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All you need to know about non housing loans and more.

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How to save your dream from getting broken?

Your house is like a heaven on earth. In life, people work hard day-in and day-out to finally build a castle of their happiness. A house owned is the most important dream of your life. However, natural calamities, or stealing and burglary are some of the incidences that don’t knock your door to damage your house or inside property. They come unexpected and can shatter your dreams in minutes forever. This will not only be a huge financial loss but also a mental setback and physical pain of rebuilding your dream once again. One of the best modern day tools to cope with the financial losses would be purchasing house insurance policy. House insurance is form of property cover designed to protect an individual's home against damages to the house itself, or to possessions in the home. Hom... Read more

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Sometimes, achieving your goals takes a little help and this is when non housing loans can come in very handy. Most people think that these loans refer only to a loan against property; however there are a few other verticals that fall under the purview of non-housing loans and this write-up will explain them to you.

Loan againstproperty:

First let’s start with loan against property as this is one of the most common verticals of non-housing loans. You can avail a loan against property to fulfill any of your needs. It’s easy to get as you provide collateral in the form of your property and so approvals are done quickly and without much of a hassle.
The interest rate for loan against property ranges between 9.60 to 12 percent, which is much lower than personal loans that fetch an interest rate anywhere between 15 and 25 percent. Tenures are also much longer allowing you to pay smaller EMIs over a longer period of time; moreover there are normally no prepayment charges either.

Top-up loans:

Another vertical that falls under non-housing loans and more is the top-up loan. These loans can be used for various purposes such as buying additional parking space in your building or to renovate your home and even to fulfill your child’s education needs. Eligibility is little tedious as many things such as your past repayment ability & history, credit score, etc. are taken into consideration. But if you get one, the rates will be 1.75 to 2.5 percent more than your home loan, which is again much less than a personal loan.

Non-residential premises loans:

These loans can be used to buy property for your business. With these loans you can buy property or plots to build shops, clinics, offices, etc. for your business. The interest rate is normally between 9.60 and 12.60 percent. The eligibility criteria will defer from lender to lender & loan tenure is generally around 15 years.

If you need additional information about non housing loans and more, you can simply go online and you will find loads of material to make a better informed decision. All the best!
Added 7 months ago
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