Why to get best Ahmadabad loans?
Ahmadabad loans are quite flexible and it is easier to make the application and thus native borrowers out there are highly interested towards the same. You can choose either any private lender or else you can approach to any established financial institution especially banks.
How to take loans in Ahmadabad?
- Loans are mostly taken for meeting different types of financial purposes or needs. This is the reason that depending on the purpose, the loan types are being chosen by the borrowers so that their respective needs cam be fulfilled.
- Different essential documents need to be submitted to the lenders by the borrowers so that the necessary amount of loans can be gained. Some of the most important documents include income statement, taxation papers. KYC papers including address and identity proof, mortgage papers, bank statements and many more.
- You need to choose the best method of making loan application. Most of the borrowers of Ahmadabad are choosing online application in order to get the maximum convenience. Sometimes, some borrowers also take the assistance of any experienced loan agents in order to get quick application.
Different types of Ahmadabad loans
Different types of loans are now available in Ahmadabad out of which two broad categories include commercial and home loans. Loans can be of different kinds which are provided by various financial institutions and banks. Depending on the nature of your requirement you can take the most appropriate one for yourself. But among all the loans which are mostly popular among people are,
- Property home loan – this product is newly launched in the market and this loan though works like a home loan but categorically falls under the loan against property. Now this type of loan is most popular especially among the business If you want to purchase an industrial property for your business or buy a home for personal use, then you can opt for this kind of loan. The main benefit of this loan is that you can pay off the loan amount for a longer period of time with an affordable interest rate.
The loan tenor which is available for these kinds of loans can go up to maximum of 15 years. If you are eyeing to purchase any commercial properties or intend to buy factory sheds or office, then this is the best option what you can get in the market today, because these loans are come with lesser interest rate with handsome amount than any other kinds of loans available for the business personnel for commercial property purchase. The loan amount can vary depending on the net profit or the total turnover of the company, like for category A or B companies the loan amount can be unlimited while for the self employed people it is calculated based on their net profit or the surrogate value of the property.
- Business project loan – this kind of loans are designed to facilitate the business personnel to finance their project, expansion or reconstruction and so on. This type of loans are the most ideal for both the existing business houses for expanding their business as well as for those who are just enter the arena. For the new entrants this loan can work as their seed capital to startup their venture. This loan can be used for various purposes to do business in a more convenient way. These kinds of loans are sanctioned based on the projects and its viability and future prospect.
These types of loans are available for both long and midterm periods but most of the banks preferred to give it for a shorter term. The loan tenor can go up to 10 years. The rate of interest is more competitive in case of longer term here. Construction & Infrastructure, Automobile, Power, Engineering, Gas & Petrochemical industries are some of the sectors which generally use this kind of loan to facilitate their business operation. Here in this loan unlike home loan or LAP, along with the property papers and income statement, the project reports have greater significance for approval of these loans.
- Loan against property – LAP or loan against property is a kind of loan which is given in lieu of an immovable property and this loan can be used for various other personal purposes as well. Commercial or residential properties can be used here as collateral. It can be seen that this loan is taken when the unsecured loans are fail to meet the requirements or the amount is comparatively high which can’t be suffice by means of any other loans like business loan or personal loans. The main advantage for which it is more popular among people is that it can be used for any purposes starting from the business expansion, child’s education or daughter’s marriage, and so on. The minimum tenor which is available to repay the loan is differing from 1 year to 5 years or more in some cases. Another benefit of this kind of loan is that even when you don’t possesses the property you can use it to take a LAP keeping the owner of the property as co- borrower, but you have to keep in mind one thing that while asking for this loan the market value or the future value should be adequate to meet up the amount of loan taken from the bank or financial institution.
- Mortgage loan – though the concept of mortgage loan is quite similar to the LAP but the main difference is that here in this loan the purpose for availing the loan has to be buying a new home property or any residential properties which will be mortgaged with the lender as a security until the loan is fully paid off. You cannot use this amount for doing any other work other than buying a property. Though this loan is most popular means of buying a residential property but you have to keep in mind that to take this loan you have to show that the amount will be used solely to fund a new home purchase.
To avail a mortgage loan you have to show your income statements and property papers to the institution so that they can assesses that whether your earning or the value of the property is enough to pay off the debts or not. This type of loan has a maximum tenor of 30 years for the individuals. The interest rate is also very low in comparison to other kinds of loans and documentation is also less. That is the very reason this loan is most favorite among people. In mortgage loan you can opt for a top up facility as well, but the total of main loan amount and the top up value can’t go beyond the current market value of the collateral property.