Real Estate Loans

Real Estate is a hugely expensive investment, a luxury many people dream to buy but only a few really can. And moreover, these days, it is not really possible for a majority of people to buy real estate property through cash alone. But, for many people, this dream can come true with a real estate loan, which can help aid you to own a property of your own. 

Different people have different intentions for taking up a real estate loan. Some may want to invest in real estate by buying a cooperative flat, while others may want to prepay the rent, some may plan to build a property while others may want to reconstruct their existing real estate. TheLoanBazaar.com makes various real estate loans available for people to fulfill their various requirements and needs accordingly. 

These days, applying for a real estate loan is not much of a problem. Many financing agencies such as banks and money lending firms offer real estate loans to people. Although, there are certain prerequisites to obtaining a real estate loan, and as the amount involved is much higher than the ordinary loans, certain qualifications are also required to apply and qualify for a real estate loan. 

Real estate loans can be known as secured loans as here, the borrower is mostly required to hand over a legal document to his lender, through which, he (the borrower as well as the owner of the new property) transfers to the lender the collateral as the security against the loan amount. This is done because the real estate loans involve huge amount of money in it, so just to secure the lender’s money and to guarantee that it will be repaid on time. And it is basically with this kind of assurance deal that the lender extends the loan to the borrower. 

Also, the payback tenure or repayment period is another important factor while deciding on a real estate loan plan. Although this tenure varies from one lending company policy to another, it should be kept in mind that the longer the repayment tenure, the lower will be the installments, and the easier it will be for the borrower to payback. TheLoanBazaar.com makes sure that we provide our clients with competitive interest rates and as well as suitable payback tenure. 

The real estate loans can be classified into two types:

1. Residential real estate loans 

2. Commercial real estate loans

Being different types of loans, both of them also have some different prerequisites before applying for the loan. These are: 

Residential real estate loan requirements: 

• Filling up of a residential real estate loan online application form.

• Your last financial statement and your latest income tax return. 

• Guarantor's most recent individual financial statement and latest individual tax return.

All these documents should be submitted along with the signed and filled up application form to the financing firm where the applicant wants to apply for a residential real estate loan. If applying for loans online, all these documents need to be attached or faxed to the lender company. 

The materials needed for a real estate loan varies according to the requirements of different agencies and institutions. 

When applying for a real estate loan, there are certain steps that the applicant should follow. 

Commercial real estate loan requirements: 

• Filling up the commercial real estate loan online application form and real estate appendix.

• Present and existing company financial statements and latest tax return.

• Guarantor's most recent individual financial statement and latest individual tax return. 

All these documents should be submitted along with the correctly filled application form to the financing firm where the applicant wants to apply for a commercial real estate loan. If applying for loans online, all these documents need to be attached or faxed to the lender company. 

At TheLoanBazaar.com we make sure that we clearly state our requirements to you so that the loan applying process is easier as well hassle free for you.