Home loan consultant near me

Home Equity loan

Are you searching in Google for “Home loan consultant near me”. You are at the right place at the right time. Money Tez is an all in one platform for availing your right home loan at the lowest interest rate.

Home loan consultant near me

Before searching for a “Home loan consultant near me” in Google, you should be able to decide by knowing the home loan and other important matters related to it. In this blog, let us explain some important matters related to Home equity loan.

Home Equity loan

Home equity loan is available to you against the equity on a property. It’s a type of consumer debt. The home equity loan is further known as Equity loan as well as a second mortgage or a home-equity instalment loan. Comparing home loan this loan avails for any purpose and avails for both non-residential property and residential property. The loan amount is provided on the basis of the current market value of the property.

Banks may lend you up to 80% of the value of the equity of your home. But for availing Home equity loan you must have a good credit score that is reasonable combined loan-to-value ratios and loan-to-value.

So, if you are looking for home equity loan and home loan consultant near me in Bangalore, share your details. We are at your finger tip.

Home loan consultant near me

Types of Home Equity Loans

There are two types of home equity loans.

  1. Fixed-rate loans
  2. Home Equity Lines of Credit (HELOC)

Fixed-Rate Loan

In this type of loan, a single lump-sum amount is paid to the individual. This amount is then repaid back in a set of the period with an interest rate that is agreed upon. In fixed-rate loan interest rate does not fluctuate on the basis of market condition and does remain for the lifetime of the loan period.

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Home Equity Line of Credit (HELOC)

HELOC is a variable loan that works like a credit card. In this loan, you borrow a part of the pre-approved amount by the bank. This loan offers with a credit card that allows you to make withdrawals on the loan or you can withdraw by cheques. The repayment will be depended on the amount borrowed and interest rate. Similar to credit card you can re-borrow the amount paid. But at the end of the loan period, the whole amount outstanding has to be paid.

If you are looking for best “HELOC & Home loan consultant near me in Bangalore”, come visit Money Tez.

Home loan consultant near me

 How does it work?

In Home equity loan, it works same as home loan as the home property is kept as the collateral. But in home loan, the eligible loan amount is up to 90% of the market value of the house, whereas, in home equity loan, you have to convert the equity of your home into cash. The repayment includes principal and interest payments. 

Home loan consultant near me

Advantage of Home Equity Loan

  1. Approval is easy as it is a collateral-based loan. You may even get the chance to qualify for the loan if your credit score is poor as it is a secured loan.
  2. Helps in utilizing the unused monetary value of your property.
  3. It helps in covering a large expense you may have as the loan amount is paid in one lump sum.
  4. It also helps in planning and managing expenses better as the interest rate is constant throughout the loan period.

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Advantages of Home Equity Line of Credit (HELOC)

  1. You can borrow till your credit limit as per you requirement.
  2. In this type of loan you are allowed to re-borrow the loan amount.
  3. Best if the payment to be made in stages as you continuously withdraw loan amount in several period.
  4. Interest is charged only on amount borrowed.

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Home loan consultant near me

What documents required for a Home equity loan?

Let us discuss on the relevant documents required for availing a home equity loan for Businessman/ Self-employed professional:

  1. An Application form with the photograph.
  2. Certificates showing your Educational qualification
  3. Your Identity and residence proof
  4. Document related to your business existence with business profile and last three years income tax return.
  5. Documents related to your last 3 years’ income statement and balance sheet.
  6. Documents that shows your last 3 month’s personal and business bank statements.
  7. Processing fee check.

All the above are some of the relevant documents that you requires to submit for availing Home equity loan.

What are the 6 important things to remember about Home Equity Loan?

  1. The home equity loan is available against the equity in a property that is calculated on the present market value.
  2. In any case of increase the market value of the home or decrease in the outstanding home loan can result in a rise in home equity against which loan may be taken.
  3. This loan is available against both the non-residential and residential property. But it is necessary to be fully constructed and be freehold property that is having a clear and marketable title.
  4. This loan can be used for any purpose, including education of children, marriage expenses, medical expenses, even for refinancing a home loan.
  5. All the documents showing the financial and repayment ability of the borrower have to be submitted with the photocopy of the documents of the property and a valuation report.
  6. This loan does not provide any tax benefits on repayment as is available to the borrower in the case of a home loan.

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