With around 31 million unemployed Indians looking for a job, having an overseas degree makes a significant impact on one’s resume. On an average, Indians spend around Rs. 12 Lakh for educating their children in a foreign institute. The Loan Against Property Interest Rates are quite lower in comparison to other loans available.
However, financing that amount is usually not feasible for numerous parents like you. Hence, you can opt for loan against property for higher education. 聽聽
Now Cheap Jordan Retro Shoes , the question is 鈥?why you should go for a loan against property and not education loan for higher studies. Let鈥檚 find out why!
Benefits of Choosing a Loan Against Property for Higher Education:
Some of the many advantages of applying for a loan against property are:
In case of education loan, an applicant needs to start repaying it within 6 months of completion of the course. However, for a loan against property, you get tenure of up to 20 years. Hence, the burden is less in the second option. Student loans or education loans need the approval of AICTE or UGC. However Cheap Air Jordan Shoes , a loan against property doesn鈥檛 require such authorisation because lenders do not implement any restriction on the fund鈥檚 end usage. Therefore, the process is less complicated. Even after receiving the loan against property for higher education, the property remains under your ownership. You can also avail a top-up on your loan if required. Moreover, the processing of a loan against property is much simpler and faster than an education loan. Last but not the least, the loan against property documents required are minimal and nothing confidential. General documents include KYC documents Cheap Authentic Jordan Shoes , bank account statement, address proof, property documents.
Self-employed applicants may have to provide income tax returns and audited business turnovers. Salaried applicants have to provide salary slips for the previous 3 months. Ensure that you go through all the necessities and avoid specific things before applying for the loan.
Let鈥檚 move on to Loan Against Property Eligibility:聽 聽
Salaried individuals need to be between the ages of 33 and 58 years. Self-employed applicants need to be between the ages of 25 and 70 years. Self-employed individuals should have a business vintage of at least 3 years. Salaried applicants should be employed with a privatepublic enterprise or an MNC.
Factors to Consider before Applying for a Loan Against Property:
The loan amount is directly proportional to the market value of your property. Also, lenders decide the amount based on whether the property is residential or commercial. The location of your property is another significant factor. Ensure you have maintained a clean credit history. Lastly, your annual income is very crucial in this case. So Cheap Authentic Jordan , carefully arrange all the loan against property documents required and then apply for one.
Leading financial institutions make it easier to apply for a Loan Against Property for Higher Education through their online portal. You can even get your loan application approved within 72 hours by following all necessary guidelines.
View here to know more about the process:
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