When it comes to starting a business, you often need some good financial assistance to get things moving. You can apply for various types of loans. One of these is a loan against property. This is a very easy loan to get and only requires you to submit some basic documents. Read on to know more.
Starting your business start up
This is a great time to start a business in India. The government is actively helping people start up their own business and has launched more than 50 start-up schemes in the recent past. In fact, as per official records, 4,400 technology start-ups are already functional in India. The start-upecosystemis growing, and the number of new ventures is set to reach 12,000by 2020.
Thus, it is an excellent time for you to get your ideas moving and get started with your venture. You can apply for a loan against property for self employed. Use the loan amount along with a helpful government scheme and give shape to your very own start-up.
Factors to remember before applying for a loan against property for start-ups
A loan against property can be very handy. But to ensure you have the best deal, you need to keep a few points in mind before taking the plunge.
● Compare the Interest Rates: If you look for a loan against property for self-employed in India, you will find many options. But you need to run a comparison between the options and see which one is the most cost-effective. Find a good loan at a good rate of interest and you will make a profitable choice all around.
● Look for Flexible EMIs: Most of the loans available today come with excellent repayment terms. Lenders offer flexible EMIs so that you can repay the loan in a relaxed manner. Go over the repayment terms and ensure you have an EMI that suits your financial capacities. If you feel the EMIs are too high, speak to your lender and get them modified.
● Make a Budget: It is crucial for you to make a budget. As a self-employed person, you can get a loan up to Rs.3.5 crore against your property. However, stick to your requirements and take what you need. Don’t take too much, then you will have a larger liability to deal with.
● Assess the Fee Structure: You will be asked to pay certain fees and charges along with your mortgage loan. Go over the fee structure carefully and understand each clause. Also, stay away from lenders who have excessive hidden charges and costs.
● Choose a Good Lender: It is vital that you find a good lender. A loan puts you in a long-term relationship with the lender. So, you should find a lender who is cooperative, helpful, and convenient to work with.
● Keep the Documents ready: You will find a list of loan against property documents required on your lender’s website. Keep the documents ready when you apply for the loan. Thankfully, the documentation process is simple.You need just a few basic documents to get such a loan.
● Be Open to Inspection: One of the loan against property features is a thorough inspection by the lender before the amount is disbursed. The lender will evaluate the collateral and see if everything is proper. Be open to this and insist on an inspection. Your lender should not have any doubts as that will prevent complications in the loan tenor.
Getting a pre-approved Mortgage Loan
It is very handy to get a pre-approved loan against property.This saves a lot of your time when you urgently need the funds to start a business. Look for good lenders who have such offers for you. To get a loan for your business, you could consider applying to both banks and non-banking financial companies (NBFCs) like Bajaj Finserv.
Additional Read: How a self-employed get funding for loan against property
Bajaj Finserv brings you pre-approved offers for mortgage loans, personal loans, home loans, EMI finance on different products, and other financial services. Not only does this simplify the process of availing financing but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Keep the points mentioned above in mind and you will surely find the best loan against property. Use the loan effectively to start your very own business start-up and become the entrepreneur you’ve always dreamed of becoming.