Choosing Loan Against Property To Tackle Your Financial Worries Perfectly

It is impossible always to stay ready for an emergency; someone might need immediate access to funds at a moment’s notice. Under such circumstances, loans become the best option to fight against cash crunch. 

While there are multiple types of loans available in the market, a loan against property, or LAP, is one of the cheapest & secured options available in India. 

Multiple lenders offer this type of loans in the Indian market; financial institutions like Bajaj Finserv even provides hassle-free Loan Against Property of up to Rs. 3.5 Crore for individuals with facilities like easy balance transfer and flexible tenor options.

Loan against land property offers a unique opportunity where you can keep your personal or commercial property as collateral and borrow money against it. An attractive feature of this type of loan is the amount of fund. Up to 40%-70% of your property’s market value will be available as a loan.

LAPs are a great solution for anyone who is looking for a quick boost in his/her financial condition. A person has to meet a few criteria to apply for these types of loans. Although they differ between different institutions, some requirements are common amongst all.

If you are availing a loan against property India, you must be an Indian citizen and own the property yourself. Also, as an applicant, you must be employed. 





Whether you are a self-employed or salaried individual, you must have a stable source of income. Also, a good CIBIL score is preferred to get a LAP.

Loan against a property offer multiple benefits other options. These are made to be easy to avail, with a relatively low-interest rate and long repayment tenor. Let’s take a look at some of the features of LAPs.

Easy to Avail

As you are keeping your property as collateral, the process becomes a lot quicker and streamlined. You need to submit the papers of your property along with documents like ID proof, address proof and proof of income, and your loan application will go through immediately.

In this respect, while most banks and NBFCs need to stand in queues over long waiting hours, companies like Bajaj Finserv offer hassle-free loan disbursal with minimum documentation. Also, they provide doorstep service for submitting your documents and have a quick processing time of only 72 hours.

The Flexibility of Use

Another benefit of availing a LAP is the flexibility to utilise the funds according to your requirements. Banks and NBFCs do not restrict the use of the money. You can use the funds for anything from financing a wedding to expanding your business.

It also opens the option to consolidate your existing loans. Low-interest rates and high tenor period are the perfect reason why a loan against property helps you consolidate your existing debts.

Continued Ownership

Unlike a home loan, where you do not receive the ownership of the property unless the loan is paid in full, loan against property does not take the ownership of the collateral from you. 

If under any circumstance, you are unable to repay the loan, you can sell your property and use that money to repay the balance amount to the bank. Such a feature gives you the freedom to have an option to clear the loan if an issue arises.

Low Interest Rates

Loan against property is also attractive for their low-interest rates. LAP Interest rates are always lower than personal loan. Interest rates of a personal loan are more than almost 1.49% to 10.25% from a loan against land property.

Whether you need money for your child’s education or growing your business, a loan against property gives you the power to tackle all your financial problems. Also, with financial institutions like Bajaj Finserv bringing pre-approved offers for your loans and EMI financing, you can simplify your financing process and save your precious time. 

With only a few clicks and some basic details, you will be able to Check Pre-Approved Offer for loan against property.




For Additional Read Visit: 4 Reasons Why A Loan Against Property Helps In Consolidating Existing Debts

A Comprehensive Guide to Low Doc Lenders

Importance of low doc lenders cannot be overlooked because majority of people are self-employed. They cannot give a proof of their total income as the salaried person may do. If you are a business and are looking for tips to find the loans, here are some of the possibilities that you may like:

What are low document loans?

In stark contrast to the conventional loans, one is not required to provide a barrage of documents for verification. Generally, people must submit three years of tax submission papers to get loan.

Borrowers capable of servicing the debt can repay the loan; therefore, they can opt for low doc option. It is a hassle-free mode to meet the financial needs.

Although no docs are required, users should verify the income sources in detail. It goes a long way in delivering sterling results to the users. Generally, the business statements for the last 12 months are considered.




In addition, tax returns for last 2 years could provide a complete snap shot of the financial condition of the person.
Who are the beneficiaries?

Self-employed person can use the service to meet their requirements such as mortgage or refinancing. Clean credit file is essential, or you might not get the loan. 

Make sure that the property holds sufficient equity as it would help to increase the total amount of the borrowing money by many notches. Moreover, the money acts as warrantor in case of unforeseen circumstances.

Categories of loans

Low document loans belonging to business category are quite popular among small-time entrepreneurs. People whose income is below certain thresh hold may not be able to provide sufficient documentation, therefore in such cases, an accountant letter or a business statement may be sufficient for the lenders to give the loan to you.

The loan without pay slips is for those people who cannot easily verify their income. Some other proofs such as the letter from the employer would do a whirl of good to the users. In certain instances, you can also furnish the statements of the bank account.

Last but not the least is the declaration based on the asset that you are providing as security. It is vital to mention the current value of the real estate to calculate the total amount of the funds. 

People may have to declare that they will pay off the debts within the stipulated time frame. One should also have to mention the process through which the debt is to be paid. Many people use the property sale option to clear the loan in an easy and hassle-free manner.

What the lenders are looking at?

Generally, the lenders are looking at the quality of the asset of the borrower and whether the person has defaulted.

Credit capacity is one of the most important parameters that may influence the decision of the lender. If you are taking loan against the property, it may not exceed 80% of the total value of the home.

Declaration of income should be in synchronization with the spending pattern or else the financial information may arouse suspicion of fraud.

Make sure to have a huge bank account in such cases because they act as warranty for the users.

Application for the low document loans is straightforward as the people do not have to go through the maze of papers to get the approval for a loan.

Initially, nobody provided such loans however later the income declaration statement started working as income evidences for the users.

How to Know Which Loan is the Best Choice for You

Unfortunately, life doesn't come without the occasional need for extra cash due to an unexpected expense. It may be a leaky pipe that burst while you were at work, high medical bills or an engine that quits on your car. 

Whatever the emergency, you need money now. The good news is that whether your credit is good or poor, there are many ways to acquire the money through different types of loans. 

In some cases, it depends on what you need the money for, for example, college costs for your kids or a remodeling project.

Poor or No Credit

The hardest part of having no established credit or poor credit due to late or missed payments is that your options are limited when it comes to borrowing money. 

It wasn't too long ago that you either had to borrow from your family or pay extremely high-interest rates through payday loans. Luckily, today there are lenders such as MaxLend.com that base their loans primarily on whether or not you have a job, a checking account and are a citizen. 



This makes it easier to take out a short-term loan with monthly repayment terms, allowing you to take care of the unexpected expense.

A Personal Loan

If you have good credit a personal loan from a bank gives you a way to acquire money to take care of your unexpected expense. This type of loan allows you to borrow $10,000, $20,000 or even $40,000 to cover a major repair. 

Since they are unsecured, there is no collateral required so you won't have to put your home or your car in jeopardy. You can acquire it from either a bank or a credit union and the repayment terms work much in the same manner as a mortgage wherein the payments are fixed and the loan is not open-ended, meaning there's an end date.

Student Loans

The stress of coming up with the money to send a child off to college can take away from their achievements. Luckily there are several ways to acquire the money including a private lender or a federal loan like the Stafford or Perkins. 

The government loans are more popular because there is no collateral needed to acquire them. These loans also have lower interest rates and a deferment period of up to 6 months after your child graduates college before you need to begin repaying the loan. 

Plus, if your child attends multiple schools before graduating, you can consolidate them into a single loan. Private lenders offer student loans as well. Unfortunately, they base their approval on your credit history. 

In most cases, they also have a higher interest rate and there is no subsidizing so you can owe money on a loan before your child actually graduates college. While they do offer deferments, they are limited and less likely.

A Home Repair

If you own a home and have equity in it and need a major repair like a total replumbing job or are in need of a new roof, applying for a home equity loan can help you get the money you need. 

This type of loan allows you to use the equity you have available based on the value of your home in the current market. Since the bank uses your home as collateral the criteria are less stringent than acquiring a personal, unsecured loan so even if you have a few blemishes on your credit report, the chances are better that you will get an approval. 

In addition, other advantages are that the interest rates mirror that of a mortgage, you can borrow a larger amount and since it's a home equity loan some of the interest is tax deductible. 

Another big advantage is that you can use the money however you want to without the need for disclosing it to the bank and thus needing their approval.

Life can throw you curves from time to time. Luckily, whether you have excellent credit or poor credit there are many ways to acquire the funds you need to make necessary repairs, acquire the funds for college or pay off expensive medical bills.

What to Look for When Getting a Remortgage

When you are going for a remortgage, the main aim is often to try and get better terms from the deal. What would be the point in going for a remortgage without knowing that it was going to benefit you in the long-term? It’s important that you take a closer look at what you expect to get from a remortgage (The Loans Department are a great source of such services).

The method of remortgaging does not usually involve moving home or taking out an additional mortgage on the property; it is in effect the transfer of a mortgage in one lender to another. 

Homeowners may choose to remortgage for various reasons, usually to reduce the general monthly mortgage payment amounts. However, other reasons may include to reduce the size of repayments, to pay for off a mortgage earlier, to improve capital, or even to consolidate other more costly short term debts.

Homeowners often misuse the expression remortgage when they are simply switching in one product to a different with the same lender; this isn't a remortgage which involves the removal of one legal charge over a house and its substitution with another in favour of a new lender.

It’s a very hard thing to get right, of course, but it’s important that you take the next steps to get that right. When you go to try and get yourself a remortgage, then, consider the following:

What is your credit rating? 

The first problem you might have is that you cannot get a standard adjustment to your mortgage for the simple reason that your credit rating is not good enough. Banks will turn their nose up at anyone they cannot feel 100% secure working with, so you should look to see what kind of remortgage options are open to you. 



If you take the time to read into this, you should find it so much easier to get a better understanding of what options you can pick from.

Can you get the rates you need? 

You should be looking for a company that can help you to get a good return on the opportunity. Basically, you will need to be able to work with a remortgaging and lending firm that is happy to give you access to the opportunity to prove you can be trusted. 

When you are looking for a remortgage firm, make sure they show a sense of emotion and understanding of the challenges you face and that they are open to working with you even if your credit reputation is poor.

What advice is offered? 

Since your credit rating is likely quite weak, it makes sense to look for someone who comes with free advice. Try to find a consultancy that can give you advice and information on how to best improve your credit situation with salient and reasonable advice. 

The more that you can do this for, the more likely it is that you can find a solution that isn’t going to cost you an arm and a leg investigating. Always take a look at the kind of advice that they can offer – and how much that advice would cost you to get!

Are they open and transparent? 

The best company to hire when you are looking for advice about your remortgaging options is the business that is open from the star. Make sure that they show off a policy of openness and engagement for all, making it much easier for you to work with someone who you can trust to give you the information that you need, when you need it. 

The more open they are, the more likely you are to get an honest appraisal of your likelihood of success in remortgaging your property.

Knowledge is power, so make sure you hire the right people to assist!

Everything That You Need to Know About Second Mortgage Loans

For many, the mortgage industry is as complex as it can be. With proper guidance from reliable source you can apparently make the most of it for your business or home. 

Now, one of the most common elements of this industry is second mortgage loans what exactly is this loan about and who can avail it? This article explains everything that you would want to know about second mortgage loan and how beneficial they can be.

What Are Second Mortgage Loans?

A second mortgage is defined as another type of mortgage secured in your business or home that you haven't mortgaged. This is the reason why it is regarded to be one of the best sources of capital. 

The structure of second mortgage is similar to that of the first one, where you are going to have a contract term, follow monthly payments and equity in business or home. 

However, a major difference between the both is that in case of second mortgage the lender will assume responsibility in case you default the loan. Even though the risks with second mortgage loans are higher, the interests will be lower. 



You need to understand that there will be strict limits on the second mortgage and this is limited to the home's equity. This means you will not able to borrow more than the overall worth of the home and the lender is going to approve about 80% of the equity value of home. 

So, on the bright side if the price of your home increases then so does the value of the mortgage loans.

How to Understand Whether You Need Second Mortgage Loan?

There are several reasons due to which you may consider opting for another mortgage on the home and some of them include:

• Debt Consolidation
• Mortgage insurance on the first loan
• Creating line of credits for home equity
• Refinancing for the first loan and
• Renovating or repairing the home 

What Are the Benefits of Second Mortgage Loans?

There are many benefits of opting for second mortgage loans and they are:

• Tax Benefits: In some of the loans there will be deductions based on the interests that you pay for the second mortgage. Since there are innumerable technicalities involved, you will need to consult your tax preparer beforehand and then reap maximum tax benefits. 
• Interest Rates: The interests that you pay for the second mortgage is lower compared to any other financial option. Further, securing the home can be advantageous as it involves risk to the lender. Unlike other forms of unsecured loans such as credit cards, the interest rates of second mortgage loans are almost single digits. 
• Loan Amount: The overall amount of the loan that you get to borrow from the lender is huge. This is because you have your home secured against the loan and with this you get the access to having more without apparently having to use the home as a form of collateral. The exact value that you can borrow depends upon the lender that you choose.

Who Can Avail Second Mortgage Loans?

Despite the benefits that second mortgage offers, there are many who are not sure whether they should count on it or not. You can consider taking second mortgage loans if:

• You are struggling with poor credit scores
• You were rejected by banks and other financial institutions for mortgage loan
• Your income cannot be verified
• You do not have the patience and time to wait for the approval of loan from traditional banks
• You need the loan for unconventional needs 

So, what are you waiting for? If you want to make the most of the equity of your home then do consider opting for a second mortgage.

Why a Personal Line of Credit is Better than a Personal Term Loan

Puzzled between a personal Line of Credit and a personal term loan and which is better? Look no further, go ahead and explore more on this as you read on!

Confused between a personal Line of Credit and a personal term loan? You are not alone; many borrowers face such a situation sometimes while deciding a financial product feature. Let’s clear the air.

• A Line of Credit makes it uncomplicated for you to manage your cash flow better and clear the air to find out why it is better than an average term loan. 
• A personal loan may be your best option when it comes to optimizing the output of your personal needs or ventures. 
• It offers a low-interest rate so that you manage the finances even more, without the alarming worry of repayment of the loan amount at an exorbitant interest rate. 
• A personal loan subscriber is free to select from an array of flexible repayment alternatives and opt for the one that fulfils the current financial needs. 
• A personal loan is an unsecured loan and does not need any security or collateral or even a guarantor when you apply for it. 

What’s more, it also comes loaded with a variety of add-ons offers to augment the borrower’s experience such as hassle-free and easy-to-use personal loan EMI calculator and online account access. 

But, the best feature of a personal loan is the unique Line of Credit facility that not only provides the personal loan term benefits but also comes with an assortment of extra features that makes it perfect for an individual.

Under Which Scenarios Should You Opt for a Line of Credit

• Renovating Your Home
• A Family Vacation 
• Child’s Education 
• Wedding Ceremony 

You can use Line of Credit facility for renovating your home, planning a family vacation, funding your child’s education and an upcoming wedding Ceremony and more– and for doing this; you don’t need to apply for a loan many times.

There are also no hidden or extra charges for part-prepayment or foreclosure.

Why Should You Select a Personal Line of Credit Over a Term Loan?

If you wish to get a personal loan from a reputed financial lender, you get the chance to avail a Line of Credit facility as well. 

Many leading financial companies provide the facility to its loan claimants, through which you also become eligible for a fixed loan limit for a pre-determined tenure. As a result, when you avail the Line of Credit facility, your EMI only includes the interest amount you need to pay, minus the principal component, attached to all payments in the case of the personal term loans. 

With a Line of Credit facility in action, you only repay the principal loan amount at the end of the duration. The personal Line of Credit (LOC) option also lets you manage your cash flows without the need to repay the principal part at the each month-end; you can also channel the same amount towards other personal needs and boost your profits.

The Extraordinary Features of a Personal Line of Credit

Here’s the list of impending reasons why a Line of Credit is a go-to option when considering a new loan:

• When compared to any other term loan type, your monthly instalment or the EMI (Equated Monthly Statement) via the Line of Credit facility connects only the interest amount charged for that particular month
• You can carry out any transactions and it is also possible to access all the loan based information online with an exclusive customer portal at your disposal always 
• Part-prepay of your loan amount on mind? You can do this anytime you want, throughout the year, without the worries of incurring any add-on charges whatsoever 
• You can also opt for withdrawals or draw down facilities without facing any extra charges whatsoever 
• With the bullet repayment option in active mode, you can pay off your loan faster at the end of the year
• If you are already in possession of the term loan and wish to convert to a Line of Credit (LOC), you have the choice to do it at any time and as per your wish
• You can also measure the total exact interest that you will pay at each month-end with the Line of Credit calculator 

The Bottom Line

You can pay up to 45% lower EMIs on your term loan when you avail the personal Line of Credit facility which many prominent financial lenders offer these days.

You should know that a Line of Credit is a hassle-free version of a personal loan, in which you also get a pre-qualified loan amount. You can withdraw as per your needs and repay only the interest as EMIs; making it an incredible facility that sets you free.

You can use it for anything under the sun – planning a family holiday, renovating the home, upcoming wedding ceremony, funding child’s education and beyond – without having to subscribe many times.

The other perks? You also pay no extra or hidden charges for loan’s part pre-payment or foreclosure.

It would be a wise step to take and apply for a personal Line of Credit with your term loan. Happy financing! 

Auto Financing Options for Retirees'

If you've recently become retired but have suddenly found yourself needing to purchase a new car (to visit family, for instance), there's a good chance that you'll want to get an idea of what your current financing options are now you're retired.

Whether you worked hard all your life to earn a pension plan from your company, or you invested in property as soon as you could and the investment paid off (or both), there still may come a time in which you need to look towards alternative methods in which to raise financing for your new car. Three of the most common, and useful, methods are listed below.

1) Loans

Even as a retiree it's very possible for you to get a car loan approved, especially if you've built up an exceptionally good credit score over your life. Though some may worry that they may be turned down for a loan because they're no longer working, in truth the companies paying out for these loans are much more interested in how quickly you've paid people back in the past (your credit score) rather than whether or not you currently have money coming in.

Of course, finding an auto loan that's right for you has become much more difficult in recent years as so many online sites have popped up selling essentially the same thing. For this reason, only look for the best car loans you can find online, and speak with them on the phone directly as the sooner you get them on the phone the sooner you can arrange a deal that suits you (something which is much easier to do when speaking to a real individual).

2) Children and Grandchildren

Borrowing money from family and friends can sometimes be difficult, but if the only reason you need a new car is so you can drive up to visit your children and grandchildren then there's a good chance that they would be very happy to help you finance your purchase, as it'll allow you to see each other more often.

Of course, this won't take away from some of the awkwardness of having to ask them for money, something which can sometimes cause much pain and disagreement between families if you're unable to pay the money back on the agreed-upon schedule. Keep this in mind before approaching your children and grandchildren, but by no means take it as an absolute deterrent.

3) Your Savings

Even if you do have savings you may not want to use them to purchase a new car – instead looking into getting a loan so you can pay for the cost of your new auto slowly. This is entirely understandable, as when you move into retirement your thoughts shift to what you'll be doing with your money after you're gone, with you in most circumstances wanting to leave as much as you can to your children.

If you have a significant amount of savings, however, this may well be the best route for you as it likely won't even make a dent in the amount you've saved up. If you've been making money thanks to your savings growing with compound interest over the decades, it won't hurt to take a small amount out to pay for a new car, with this money being much better spend in this way – so you can visit your family whenever you please – than it would be if it was left to your children and grandchildren.

In conclusion, if you've recently become retired but have suddenly found yourself needing to purchase a new car (to visit family, for instance), there's a good chance that you'll want to get an idea of what your current financing options are now you're retired.

About the Author:

Blink Finance is a firm that offers financial services such as how and where to get the best car loans, personal loans, or business loans in Australia.

How to Safely Take No Interest Deals

You can afford many things now, such as tires, furniture, electronics and appliances. Purchase it now and never pay interest for 2 years straight. As it is the best deal, you will find it hard to miss the chance.

The Interesting Deal

We have all known about no interest deals and same as cash deals. Those things come in various sizes. You can obtain ninety days same as cash. Even better, how if you pay no interest for one year, two years or more? Such deals might be very alluring to most people. Particularly when you want certain items now. In the end, you will have much time for paying it off completely. Let’s hope so, since when you can’t it might cost you much time. And if you are not cautious you might find yourself paying additional fees that come out of nowhere.

Look before You Leap

Just like you should do with other financial product, it is good idea to spend your time to completely comprehend the credit terms in advance. It is essential to understand how it works. In order to avoid any unexpected occurrence and the difficulty of attempting to solve problems later.

Here are several questions to answer prior to deciding to take the deal: How long will you need to pay with no interest? Do you need to make payments in each month? How do you calculate them? Do you find any other fees related to the credit offer? What will happen in case you can’t pay it off on time or miss a payment? You be in a hurry to complete the process. However, it is better to take the additional step and understand the entire fine print. Otherwise, you might find yourself dealing with a service that you don't even need or want that costs you big cash every month.

Taking the Advantage

Actually, it is possible to take advantage from no interest deals. My first one was around ten years ago when I had to purchase the latest set of tires. The company were offering me a US $50 cash card and ninety days same as cash. I gladly took it. I obtained the free cash card and complete the payment as agreed. Finally I end up winning US $50 without paying a dime in fees/interest.

Perhaps an example of the most famous no interest deals is on the furniture. For instance, I discovered an offer in the internet for “No Interest Till Feb 2017.” When I contacted them, I found out the following things. Offer is applicable to purchases of US $2,000 and more. Its monthly payments are distributed evenly across its term of the agreement. 

It means, you would take the total amount of cash and then divide it by how many months till the promotion ends. In case you miss a payment, automatically interest kicks in. The interest rate actually is 23.99 percent and it resets to the whole balance from the starting point. It means you can purchase a home full of furniture with no need to pay any interest till Feb 2017.