Home loans are also known as mortgages, use the borrower’s home for collateral. This home can, however, be a single-family house up to a four-unit property, as well as a condominium or a cooperative unit. Banks along these lines subsidize home credits, yet both the moneylenders, however, themselves and the dealers who therefore follow up in the interest of the loan specialists begin, or then process them. There are however many websites which provide business loan online but we at Legal Raasta provide you with business loan easily and without any complications. The maximum loan amount which any borrower can ask for in a home loan is 50%-80% of the property and the term of the loan is from 5 to 15 years. Applying for a home loan through Legal Raasta provides the borrower with certain advantages which are that there are lower interest rates as its secured loans, it is helpful for all the home related expenses and there is greater credit eligibility.
The steps which would help the borrower to apply for a home loan online through us are:
Before applying for a home loan online through LegalRaasta is that the borrower is supposed to check if he qualifies for the loan or not. A simple form in which details such as name, mobile number, e-mail, the type of loan, the loan amount and the loan tenure are to be filled to check the eligibility. however, the minimum requirements for a home loan are:
· Annual revenue must be Rs 50 lakhs
· There must be minimum credit score
· The time in business must be 2 years
Step 2 :
When it is seen that the borrower qualifies the qualification, our group would get in touch with you and would additionally get some information about a few points of interest identified with the business advance, for example, about the reality of the matter of what is the yearly turnover of the organization , what is your FICO rating and for how much time has the business been in operation .
The borrower is then required to send some of the documents like
1. Pan card / passport
2. Processing fee cheque
3. Bank statement
4. Credit score
5. Adhaar card/passport
6. Copy of property documents
7. Last 3 years balance sheet
8. Latest OD/CC sanction letter
9. Income tax return of last 3 years
10. Proof of business
11. Profit and loss statement
Step 4 :
Legal Raasta coordinates with 30 + banks and NBFC’s in order to get the application for business loan approved .
Step 5 :
We try to get you the best rates and the rates depend upon various factors such as
1) The type of Loan which the borrower is choosing?
2)The annual turnover of the company
3) How long the borrower wants the loan?
4) What is the credit score of the company?
5) the Time is business
Generally the interest rates are from 10%-18% .
Step 6 :
Once the advance is endorsed, the amount is credited to the borrower’s record .