Tag: home loan without map

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.

Golden Tips to Consider Before Taking a Home Loan

An ideal world would be the one where everyone has enough capital to fulfill all their needs. In reality, most of us have to rely on borrowing system to meet our goals. This gap between expectation and reality is bridged well by banks and NBFCs. These financial institutions bombard the prospective customers with alluring loan offers through various modes of marketing, such as emails, SMS, and personal calls. Some commit to provide the lowest interest rate, while others promise quick disbursals. The truth is, taking a home loan is easier said than done. Getting a loan sanctioned can be a tedious task with overwhelming paper work and endless document verifications. There are other financial aspects that also need consideration, before applying for a home loanBefore getting into the financial spectrum, here are some of the technical terms you must get acquaint with to avail home loan for your dream abode

Principal Amount

The loan amount stipulated by the applicant for home loan.

Down Payment

Down payment amount is 15 to 25 percent of the purchase price. It varies from lender to lender and also financial credibility factors, like borrower’s capital credit history, current income, etc.

Types of Interest Rates

Fixed Interest Rate & Floating Interest rate are the two types of interest rates that exist. Fixed Rate implies that the rate on home loan remains the same for entire tenure, unaffected by market happenings. While, Floating Rate suggests that the rate varies periodically.After gaining an understanding on the terminologies important to the home loan arrangement, let us now discuss the golden tips that need to be considered before taking a home loan

Borrow smart

The first tip for borrowers would be to borrow smart. This means opt for a principal amount that is easy for you to repay. Banks provide different alluring options to you, but you must stay mindful of your specific requirement and ensure that the loan-to-income ratio is within acceptable limits.

Rigorous Research

Self-research must be well incorporated. Make an effort to indulge in extensive research before applying for a home loan. You should make an effort to choose whether to indulge in floating rate loans, or fixed rate loans. Often, borrowers choose a combination of the two for a limited time period.

Affordable EMI amount

Don’t be baffled by the availability of plenty home loan options, affordability is one factor that needs to be assessed by the applicant. You must be comfortable with the monthly EMI amount that you will have to bear for impeding time. Before deciding an EMI amount, consider all the expected expenses along with the unforeseen ones in addition to emergency expenses, and only then make the choice of EMI amount.

Decide Tenure

Repayment Tenure and the EMIs go hand-in-hand. A longer tenure is inversely proportional to the EMI amount & directly proportional to interest rate. It is advised to opt for short repayment tenure with higher EMIs, only if your budget allows.

Credit score assessment

CIBIL score consideration is imperative. Credit score or CIBIL score must be more than 750 for you to be liable to procure better rate of interests on home loan. A decent credit score provides considerably higher chance of quick loan processing.

Insurance Cover

You must consider purchasing an insurance cover that will cover the loan amount. This is advised so that, in case of an unforeseen mishap, your family is not saddled by the debt in your absence. As the lender holds the authority to take over your home if your dependants fail to pay the EMI.

Be mindful of additional charges

Banks may levy on the borrower some additional charges. These must be discussed well with the lender. Gain a perspective over, whether the charges are monthly or one-time. If the charges are monthly, then you have an added expense to cater other than EMI, and you must plan your budget accordingly.

Before you zero in your choice for the preferred loan company you must ensure that you are thorough with all the Loan documents. Since there may exist some important clause, terms & conditions that you might miss out on. With all the aforementioned tips, the hefty task of seeking home loan is simplified.

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