A Case Study

Mr Kumar is a middle-aged man in his early 40’s who runs a small scale business in his city. His business makes decent profits. Currently, he had taken a personal loan worth 5 lakhs just 1 year ago. He has not defaulted on any of the EMI till date. Recently his child fell unwell and was tested positive for cancer. Mr Kumar has been told to arrange cash for his child’s immediate treatment. He is tensed, scared and really looking for any options where he can get the money as soon as possible. What should he do?

Ruloans Advice:

Since Mr Kumar has a high loan amount requirement, he can opt for a loan against property also known as a mortgage loan. There are many reasons why he should opt for a mortgage loan. They are;

• A mortgage loan depends on the value of your property. With a loan to value (LTV) ratio of 40-65%* you can get a large amount as a loan. For example, if Mr Kumar’s property value is of 60 lakhs, he can get approximately a loan worth 30-35 lakhs*.
• A mortgage loan is a secured loan and also a long term loan. By keeping your property as collateral, you can get a mortgage loan for a long period and ease the burden on yourself by paying smaller EMI’s.
• Since there is collateral involved and the loan is secured, the mortgage loan interest rates are lower when compared to other loan options.
• Another benefit that Mr. Kumar has is that he can opt for a mortgage loan from the same bank where he has taken a personal loan from. Since the bank had already checked his loan eligibility earlier when he applied for a personal loan, hence the steps involved in the mortgage loan process will reduce and he can get the loan quickly.

Why choose Ruloans?

With over a decade of experience in the loan industry, Ruloans has been helping customers borrow right. We have partnered with a majority of private banks and NBFC’s all over India. When you choose Ruloans, you can expect the best customer service right throughout the mortgage loan process until the application is approved

All you need to do is;

• Log on to our website
• Fill in your basic details
• Fill in your loan requirement details (Amount, tenure)
• Choose from a variety of banks that are listed on the website
• Upload your documents to begin the loan approval process

By completing these 5 steps, you can get the best mortgage loan with ease. Our representatives will help you throughout the mortgage loan process. By ensuring a hassle-free process we do our best in ensuring that you are ready with the entire mortgage loan documents.