subject: Secured Home Loans - Better Option To Get A House! [print this page] A person who is on the lookout for a house but there is no cash on hand to do so can opt for secured home loans. Here, the borrowers are required to pledge some valuable asset as a security. Thus, the borrower can offer land, real estate or any such assets as collateral.
The borrower can draw any amount ranging from 500 to 100,000 against this form of finance. However, he can utilize these funds for a period of 25 years. He also needs to pledge some property to the lender and as a result the interest rates are reasonable as compared to unsecured forms of advances.
Secured home loans can be used for renovating the house, extending the rooms and other such desires. Thus, most of the borrowers decisions get fulfilled through these funds. They even offer lower interest rates, which are affordable to the borrower.
However, on the other hand the borrower will have to risk some valuable asset that he owns. If he is not able to repay the amount on time the lender may repossess the property. Thus, the borrower should be aware of the risks as well before applying for these finances.
The borrower can avail these finances by fulfilling certain conditions. These conditions may be as follows:
1.The applicant must be a citizen of the UK.
2.He must have a valid bank account.
3.He must essentially be an adult.
4.He must have a permanent job with a fixed monthly salary.
These advances can be availed online too. Thus, the borrower is obliged to fill in the application form online. Once the lender verifies the information he sanctions the amount to the applicants account. Thus, the amount of the loan is easily accessed through the online process. This process requires less time and effort.
