How much you can borrow for a buy-to-let depends on the property’s rental income per month. This will be used to work out how much you are able to borrow to purchase it.
You’ll need to have a 25% deposit available. If not, you won’t be able to apply for a buy-to-let mortgage.
This all depends on the value of your next property compared to your current property, and how much equity is currently in your home. If you’re downsizing or have been paying off your current mortgage for a long time, it’s likely that you’ll have enough equity in your home to cover the deposit needed for your new property. If you’re upsizing, the deposit you need for your new property is going to be bigger than the one you needed for your current home. If you’ve been paying off your mortgage for a while now, you may have enough to cover it from selling your home. If not, you’ll need to find the money to pay the difference.
EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.
Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.
The ’Agreement to Sell’ in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc. In many Indian states, the Agreement to Sell is required to be registered by law. We suggest that in your own interest you should register the Agreement within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.
Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.
It is a loan for renovating (without altering the structure/carpet area) your home in ways like tiling, flooring, internal / external plaster and painting etc.
NextFin is the brand name of Amar Amba Finance Hire Purchase Pvt Ltd (an RBI registered NBFC) where we provide short term personal loans upto Rs 50,000 and secured loans upto Rs 5 crores through our mobile app.
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H. No. -12, Sec-4 Trikuta Nagar Jammu, Jammu and Kashmir 180012
