Nowadays, to grow and move forward in business, many times we need to get our property repaired, renovated or painted.
But, many times we do not have enough money for this.
In such a situation, you can improve your property by taking a loan against rental income.
What is this loan?
Loan against rental income is a type of secured loan which is given to you against your rental property.
This loan helps you to get money for repair, renovation, expansion of your property or for any other business purpose.
Who gets this loan?
This loan is available to those individuals and institutions who own property on rent and whose rental income is regular and sufficient.
What are the features of this loan?
Low interest rates: Loans against rental income usually have lower interest rates than personal loans.
Higher loan amount: You can get a loan up to 70-80% of the market value of your property.
Long repayment tenure: You can repay the loan for a long tenure ranging from 10 to 15 years.
Quick Approval: Loans against rental income are usually approved quickly and easily.
Eligibility for this loan:
Ownership of the property: The applicant must have legal ownership of the property given on rent.
Rental Income: There should be regular and adequate rental income from the property.
Financial condition: The financial condition of the applicant should be strong and he should have the ability to repay the loan.
Documents: The applicant must have all the required documents, such as property documents, rent agreement, income proof, etc.
Required Documents:
application
Identity Proof: Aadhar Card, PAN Card, Voter ID
Residence Proof: Electricity Bill, Telephone Bill
Income Proof: Last 3 years Income Tax Returns, Salary Slip, etc.
Property documents: registry, map, etc.
rental agreement
Benefits of this loan:
low interest rates:
Higher loan amount:
Long Repayment Period:
Quick Approval:
tax benefits:
Loan against rental income is a good option for those who own a rented property and need money to repair, renovate or expand their property.
This loan offers many features like low interest rates, long repayment tenure and quick approval.
pay attention:
Compare the interest rates and terms of different banks before taking a loan.
Keep in mind your financial condition and take only that much loan that you can repay.
Collect all the documents before taking the loan.
