Bank loan: Now you can get loan easily even without business or job, you just have to do this work..
Suppose you have a commercial property that needs repairs or painting etc. You need money for this but you don't have that either. You can take a mortgage (loan without guarantee) by mortgaging the property but you do not want to do this. In such a situation, you can do another thing which is to take a loan against rental income.
Many banks give you this loan. Although this loan is available on commercial property, many banks also give you loans on rental income on residential property. Let us know which conditions have to be fulfilled to take this loan (loan against rental income)?
What conditions have to be fulfilled?
The property has been given on rent in the past and there is a possibility of it being given on rent in the future also (loan on rental income).
The construction on the property should be done with the permission of the local corporation authority.
Your financial position should be strong and you can repay the loan.
There should be a solid rent agreement between the property owner and the tenant.
What documents will be needed?
An application form that has been properly filled. (loan application process)
Passport-size photo.
Photocopy of identity card. This includes a PAN card, Voter ID, and Aadhar card.
Proof of residence, such as electricity or telephone bill.
If needed, a copy of business or income proof.
Income tax return (ITR file) of last 3 years.
All types of documents related to property.
Rental agreement.
What is the benefit?
The loan is approved very quickly and easily. Cheaper interest rates than personal loans. Repayment tenure of 10-15 years (Loan repayment). The loan amount of 70-90 percent of the market value of the property is approved (how to get a loan). You start getting this loan at a base interest rate of 3.85 percent.
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