Vijayawada happens to be one of the major southern cities and one of the most populous cities in Andhra Pradesh. The city boasts of its historical value along with a modern feel.
Are you a resident of Vijayawada, have a property and looking to raise some higher amount of money to expand your business or other needs? There is a way out.
You don’t need to sell your home to get a higher amount. Instead, you can avail the facility of a mortgage loan or a loan against property to grab a large fund.
Yes, you can keep your property mortgaged with a leading lender and get an amount as high as up to Rs.3.5 crore as per your loan against property eligibility.
The loan is disbursed at a lower rate of interest because the loan is a secured one considering the collateral, in this case, is your property.
What’s more, other than securing a bigger amount, you can also save taxes on availing the loan against property in Vijayawada. Read on and explore more!
Benefits Of The Mortgage Loan In Vijayawada
- Get Up To Rs.3.5 Crore
Be it for a wedding, business expansion, sending children overseas for higher education, going on a world tour and more, you can use mortgage loan money for all.
- Flexible Tenor
Reputed lenders give you a loan tenor ranging between 2 years and 20 years to repay the mortgage loan without straining your monthly budget.
- Flexi Loan Facility
You can borrow any amount out of your assigned loan limit as per your needs and pay only interest on the utilized amount as the EMI. The remainder of the amount can be adjusted after the end of the loan duration.
- Access Your Loan Information Online
You can also use your lender’s digital customer portals to access all loan related details from time to time to track its progress from anywhere and 24/7.
Mortgage Loan Tax Deductions at a Glance
For tax benefits on loan against property, it will be available depending upon the total use of the borrowed money. Here is the break up:
- If you have used the mortgage loan amount for business, you can claim the interest paid, processing fees and documentation charges as business expenditure under Section 37(1) of the Income Tax Act.
- People using the loan against property in Vijayawada amount for personal use such as marriage or child education, then you can’t claim the interest paid on the same as the income tax deduction.
- The money used for financing or buying other home/property, then it could be claimed under Section 24(b) of the Income Tax Act.
The interest claim may only be allowed only when you can establish or prove the link between money’s use and borrowed amount.
However, you can’t claim any benefit for principal repayment on a mortgage loan taken to fund another home/property. It is because the amount borrowed can’t be considered as a home loan at all.
Bajaj Finserv presents pre-approved deals on the mortgage loan, loan against property, home loans, business loans, credit cards, EMI finance and others. Such deals are created to help borrower ease out the loan formalities and make it faster. You can check out pre-approved loan deals today by sharing your basic details such as your name and contact number.