Are you a Chartered Accountant by profession who is looking to avail a larger loan amount to fund many needs? If you have a home in a prime location which you think can fetch a good amount if sold, you can use it to get a larger loan amount!
Yes, well-known online lenders such as offer you a facility of a loan against property for chartered accountants up to a figure of up to Rs.2 crore. Lenders let you utilize the money to purchase a new home, office, fund your children education and do more.
If you want to know more about the facility of a loan against property for chartered accountants or have questions to ask, this write-up will help you know more! Let’s get started!
1. What is a CA loan eligibility accepted by lenders?
You should know that some lenders have strict eligibility conditions, some may offer relaxed terms. Thus, it is vital for you to know the basic eligibility criteria of a lender and take efforts to match it, and become loan ready! If you don’t match it, your application will be rejected. The best thing will be to compare the eligibility criterions of the leading lenders and see if you match them or not. Once you have matched them, the next thing will be to furnish a list of documents needed to hasten the application further.
2. What will be your EMI of the loan?
Majority of the leading online banks and non-banking finance companies (NBFCs) will help you know an exact EMI that you will pay after availing a CA loan. They offer a unique tool known as EMI calculator to know an exact loan EMI. After you enter your loan amount and the tenor, the EMI calculator will help you know an EMI amount that you will be paying each month. Once you get to known an amount in advance, you can easily increase or decrease your desired loan figure and tenor to accommodate your financial status.
3. Is the loan that you want is secured or unsecured?
Since you want to apply for a loan against property for CA, it is a secured type of loan as you are keeping your house/property as an asset or collateral. Once you are sure of keeping a property as collateral, you can go ahead and apply for a loan. If you fail to pay the amount within the specified tenor, lenders may sell your home/property to recover their money. Thus, before applying for it, assess your repayment capability, your income stature and then only apply for it.
4. How long will it take to repay the loan?
This is one of the most crucial questions as it assists you decide on a tenor and a lender. The concept is simple to follow – if you have a consistent income flow and willing to repay fast, you can opt for a short tenor. However, if you don’t want to put down a hefty amount as EMIs each month, you are free to spread the tenor into larger months and pay lesser EMIs. Based on your requirements and affordability, you should select a lender who can offer you a flexible tenor.
5. What about the penalty charges for missing a payment?
Sometimes, you may have emergencies forcing you to skip paying an EMI on time. Hence, before applying for a loan against property for chartered accountants, you should ensure checking the terms of the lenders for missed payments. On an average, lenders may charge 1% as an EMI bounce penalty. Nonetheless, penalties for missed EMIs many vary from creditors to creditors. Thus, once you know these penalties in advance, you will have an idea of the amount to pay if missing a payment deadline.
Other vital questions to ask!
While availing an online loan against property for chartered accountants, you should also have a look at some of the other questions to be sure of your candidature such as:
- What is the process of application and can you apply online?
- What about the application approval time?
- When will the loan amount be disbursed?
- Can you ask for a flexi loan facility instead of a term loan?
- What about the prepayment clauses and charges for it involved?
- Will you get online access to your loan account?
The Bottom Line
A loan against property for chartered accountants is easy to apply if you are familiar with various elements of the loan. Now that you know what to consider and ask while assessing the need for applying for the loan, discuss it again, and be loan confident!