Loan against property

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Loan against property
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Now Meet All Your Financial Needs with Loan
against property
Loans occupy a significant place in the history
of India. The connection of loans and the money
lenders dates back to the time when India was
under the rule of British government. At that
time the entire money lending community was
considered to be the one responsible for the
misery of the borrower class which included
peasants and middle class people. Though there
was significant improvement in the perception but
still people considered the concept of loans to
be the cup of tea of only rich and affluent. But
the economic renaissance in the early years of
the decade of 1990's gave a terrific blow to the
old misconceptions and myths about loans. This
jolt proved extremely beneficial for the Loan
against property. It is because people used to
consider these loans as risky proposition because
there was significant amount of risk involved in
it as the loan was available only when the
interested borrower can afford to pledge his
property. It went on for many years until the
above mentioned reformation took place in the
early 1990's.
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As said above these loans are availed Loan
against property, hence the rate of interest that
is charged on these loans is quite reasonable.
These loans are available for any kind of causes
such as medical casualties, any personal causes
or for even for education. Hence, these loans are
available for both the personal and professional
causes. To avail these loans one must should keep
few guidelines in mind. These are as follows, 1.
The borrower needs to fill and then duly submit
the application form. Make sure that the
application form is duly attested and properly
filled. 2. The person seeking the Loan against
property should have sufficient passport sized
photographs with him. 3. The borrower must have a
proof of signature with him. 4. He should also
have a residence address proof such as Voter ID
card and driving license. Telephone bills,
electricity bills may also serve the cause.
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Hence there are many and separate guidelines for
various person to avail these Loan against
property. The repayment options too in these
loans are extremely flexible. The entire loan is
repaid by easy installments or EMI's which are
calculated by the money lending authority only
after keeping in mind the monthly expenses of the
borrower. This thing reduces a lot of burden on
the shoulders of the borrower. There are many
other advantages of availing these loans. First,
the person can enjoy several kinds of tax
benefits. Second, many banks or lending
authorities provide various other kinds of
advantages such as the insurance benefits. Also,
other type of loan that comes under the same
category is the loans against home. Article
Source http//EzineArticles.com/1429422
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