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Fund Your Requirements With A Loan Against Property In India

Most people in India are wary when it comes to opting for loan against property . While the cautious approach is justified, there are advantages to this approach. A big factor working in its favour is the fact that this is a secure loan. As long as the amount being borrowed is around 40 to 70 percent of the evaluated price of the property, the loan should be processed and approved quickly.

Some people prefer this over personal loans because the former comes with lower interest rates as well as affordable EMIs. While the base purpose for both the loans is almost the same, the eligibility criterion for a personal loan is relatively tougher as repayment ability is established by a regular and reliable source of income. A loan against property, though, functions differently as the loan amount is determined against your property value. The interest rates for loan against property vary from 12 to 15.75 percent whereas for a personal loan, it ranges anywhere between 16 to 25 percent. Factoring in the difference, it makes sense to look at this option for the ease of repayment.

What could be considered the right reasons for taking this loan though? People often take this loan up for reasons that cannot be easily categorized into established loan categories. What will you do, for example, if you want to expand your business but can’t get your bank to give the needed business loan? Do you have enough funds to get your daughter or son married? Do you have funds for their school or college education in India or abroad? How can you arrange funds for urgent medical treatment for loved ones?

When faced with these difficult choices, mortgaging your home or official property for the loan stands as an alternative. It is important though, to keep in mind that most banks ask for a number of documents based on the person’s profession or business. There are also certain eligibility criteria that must be met for an approved loan against property in India . You must demonstrate repayment ability through a consistent source of income, existing loans, repayment track record and assets. Apart from these factors, the approval process will also include verifying the cost and legal documents of the property. These verifications make processing the loan a longer process when compared to a personal loan.

While it can be easy to want to take up this loan for its cost effectiveness, you should be cautious about the terms and conditions before signing on the dotted line. Take all the factors including pre-payment clause and interest rate into account to ensure that everything fits your monthly cash flow. It is important to realize that this is a financial commitment that could stretch for several years. Keeping this in mind, many financial experts urge that users be cautious and aware of their exact requirements before moving forward.

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Why Smart Companies Are Using Drones for Building Analysis in 2020

1) Analysis will be done faster

How long does it take you normally to do this analysis? To make sure that you are visiting the building site and to make sure that you are examining everything you need to inspect? It can take the whole day, just to analyse the one building.

With a drone, everything is getting done faster. And, you can use the footage to make sure that you didn’t miss anything later when you are downloading the photos and videos from the drone. This will take you less than half the time you normally would without the drone.

2) Drones are cheaper than hiring building inspectors

Even if you are hiring one of the best and most expensive drones, it will still be cheaper than hiring a building inspector. An inspector is asking high fees to examine the buildings and construction sites to ensure that everything is going according to plan.

With a drone, you can do the analysis yourself. See everything you need to see to make sure that the building is safe and that the construction is going on, according to the rules and regulations. That no one is trying to cut corners with the building process.

3) Will reach construction areas a lot easier and safer

Sometimes, building and construction sites are hard to reach. Especially if the construction is in a remote area. Making it difficult to visit and to do the analysis. But, the analysis still need to be done correctly.

This is why you should consider using a drone for building analysis. It is making sure that you can reach any remote area and destination. Without problems, without struggling or without getting lost. With a drone, you can still see everything you need to see, without the problems of traveling to the unsafe areas.

4) Construction sites are Dangerous. With drones, safety doesn’t matter

No matter how many precautions you are taking, construction sites are dangerous. Especially if you need to do the analysis and you need to make sure that you are visiting everything on the construction site.

The great thing about using a drone is that it doesn’t matter how dangerous the site might be. The drone will be in the air and will be safe from the work down below. Ensuring that the drone is getting all the footage of the building, without worrying about the safety of the inspectors that might not be cautious of any dangers. You can see the footage live, or you can wait till the drone is back and then transfer the photos to a laptop to inspect and review the footage of the inspection.

These are some of the advantages of using drones for building examinations during 2020. However, the good news is that this is still the preferred method to be used today. The drone will give you all the legit information and will make sure that the building is safe for everyone to enter when the building process is done.

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Find A Home Loan With The Best Home Loan Interest Rates

Most borrowers, when looking to get their dream home, aim to get the lowest home loan interest rates. This is an obvious thing to do, given that a low interest rate means that the amount payable over the principal loan amount decreases. While it is difficult to pinpoint any one option in the market, there are steps to ensure that you are in a position to find the best loan for yourself. Other than interest rates though, there are a few other factors that you can consider before making a decision. These include details like the tenure, the type of interest rate as well as the terms and conditions. All these factors need to come together when you are selecting your home loan.

1. Work on your credit score: Having a strong credit rating will go a long way in helping you to get a loan with the best home loan interest rates . Potential lenders, while reviewing your financial background, will look at a number of factors. The lender profile will typically be a cumulative perspective on your source of income, credit score, repayment track record, assets and so on. It is advisable to make any and all payments on time in order to get a good score. It is also advisable to find out what your current credit rating is, and whether it is good enough to avail a home loan. You can apply to the Credit Information Bureau (India) Limited (CIBIL) to get a detailed credit history. A high credit score will allow you to negotiate the best home loan interest rate.

2. Interest rates: While looking for the ideal home loan rates in India , it is important to get as much information possible about the existing interest rates in the market. It is wise to contact a number of financial partners and banks in order to get their individual rates. Alternatively, you can also approach a financial expert who can give you an approximate understanding of what banks are offering today. This is important in order to get the best possible interest rates.

3. Profile of the property: Many lenders will check the value of the property that you wish to buy and compare it with your ability to repay the loaned amount. They will also look at the property in terms of price, neighbourhood as well as the quality of construction. In order to be eligible for a good home loan interest rate, it is important to look at properties that fit in well with your repayment ability.

4. Decide the price: It is always a good idea to have a fixed budget in mind when you wish to buy a new house. Plan out exactly how much you are willing to pay before getting a home loan. While loans are a great way to buy a home that you can’t afford right now, it is important to keep an upper limit in mind while deciding the amount that you are willing to pay. Any kind of loan is a long term commitment; hence, it is essential for you to be certain of the decision as well as its financial repercussions before signing on the dotted line. This clarity will also help you to negotiate the repayment scheme and help identify the right home loan interest rate for the time line you have in mind.

While a good interest rate is definitely an important factor to look at, it is important to understand what your current financial position is. It is also important to understand the repercussions that this kind of financial exposure can have on you. While looking for the best housing loan interest rates, it is essential to make sure that the same suits your needs.

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