Home Equity Loan

The issuance of collateral loans is one of the current areas of work of microfinancial organizations. For various reasons, any citizen may need a substantial amount of money, often in the shortest possible time but not visiting bank for receiving home equity loan.

You can apply to the bank to take a home equity loan. However, as a rule, in microfinance organizations money is transferred much faster. In addition, many people prefer to go to an MFI right away, as they guarantee less troublesome set of the necessary documents.

You can apply for and get a loan in an MFI secured by an apartment (private house, land plot) quite quickly, while everything will be decided at the bank not in one hour or a day, but may take several weeks or more.

Based on its name, a loan secured by real estate implies the loan under the security of his/her own real estate as a guarantee of loan repayment. At the same time, real estate objects secured continue to be used by the client, as before.

If the loan is not repaid by the due date in full, taking into account the interest accrued at the agreed rate, the property becomes the property of the credit institution.

Nowadays, microfinance organizations can issue loans against almost any real estate that has constant value and can be sold if necessary.

Typically, these objects include:

Houses and apartments are among the most profitable secured objects, as they are common and have a good level of liquidity. To get a loan secured by real estate (home equity loan), it is necessary to collect and provide a certain set of documents to the MFI.

Usually it includes:

The submitted documents are carefully checked, after which the specialist estimates the value of the secured object. In the case of a positive decision on the issuance of a loan, money is transferred to the client in accordance with the agreement terms (interest rate, term, etc.).