Now, separate nod not required for non-agricultural land in Maharashtra

 The state revenue department on Tuesday issued a government resolution (GR) stating that once it is confirmed under sections 42-A, 42-B, 42-C of the Maharashtra Land Code, 1966, there will be no need to obtain separate non-agricultural permission u/s 42-D or 44-A of the MLC, 1966.

In a major Ease of Doing Business move, developers are no longer required to obtain non-agricultural permission separately once building approvals are obtained.

The state revenue department on Tuesday issued a government resolution (GR) stating that once it is confirmed under sections 42-A, 42-B, 42-C of the Maharashtra Land Code, 1966, there will be no need to obtain separate non-agricultural permission u/s 42-D or 44-A of the MLC, 1966.

State revenue minister Radhakrishna Vikhe-Patil said once the competent authority grants construction permission on a plot it is deemed the land has been converted to non-agricultural use and there is no need to obtain non-agricultural permission separately

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Your guide to a real estate appraisal

 

The value of your property is the most important factor to consider before making any financial choices. You will inevitably go through a home assessment procedure if you want to purchase, sell, or even refinance your property.

The purpose of a real estate appraisal is twofold: first, to help buyers and sellers establish a fair price for a home; second, to help mortgage lenders assess whether or not the property’s current market worth is sufficient to warrant the loan amount. If you go into an evaluation blind, it could turn out to be a very nerve-wracking experience. The purpose of this article is to describe how real estate appraisals are conducted from start to finish.

What is an appraisal?

An appraisal is a process of determining the value of a piece of property, such as a piece of land, a company, a collectible, or an antique, based on the opinion of a qualified individual. To be considered an approved appraiser, one must have a designation from a regulatory agency within the appraiser’s territory.

An item’s or a property’s appraised value is often used for financial and legal reasons, such as insurance and taxes, or to make a purchase or settle a dispute.

How does a real estate appraisal function?

Appraisers record and evaluate every aspect of the property to determine its genuine market worth. The following are some of the most important considerations for appraisers when assigning a value to a piece of property:

• The property’s size
• Number of bedrooms and bathrooms
• The age of the structure
• Location
• Neighbourhood
• Market trends
• Current value
• Rental costs
• Consistency in design
• Severity of decline

Methods of real estate appraisal

Before providing a real estate appraisal, it is necessary to take into account a great deal of relevant information, including, for example, the neighbourhood in which the property is situated, the state the property is in, the amount of space that is currently available, and the state of the market. Three primary aspects need to be considered.

Sales comparison

When appraising a property, the appraiser has to be aware of the most recent sales prices of homes in the surrounding area that are comparable to the one being appraised. This provides us with some information into the present pricing of the market as well as how the houses that are nearby are valued. To get an accurate price range for the group, it is customary to examine the prices of at least three different houses.

Cost approach

When we speak about the cost approach, what we mean is that the cost of your property should be similar to the cost of constructing it in terms of construction expenditures. It would be economically unreasonable to own a house that is costly to acquire but cheaper to develop than similar properties already on the market.

Income approach

The potential revenue that a property has plays a significant role in the appraisal process. A different name for this strategy is the income capitalisation technique. To get the rate of return that is to be anticipated, you must first take the net operating income and then divide that number by the capitalisation rate.

The influence of real estate appraisal on home loans

When applying for a mortgage, it’s important to have a real estate appraisal done since the bank will evaluate your application based on the appraised value of the property. Your credit score and the loan-to-value ratio will determine the percentage of the property’s worth that the banks in India are willing to lend you, although it may be as much as 80% of the property’s value.

Let’s say the worth of the property was estimated by the appraiser to be somewhere around 1 cr. This valuation will be taken into consideration by the bank, and they will make you an offer for a loan that is equal to around 80% of this value.

How do you go about hiring an appraiser?

There are two options for finding a qualified appraiser:

• The lender or an appraisal management business will employ an appraiser to evaluate how much home loan is borrowed against the property. Firms often use the lowest-priced appraisers, which might harm your evaluation. Therefore, you should always choose a skilled appraiser, even if it costs more.
• As a buyer, seller, or homeowner, you must hire an appraiser directly if you want to know the worth of your property before entering into a contract or listing your home for sale. Appraisals are also significant in estate litigation or settlements.

Tips for raising your home’s appraisal value

Be sure to maintain your home as if you were going to purchase it yourself to increase its perceived value. There are a few things you can do to increase the likelihood of a high appraisal for your real estate investment:

• Before having a home appraised, it’s a good idea to take care of any maintenance issues, such as repairing broken plaster, removing water stains, and getting rid of pests.
• Do not forget the exterior of your home; it is as vital as the interior. Make sure that your garden, yard or garage appears nice and rip up the dead plants and trees that ruin your house’s beauty.
• Including the date, total cost, and nature of any recent home repairs or upgrades are helpful. Appraisers do not notice these tiny nuances occasionally. Thus, it is recommended to present your assessor with a documented description of your work, such as a newly installed patio or roof.
• Draw attention to any beneficial developments in your community, including new roads and services. Because the appraiser is not as acquainted with your community as you are, he/she can overlook key facts that might work in your favour.
• Make your home appear modern, regardless of how old it is. You have to pay attention to the required fittings that should be in every contemporary day residence.
• It is your right to demand proof of the appraiser’s qualifications, so don’t be shy about asking for documentation of his or her prior work experience and
• training in residential evaluation.
• You have the right to get a copy of the appraisal as part of your due process rights. You could request a copy of your real estate appraisal from your lender or appraiser if you believe the value of your property was underestimated.

Advice for both the buyers and the sellers

Before going through with and making any kind of financial choice, it is almost always beneficial for buyers and sellers to perform extensive research beforehand.

If a buyer has access to appropriate information about the pricing of homes in the surrounding region, they will be better prepared to negotiate a fair price with a seller, and a seller will be able to make a more accurate estimate of the value of their property.

At the time of the appraisal, the seller must have all the paperwork that is associated with the property. Additionally, throughout the time when the evaluation is being conducted, the presence of both parties is required.

Real estate appraisal benefits

Here are four key benefits of having an appraisal done on your new house.

Protects lenders from making loans on homes that are priced too high.

Helps to ensure that you, the buyer, do not spend an excessive amount for a house.

Brings light to any possible problems with the property.

Assists you in achieving a reasonable bargaining position.

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Oberoi Realty acquires 6.4 acres in Thane near Mumbai

 The company is optimistic about prospects for the housing sector, led by the aspirations of home ownership by end-users.

Mumbai-based Oberoi Realty has acquired 6.4 acres of land in Thane near Mumbai from NRB Bearings Limited (NRB), according to a regulatory filing at the BSE.

"The above acquisition shall be completed upon fulfilment of certain terms and conditions of the MOU (memorandum of understanding),” the filing said in a reference to an agreement signed on May 23, 2023.

“The company has also made payment of part consideration amount to NRB, and the balance consideration shall be paid on and/or before the closing of the transaction,” it said without disclosing the cost of the purchase.

On May 16, Oberoi Realty announced consolidated revenue of Rs 995.11 crore for Q4FY23, up from Rs 842.94 crore a year ago. Its consolidated post-tax profit was Rs 480.16 crore, up from Rs 232.78 crore in the previous year.

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Semi-furnished/furnished/fully-furnished apartment: How are they different?

There is a difference between a semi-furnished apartment and a furnished apartment. However, in absence of a proper yardstick, prospective tenants should select wisely, depending upon the amenities, their budget and their needs

Most builders often develop bare-shell apartments and hand it over to their occupants. The buyers, based on their needs and budget, either choose to start living in these or rent it out to prospective tenants. Consequently, newly-developed residential destinations, generally have a healthy mix of ready-to-move-in residential apartments, for those seeking rental accommodation. Based on the amenities available, these apartments are generally categorised as ‘fully furnished’, ‘furnished’ or ‘semi-furnished’.

Builders aim to entice customers by offering various discounts, incentives, and prizes on their semi-furnished, furnished, and unfurnished flats. As a result, purchasers and tenants must be aware of the differences between the three types of flats. So, here is the difference between furnished, semi-furnished, and fully furnished flats:

Semi-furnished apartment

This category of housing is very similar to bare-shell apartments, with minimum basic amenities such as lights and fans. These apartments may or may not have a shelf or cupboard in all its rooms.

These flats might comprise a wide range of properties that can be fully furnished. As these apartments are not fully equipped, you may discover fewer conveniences than in fully furnished apartments.

Pros

• The apartments can easily be furnished with furniture that can be purchased and installed.
• You can also install the appliances of your choice.
• In comparison to furnished apartments, the rent and security deposit will be lower.
• You can personalise such apartments by putting things in them that you like.
• You won’t hear anything from your landlord if you damage anything because the items are solely yours.
• In such residences, you can add or remove stuff as needed.

Cons

• When you leave the flat, you must take all of the items that you placed during the decorating process with you.
• To design your flat, you will need to purchase several household objects, which will be an additional cost to you.
• Designing and furnishing the flat might be a tiring and time-consuming task.

A furnished apartment

The term can be confusing at times. This is not a definitive term and does not bind an owner to provide the exact number of amenities to his tenant. Most often, this term means that the apartment will have cupboards and shelves, cabinets, a modular kitchen and lights and fans. If you are looking for something more, you should negotiate with your landlord. If he is willing to put an air-conditioning system within the same cost, consider yourself lucky.

However, the owner is not required to supply all of these services. So if you are a student or bachelor, then a furnished apartment makes more sense as you will get all the basic amenities.

Fully-furnished apartment

A fully-furnished apartment, however, may have all of the above, including air-conditioning and water heaters in the bathrooms. In addition to these, if the apartment is a serviced apartment, it will be run like a hotel, with the assistance of a facility management team. A serviced apartment will have all kinds of amenities in the rooms – the kitchen will stocked with grocery and regular kitchenware including a refrigerator and microwave oven, the rooms will have bed linen and extra towels and the apartment will also have a telephone connection.

In India’s rental market though, serviced apartment projects are few. In the rental market, home owners generally limit themselves to providing a ‘furnished’ apartment. Suraj Kumar, a Noida-based broker, says, “A fully-furnished apartment is difficult to find in our cities. Only serviced apartments provide that kind of services. Largely, you will only find furnished apartments, with limitations and the tenant will have to make provisions for other important things.”

The benefits and drawbacks of renting a fully furnished apartment are as follows:

Pros

• When you move into a completely furnished apartment, you’ll find nearly all of the furniture, appliances, and supplies you’ll need to live comfortably and also save money.
• All you have to do is buy food and carry personal stuff as well as perishable products with you.
• You can leave the flat when you want, and you won’t have to lug about a lot of extra belongings.

Cons

• Not quick and easy to find one.
• You don’t have the freedom to decorate as per your choice.s
• The rent will be higher, and you will be required to spend a significant amount of money on security and other amenities.
• Since the apartment will be furnished with all necessary household objects, there will be very few empty places.
• As the objects placed in the apartment are the landlord’s property, you will have to maintain them as well.

Difference between various categories of furnished apartments

While there is visible difference in these three categories, the apartments also differ in rental rates. In general, there is a difference of around 10%-15% in rental values, between a bare-shell apartment and a furnished apartment. On the other hand, the rental rate of a fully-furnished apartment or a serviced apartment may be many times higher.

Manish Mishra, a facility manager with a large company and based out of Jaipur, explains that “The rental rate of a serviced apartment or a fully-furnished apartment, may be on the higher side and is often meant for people with deep pockets or business travellers. The demand for such units mostly comes from foreign tourists who wish to reside here for medium to long term.” Often a fully-furnished apartment is customised on demand and as per the request of the tenant.

Since semi-furnished and fully-furnished apartments are more popular than furnished apartments, let’s look at the difference between the two in-depth to help you make a clear decision.

Clear distinctions: Semi-furnished vs fully furnished

1. The living area

A completely furnished apartment’s living room should include couches, a coffee table, end tables, bookshelves, lamps, window drapes and shades, and sometimes a workstation or chair.

Electronics and entertainment items, such as a TV and a sound system, may also be found.

Living room telephones are also quite common.

On the other hand, a semi-furnished apartment will just contain drapes, possibly a couch or two, and ordinary light fixtures.

2. Dining area

The dining room in a furnished apartment usually includes a dining table and chairs, as well as a few ornamental plants or artwork if your landlord is generous.

You might find a dining table and a few seats in a semi-furnished apartment, but keep your expectations low.

3. Bathroom

In addition to the conventional fixtures, a completely furnished apartment includes a shower curtain, curtain liner, bathmat, toothbrush holder, toilet brush, toilet cleaner, trash bin, towels, and a soap dish.

You might find a bed frame/headboard, a dresser, and closet space at most in a semi-furnished apartment.

4. Bedroom

A bed frame or headboard, a mattress and its cover, a dresser, a nightstand, and closet space are normally included in a fully furnished apartment‘s bedroom. You may also receive linens such as sheets, pillows, comforters, and blankets, depending on your landlord. Table lights, drawer hangers, a clock radio, artwork/decorations, and wastebaskets are some of the other objects you might find.

Expect a bed frame/headboard, a dresser, and closet space at most in a semi-furnished apartment.

5. Kitchen

When it comes to the kitchen in a fully furnished apartment, there are some differences, but you should be able to find main equipment like a microwave, refrigerator, stove, oven, and dishwasher, as well as basic fixtures like kitchen cupboards and drawers. Other items include a coffee machine, oven mitts, blender, veggie peeler, glassware, cups and mugs, wine glasses, pots and pans, toaster, whisk, mixing spoon, utensil set, dinnerware, measuring spoons, etc.

In a semi-furnished flat, the kitchen is nearly bare, with most of them only having the most basic fixtures and maybe one or two big appliances at most.

6. All-purpose supplies

Fully furnished apartments, unlike semi-furnished apartments, typically include toilet paper, paper towels, bulbs, laundry detergent and baskets, broom and dustpan, iron with a ironing board, sockets, recycling bags, cleaning spray and supplies, and even appliance batteries.

7. Utilities

If your completely furnished apartment includes utilities like phone service and television, you’ll have to pay for them as part of your rent. These utilities aren’t usually included in semi-furnished flats, so you’ll have to ask for them to be installed.

8. Additional services

A fully furnished apartment may provide additional services such as housekeeping that a semi-equipped flat does not. You will, of course, have to pay for this, but it is occasionally included in the monthly rent.

Which type of apartment should you opt for?

If you are a landlord, the idea of a furnished apartment makes sense, if you wish to earn more as rental income.

The cost of furnishing the apartment, can be recovered within a period of 1 to 1.5 years. “Chances are that if you get a decent tenant, who keeps your apartment clean and cares for the belongings and furnishings, there will be minimum requirement for maintenance once he leaves. This way you can earn and save,” Kumar points out.

From the tenant’s perspective, a furnished apartment makes sense, if one has moved to a city only for a short period. Students can also look for such apartments.

The extra cost of Rs 2,000-5,000 per month on furnishings, will at least take care of the basic amenities. Nevertheless, the choice is subjective and depends on one’s needs.

Turn your semi-furnished or unfurnished home into a dream home with Housing Edge

Let us suppose that you have moved into your new home, an unfurnished or semi-furnished property and you have deferred the purchase of furniture for a while, due to lack of funds or for lack of choice. Maybe, you even postponed it, because you could not shop at your favourite furniture store due to the Coronavirus pandemic. With Housing Edge, a host of online services come handy in such cases. In this case, home buyers (even tenants) can opt for furniture on rent at affordable prices.

The process of renting furniture is easy with Housing Edge. All you need to do is choose the item from the product catalog, fill up the form with your details and the service provider, Rentomojo, will reach out to you with the best deals and offers on furniture renting.

Benefits of furniture on rent with Housing Edge

There are numerous benefits to renting furniture from Housing Edge. First of all, there is a wide range of products to choose from, made available by all the leading brands. This includes not just tables, chairs or sofa sets but electronic items like refrigerators, washing machines, fitness equipment, appliances such as mixer grinders or even gadgets like laptops. There are customised work-from-home packages, as well that is the need of the hour for many households.

Secondly, all products are properly sanitised. Despite COVID-19, your daily life should not suffer and Housing.com has gone ahead to provide you with a great living experience at your home and has tied up with trusted partners to bring you clean, sanitised furniture, electronics and much more.

Thirdly, the process of renting furniture with Housing Edge is very simple, with flexible payment options to enable you to use first and pay at your convenience.

Next, there is no compromise when it comes to the quality or design of the furniture. We have made sure that you have access to premium designs that will help you convert a regular home into a beautiful home!

Moreover, you can ask for easy upgrades, if you are happy or unhappy with the product.

What if you are switching cities? How would you take the furniture with you? Our partners will help you with free relocation and even free maintenance at any time. All you need to do, is beautify your home and sit back, while our partners will look after all your furniture-related needs.

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What to keep in mind when choosing an affordable rental house

 

Looking for a rental house in the metropolitan cities? We list the factors that prospective tenants should consider, before finalising a deal

Affordability is a crucial factor, for people who are searching for a rental home in metropolitan cities. Besides the rental amount, maintenance costs, vehicle parking charges, etc., also impact the overall outgo. At the same time, a house that is well-constructed and designed and offers good amenities, can provide a healthy living experience. So how does one strike the right balance? Rajeev Jain, director of Nirmal Lifestyle, suggests that rental home seekers should choose a location, based on three to four issues, to maintain a balance.

Keeping rentals affordable

Experts point out that many properties come with facilities like swimming pool, club or gym, parking space, etc., which the owner is entitled to. However, these rights do not transfer to the licensee or the lessee, unless a clause is inserted in the agreement, specifying that such incidental amenities and associated facilities will be accessible by the occupant.

“New homes in metro cities, come integrated with facilities like reserved parking, security surveillance, children’s play area, badminton court, club house, swimming pool and gymnasium, among others. Also, there are many options available in market, from low budget to high budget. So, tenants can now choose from a variety of properties,” points out Parth Mehta, managing director of Paradigm Realty. Nevertheless, while many housing complexes offer such luxurious facilities, tenants should only consider these, if it fits within their budget.

Things to keep in mind, while searching for a rental home in cities

While selecting a house, first check the rental rates in those areas. Find out if the areas you are keen on, have the sort of properties you want at prices that you can afford. According to Shveta Jain, managing director, real estate private wealth services, India, Cushman & Wakefield, “The important things to keep in mind, while searching for a rental home within affordable range in the metropolitan regions are:

Location of the property:

Factors such as connectivity (accessibility through road/rail transport), social infrastructure and proximity to employment hubs, determine the liveability of a location.

Credentials of the developer and owner:

Perform a thorough background check of the developer, vis-à-vis the number of projects he has completed, delivery timelines and the quality of construction.

Rent:

Ensure that the rental amount is within your budget and also find out if the rent being asked for, is justified and as per the prevailing market rate.

Lease agreement:

Pay great attention to the lease agreement, as it holds all the terms and conditions and legal clauses and implications, for all parties involved.”

Besides checking the property, one should also check the neighbourhood and contact local brokers to gain information about the location and property. Last but not the least, consider the deposit amount, brokerage fees, maintenance charges, power and water supply in the area, tenure, possession and clauses in the rental agreement with landlord.

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Renting rights of bachelors across Indian cities

 

Finding the appropriate place to rent is often a challenge, especially for bachelors and spinsters across India. When looking for rental housing, they frequently face discrimination, prejudice and restrictions due to their marital status. However, it is important to understand that everyone, regardless of their marital status or gender, deserves fair treatment and equal opportunities during renting.

Bachelors and spinsters, especially those living away from their hometowns for work or education, encounter numerous challenges while renting a home. Landlords and housing societies have biased approaches where they assume that unmarried individuals would be irresponsible, disruptive or involved in illegal activities. As a result, they implement arbitrary rules and regulations, which unfairly target bachelors and spinsters, making it difficult for them to find rental housing.

Some landlords expressly state that they only want families or married couples as tenants, while others subtly discourage unmarried applicants. Rental advertisements frequently include phrases, such as ‘family-only’, ‘no bachelor’, or ‘only for married couples’, fostering an environment in which discrimination is normalised. Furthermore, housing societies and apartment complexes impose strict rules on single occupants, effectively excluding them from certain residential areas.

The Indian law upholds the right to equality and non-discrimination. The Constitution of India prohibits discrimination based on marital status or gender. Several acts and legal provisions protect bachelors’ and spinsters’ rights in the rental space. The Equal Opportunity Act of 2020, which is the most visible of these, ensures equal treatment and opportunities for all citizens. This act eliminates discrimination and promotes inclusion in all aspects of life, including housing.

Most housing societies in India have a Resident Welfare Association (RWA) whose objective is to work for the improvement of the homeowners by maintaining the facilities and ensuring the society’s upkeep. However, there have been several cases where RWA judgements have violated the legal and constitutional rights of those living inside the society. At times, the regulations appear arbitrary, imposed by the whims of a small group of people in power in the RWA.

Landlords, in such circumstances, are forced to make choices, such as preferring families or married couples as tenants.

Furthermore, local rules and regulations change between states and cities. Some cities may have special rules for renting to bachelors or spinsters. To understand the unique legislation and requirements in your area, check with the local municipal authorities or seek legal assistance.

There have been debates about implementing rental housing legislation, which would provide extensive controls to both landlords and tenants. Hence, modifications or adjustments to rental laws and regulations may be possible in the future.

One must ensure fair treatment and equal opportunities for bachelors and spinsters in home renting. It is crucial to promote awareness and enforce existing legal protections by strengthening legal provisions. The government must strengthen and enforce existing laws, which prohibit discrimination in housing. Strict penalties and consequences for the guilty can act as deterrents. Alongside, there is a need to launch awareness campaigns to educate people about the rights of bachelors and spinsters in home renting. These campaigns must emphasise the importance of equality, challenge stereotypes and promote inclusive housing practices. Rental portals can play a vital role in eliminating discrimination. They could include the option to filter out discriminatory listings and encourage landlords to treat all tenants equally. Furthermore, they can display guidelines promoting fair housing practices. Establishing effective complaint mechanisms could empower individuals to report instances of discrimination and seek legal recourse. Dedicated helplines or online platforms could be created to ensure easy access to justice for those facing housing discrimination.

Sensitisation programmes for landlords, housing society members and real estate professionals could address stereotypes and biases, encouraging inclusive housing practices.

Giving equal access to housing is a fundamental right, which should be enjoyed by every citizen, regardless of marital status or gender. Therefore, discrimination against bachelors and spinsters in the rental market violates their rights and hinders social progress. By enforcing existing legal protections and raising awareness, this could be mitigated in the future.

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Must Do’s and Don’ts for Loan Against Property

 

Introduction:

If you require funds for personal or business purposes, a loan against property can be a smart financing option. This secured loan allows you to leverage your property as collateral, giving you access to adequate funds you can use for any purpose.

However, since you put up your valuable asset as security to get this loan, it’s crucial to proceed cautiously. To help you make informed decisions and avoid potential financial risks, we’ve compiled a list of essential dos and don’ts to keep in mind while applying for a loan against property.

Must-Do’s:

1. Research the lender

The most important thing you must do before applying for a loan against property is to conduct thorough research on the lenders. Review each lender’s profile, including loan terms, maximum tenure for loan against property, and other relevant information.

Choosing a lender in haste can cost you heavily for the entire tenure, so do your due diligence

2. Assess your eligibility

To secure a loan against property, you must meet specific eligibility requirements. This is because if you don’t meet these requirements, the lender may reject your loan application.

To check the eligibility criteria, you can visit the lender’s website.

3. Check the interest rates

Interest rates for loans against property vary from lender to lender. So, before applying for a loan against property, it’s best to compare the interest rates of different lenders and choose the one that offers the best deal.

Even a difference of a half-point percentage in the loan against property interest rate can save you thousands, if not lakhs.

4. Maintain a good credit score

If you want to apply for a loan against property, having a good credit score can be beneficial. A good credit score can help you get a larger loan amount at a lower interest rate. Therefore, it’s essential to maintain a good credit score.

In case you don’t have a good score, you can improve it by paying off your credit card bills and clearing any other dues you may have.

5. Get a property valuation

When you apply for a loan against property, you pledge your asset as collateral. The loan amount that you receive is based directly on your property’s valuation. So, before applying for a loan against property, know your property’s value, considering its location, size and age.

If you have a high-value property in a good location, you can get quick approval for the loan since the lender considers it low-risk.

Don’ts

1. Do not ignore the loan tenure

A loan against property offers a longer tenure than personal loans. A longer tenure means a lower EMI but a high-interest rate. Comparatively, a shorter tenure means higher EMIs but lower interest rates.

Therefore, choosing the right term is essential and depends solely on your repayment capability. You can use an EMI calculator to select the tenure that best suits your needs.

2. Do not miss repayment dates

There may be times when you are tempted to skip your EMI. But don’t, as it can adversely affect your credit score, making it difficult for you to get loans in the future.

Therefore, always ensure that you pay your EMIs on time. This will help you avoid penalty charges while maintaining a good credit score.

3. Do not take a loan against a property under legal disputes

Lenders don’t accept properties involved in legal disputes or those with an existing lien as collateral. Consequently, if your property falls into either of these categories, your loan application will likely be rejected.

Therefore, before applying for the loan, thoroughly evaluate the quality of your collateral.

4. Don’t forget about the disbursal time

If you can’t get the funds when you need them, then what’s the use of getting a loan in the first place? That’s why when you apply for a loan against property, don’t forget to consider the disbursal time. Many lenders disburse the loan amount within 72 hours of approval and the completion of paperwork, so it’s worth checking with them before finalising your loan.

5. Don’t be careless with the paperwork

The common mistake people often commit while applying for a loan against property is not thoroughly going through the loan clauses.

The details are always hidden in the fine print. So, go through each and every term and condition properly to avoid any surprises in the future.

To end

A loan against property is a valuable financial tool that can help you during a financial crunch. However, it’s essential to be mindful of the dos and don’ts associated with the loan to avoid any potential financial pitfalls.

By ensuring timely payments and refraining from utilising the loan amount for non-essential expenses, you can reap the benefits of a loan against property while minimising the risks.

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