. There are consultants too, that vow to help you make the right choice. They strive to provide you all the information that you need to make the right decision. Loan taking procedure is stringent and must be done with careful assessment. You have to look into plenty of things before committing to a financial institution.

Loan on Phone is your trusted partner which is reputed and accredited by banks and NBFC’s. The association with high-end clients has helped earn the trust of borrowers. The consultants are qualified experts who are well aware of their work and tasks. The consultants assess the borrower through every stage of loan availing. The loan arrangement will be taken care of on a daily basis.

Loan on Phone takes pride in fulfilling property aspirations of all different people. Whatever your requirement and desire is, we help you in realizing those aspirations with the help of our network of money lenders. We help you assess everything, Loan to value ratio, civil score, the income of borrower and general financial status, thereby providing you fitting loan solution.