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Builder mortgages Palike property for loan. Sandeep Moudgal, Bangalore, Jul 12, 2012, DHNS : Claims rent accrued from leased-out complex as primary security. After the Bruhat Bangalore Mahanagara Palike (BBMP) made news by pledging its prime ... Builder mortgages Palike property for loan
The land that is unimproved or raw is the hardest type of property to secure a loan because it is in spirit of speculative investment. Furthermore, raw or unimproved land has no additional improvements like utilities, streets or structures.
As we know that raw or unimproved land will have higher down payments and interest rates than the improved property loan because of this reason lender require a 50 percent down payment for the raw land loan. For taking loan against property, a person should be able to find a lender that will require only 20 percent down payment for the raw land loan.
If a person wants to buy a raw land and planning to make additional improvements on the land then he should ensure that the services he will need are available or not.
The person gets the loan easier on the improved property as compared to unimproved property. The easiest type of land loan to secure is to buying or purchase the land with immediate plans for improvement or construction because the lender will be paid off when the person gets a mortgage on the structure. Land loans have the maturity of 10-15 years like home equity loans.
Furthermore, if the land is held as an investment then the interest expense on the land loan will be tax deductible. If the person wants to take the interest deduction then he should consult with the tax advisor.
These loans are called story loans because the lenders have to understand the story behind the property and the additional plans for the property before they will be willing to lend to the other person.
Before getting loan against the unimproved property the person consult or interview with a few mortgage brokers in his area and talk to them related to the land loans. For looking the land loan using a mortgage broker is a good idea for the person. As far as home equity
Loan is concerned, if the current home secures the home equity loan then there will less risk to the lender and there will be lower interest rates.
In spite of the above mentioned discussion it is easy to conclude that the person should consider some of the factors and issues before taking loan against property whether property is improved or unimproved or raw land.
As we discussed before the down payments, interest rates and maturity of the property loans so the person should consider these facts before applying the loan against property. Recommend IMPORTANCE OF LOAN AGAINST PROPERTY Topics
Question by sark299: How to get a Bank loan against my property in Bangalore? I am self employed and new in Bangalore. Want to approach a good Bank for a loan against my apartment where I am staying? What are the documents required and how long it will take to get the loan? Please advise! Best answer for How to get a Bank loan against my property in Bangalore?:
Answer by Raghav
All the banks especially ICICI and Stanchart are very keen to give your loans against property. Obviously they will ask you to hypothecate the property and execute necessary deeds. I would advise you to approach a neightbourhood PSU Bank like SBI or BOB. They may take a little more time, but at least you can be sure that they wont send goons after you if you ever defalut because of any circumstances. Do your homework and take offers from all.
