If you require funds on an emergency basis for your business, medical treatment, childrenâ€™s education, or personal expenses, a Hero Fincorp Mortgage Loan would be a good solution. To avail of this loan, you need to own an asset. It can be a residential or commercial property, that has been fully constructed. It comes under the category of secured loans and can provide several advantages. Read on to know about them.
The mortgage loan includes several positive outcomes like the following:
Â·Â Â Â Â Â Â Â Â Fast fund disbursal
Since it is a secured loan, the funds would be disbursed to you on a fast track. You have to keep your property as collateral with the lender. The loan amount that you may get would start from Rs 50 lakhs and may go up to Rs 15 crores. But it would depend on your eligibility and the market value of the mortgaged building.
Â·Â Â Â Â Â Â Â Â Processing method
The Hero Fincorp Mortgage Loan usually gets issued within a short time. You can expect it to get credited to your account within 7 to 10 working days. This timeline is according to the submission of required documents by you. You can also take the help of the lender to get the documents collected from your home.
Â·Â Â Â Â Â Â Â Â Profession of the applicant
You can be a business owner or self-employed, in order to apply for a mortgage loan. The maximum amount of loan that you may get would be 75% of the ongoing market value of the property, kept as a mortgage. If you are a salaried professional, then you are not eligible for the loan.
Â·Â Â Â Â Â Â Â Â Transfer process of the loan
If you feel that you are getting better loan terms, you can transfer an ongoing mortgage loan to Hero Fincorp. There is flexibility regarding paying off the balance amount.Â This way you can also reduce the interest rate as a result of a reduced principal amount. You can also get a longer loan tenure after the transfer.
Â·Â Â Â Â Â Â Â Â Nature of property for mortgage
There are two types of property that you can keep as collateral – residential or commercial. This loan is not provided against agricultural lands, lands without government approval, etc. You can also keep factories, schools, plots of land, hospitals, etc. as collateral.
Â·Â Â Â Â Â Â Â Â Repayment period
The loan generally has a long repayment period, for example, 15 years along with low-interest rates. However, you cannot increase the loan tenure beyond a period after you reach 60 years.
Â·Â Â Â Â Â Â Â Â Online calculator
You will get the online mortgage loan calculator for the EMIs (Equated monthly instalments) that you have to pay. Put the required details and get information about the amount of loan that you can avail of, the EMI amount, the repayment period, etc. It would also help you in planning your budget.
The Hero Fincorp Mortgage Loan is a convenient way to get funds against a residential or commercial building that you own. The advantages that you can get are attractive. However, check the terms and conditions attached to the loan carefully.
Contact Us & Send Query-
Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi â€“ 110057
Email Id: Corporate.Care@HeroFinCorp.com
Website – https://www.herofincorp.com/
URL – https://www.herofincorp.com/loan-against-property