Monday 6 March 2017

5 Types of Loans to help you financially in 2017

The New Year has jumpstarted already and the best resolution you can make for this 2017 is ensuring a better financial stability for yourself. Make safe investments that give adequate returns, plan daily and long-term expenses, secure funds for important things when necessary.

In the pursuit of prospering your finances, you may require certain types of loans so that you do not lack economically in clenching your goals. Here are 5 types of loans that can help you stabilize or strengthen your finances this 2017.

Business Loan for Crucial Company Developments
If you are self-employed and run a company, you may find the New Year a good time to expand your business. You may want to explore better trade opportunities and take advantage of trends that reflect your business goals. Requirement for a satisfactory economical support to achieve these possibilities can be fulfilled with a business loan from loanbaba.com.

If you find it difficult to liquidate assets or get instant cash-support, then business loan will definitely help in providing a strong financial backing for your business plans.

Personal Loan to Meet Myriad Expenses
The 2017 year may surely hold a lot of surprises. Definitely you would like to lead your life into the New Year with enough monetary backing to satisfy any economic needs. Be it shopping, paying off debts, getting cash for travel plans, setting a start-up company, etc. you can apply for a personal loan as less as INR 1 lakh for securing any fiscal assistance.

Small Cash Loan for Monetary Emergencies
Financial emergencies can come up any moment and rupture economic stability if immediate cash support is unavailable. But, you need not worry as at loanbaba.com you can get small cash loan within 24 hours, and borrow up to INR 50K. The money is successfully credited to your bank account the very day.
Instant Education Loan for Students
The New Year an also throw up many opportunities for education, be it a vocational or professional course in question. If you are a parent to someone, and your child shows brightness at any skill that can be honed, or his/her college or school fee is pending, then you can set the finances right for the purpose
Like an instant cash loan, a small education loan up to INR 50K can aid in overcoming economical crisis hindering your child’s studies. Such short-term study loans can be easily repaid without affecting your finances.

Loan against Property for Important Expenditures
A mortgage loan or loan against property is a secured loan taken against a property you own. If you have special financial needs this 2017 that require monetary support, then taking a loan against property can help. You can apply for a mortgage loan for end number of reasons, but at the same time, you need to adhere to a financial planning, so that the loan is repaid in time.

The tenure for loan against property can extend to 15 years, so you can quit your worries, and repay the loan comfortably.


[Source: http://blog.loanbaba.com/5-types-of-loans-to-help-you-financially-in-2017/]

Saturday 4 March 2017

Beginner’s Guide to Loan against Property (LAP)

What is a loan against property?
A loan against property is just that – a loan you get against a property you need to keep as collateral. This makes loan against property a secured loan.  The borrower gives a guarantee of repayment using the property as the security.
How much loan can I get against a property?
The loan amount you get depends on the value of the property. Usually, lending institutes sanction a loan of, approximately, 65% of the value of the property.
How much is the rate of interest of loan against property?
The rate of interest for loan against property ranges from 12% to 16%.

What is the tenure of loan against property?

The tenure for loan against property can be up to 15 years.

 What can loan against property be used for?

Loan against property is a fantastic way to arrange for funds when you want to meet any type of high expenses. The list below includes (but is not limited to) what it can be used for:

Wedding
Setting up a business
Purchasing a new home/ land/commercial property
Studying abroad
Medical emergencies
What type of properties can I take a loan against?

You can take a Loan against Home:
Self-owned residential property
Self-owned and self-occupied residential property
Self-owned but rented residential property
Self-owned piece of land
Self-owned commercial property
Self-owned but rented commercial property
 What factors are assessed to determine my eligibility for loan against property?

Your financial information, ability for repayment, and value of the property are most commonly assessed. But other common factors banks look at are:
Your income
Savings
Debt
Value of the property mortgaged
Your past repayment record for loans, credit cards, etc.
What are the other advantages of loan against property?
The long tenure of LAP makes the EMI more affordable
The loan amount is much higher as compared to a personal
As it is a secured loan. The rate of interest is lower compared to any other unsecured loan
You have the chance of liquidating LAP whenever surplus funds are available without incurring prepayment penalty
LAP can be easily refinanced through other lending institutes


[Source: http://blog.loanbaba.com/beginners-guide-to-loan-against-property-lap/]