Loan Against Property In India: A Brief Overview

A loan against property in India is not very common. In fact, the concept of loan against your home is taboo in most Indian communities. However, the fact remains, that property is a valuable asset and you can certainly use it to your advantage instead of opting for a humongous and unaffordable personal loan or a credit card debt. Thus, here is what you need to know about the loan against property in India .

What is a loan against property (LAP)?

This is a secure loan against an asset, pretty much like any other loan against assets. The interest rates for a LAP are lower than for unsecured loans like personal loans. The primary eligibility criterion is the value of the asset rather than the repayment ability or credit score. So, thisis much easier to avail for people, who are financially challenged at the moment.

What are the consideration factors for loan against property in India?

You will need to complete the standard loan application process with the required documents. You will also need to meet the eligibility criteria of the lending company. Nonetheless, when you apply for a loan against property with a housing finance company or a bank, you must do so with due consideration to the following factors:

• You will need to give time to the lenders in order to process the market value of your property, which varies from 5 working days to 2-3 weeks, based on the lending organization.

• The loan amount depends on the third party analysis conducted by the housing finance company. You will receive approximately 80% to 85% of the market value of the property, which will be decided by the lender.

• You can negotiate for competitive interest rates on the loan against property, if you have the required documents to demonstrate good repayment ability and credibility.

Thus, you can also receive a higher loan amount at lower interest rates by opting for loan against property. Additionally, you can enjoy more relaxed repayments as the monthly EMIs will be lower.

When is the right time to apply for loan against property?

In one sentence, when the loan amount is much higher than you can easily borrow. It is not advisable to risk your property unless there is no other choice available. If you can take a loan against shares, fixed deposits, gold or luxury items, you should. The cost of property is the highest among the several assets for most individuals. So, take a rough estimate of the market value of the property and if it is approximately the amount you need, then apply for loan against property. If you have other assets available, do include them in your consideration.

Common Reason and Solution for Google Drive File Stream Not Working

Hello All! Today we are going to discuss a frequent issue in Google Service – “Google Drive File Stream Not Working”, where one can struggle with smooth file streaming. Google Drive File Stream is a desktop utility provided by Google Drive, that can stores data online, to allow sync with the file system to access the data offline. Let us understand this issue in detail.

Problems in Google Drive File Stream

Here are some of the common problems listed below which are encountered by users:

No Synchronization of files between System Drive and Google Drive.
Sync Process got to hang and showing the message “Preparing For Sync” for a long time.
When the user tries to edit the file but in reality, it is not modified.
Getting Sync Failure messages such as “Authorization Failure: No longer permitted to view the file.”
Common Reason Behind Drive File Stream Encountered Problem and Has Stopped

There is a list of reasons for this error. Go through them below:

Damaged Cached Files or Folder.
The storage of Google Drive is full.
No Internet connection is available.
Clash of Other Google Cloud Services.
What to do If Google Drive File Stream Not Working?

We have a few manual ways which can help you to resolve the problem related to the “drive file stream encountered a problem and has stopped.” You can try one after the other until your issue is fixed.

Try Checking and Modifying Network Connectivity to VPN

For proper file streaming, the network connection must be clear and speedy. So, try checking the present internet connection and its settings. As ISPs are suspected of blocking certain services of applications, it is suggested to shift the internet connection from ISPs to VPN permanently for Google Drive file streaming.

Try Renaming the Google Drive File Stream Folder

The outdated or corrupted cache may be a reason for the difficulty in Google Drive file streaming. So, it must be either deleted or renamed.

Here are the straightforward steps to rename the Google Drive File Stream Cached Folder.

Start from terminating the running Google Drive file stream application.
Run Command Prompt as an administrator.
Execute the following command.

%USERPROFILE%AppDataLocalGoogle

Now, look out for the folder and rename it with any name.
Reboot the system once and begin the Google Drive file stream application again.
This time the streaming may work fine.

Try disabling other Instances of Google Cloud Services

Try disabling Google Backup & Sync if it is running. To disable the running Google Backup & Sync application, users can run the Task Manager on their systems, select the program, and click on the End Process option to close the application securely. Then start Google Drive File Stream and check if the synchronization goes well or not.

Try Saving Google Drive File Stream files Offline

To access and download the Google Drive folder offline, execute these steps.

Open the File Explorer window on your system.
Move to the left panel and click on on the Google Drive File Stream (G) drive to open it.
Double-click on any Drive from the proper panel to open it.
Next, the folders or files will get retrieved from the chosen Drive. Select one or multiple files/folders, right-click, and follow Drive File Stream>Available Offline.
Proceed to download the chosen files on your system.

Here we’ve explained multiple methods to repair the “Google Drive File Stream Not Working” issue.

We have a professional way to backup Google Drive data to the system permanently. Users can use the Gmail Email Backup to backup and download Gmail Emails to their PC or an External Hard Drive. It is the best tool to backup Google Drive contents to the required system drive location.

The Benefits Of A Home Loan Balance Transfer

A home loan balance transfer is a mere financial service to avail certain advantages that you previously didn’t. Any smart borrower should be able to determine if the transfer is worth the expenditure. Otherwise, it may turn out to be a very expensive choice. This is a primary reason why financial experts do not suggest opting for a home loan balance transfer in the last 2 to 5 years of the housing loan tenure. Hence, every borrower must identify the vantage point for his or her Home Loan before considering a transfer.

Lower interest rates

When you opt for a housing loan with certain interest rates, you may gain an advantage by shifting to another housing finance company, which offers much lower interest rates. For most borrowers, who have made well-disciplined repayments, it can be a huge save. This kind of ideal home loan transfer is a profitable choice based on the home loan offer received. So, make your own calculation before making the decision, though.

No prepayment charges

A lot of borrowers do not want to pay the applicable prepayment charges for Home Loans with fixed interest rates. If the new housing finance company allows you to repay your loan in a lesser home loan tenure, you can save a substantial amount of interest. That can make it a smart move, based on the other costs incurred in the home loan transfer, though. So, you must calculate the savings against the expenses incurred before signing on the dotted line again. Most borrowers forget that this is the same home loan process – you will need to meet the home loan eligibility criteria, you must submit the documents required for home loan and you will need to pay the processing charges, service taxes etc. Hence, you must include all these expenses in your calculations.

Loan restructuring options

Some of the housing finance companies in India deny two types of home loan restructuring that you may need as a borrower; extra money for home renovation, and extending the home loan tenure as the current floating or fixed interest rates may be too high for easy repayments. Sometimes, housing finance companies fail to take this into account and make the necessary changes. It is perfectly alright to seek an alternate lender. Even if your current lender fails to offer the restructuring, you still will need to get a NOC (No objection certificate) from them, because no housing finance company will complete the home loan process otherwise. It is a much needed move; though, you must make it cautiously.