As per Times of India, around 1.39 lakh Indian students, out of a total of 4 lakh, received study permits from Canada’s immigration body in 2019. In 2017, the study permits granted stood close to 83,000.
Back in 2018, the number of Indian students in Canada grew by 40% as reported by the Immigration, Refugees and Citizenship Canada (IRCC).
However, the primary issue that students face is financing their higher equation, since the cost in Canada is comparatively high. One of the conventional ways to do so is by availing an education loan against property for Canada.
Despite scholarships offered by colleges and universities, most students fail to avail the same due to a limited number of seats provided in comparison to the number of aspirants. As a result, it becomes essential to keep a note on the prerequisites of availing a loan before applying for the same to make the most of it.
Eligibility criteria for education loan against property for Canada
Most reputed lending institutions extend loans with easy approval and fast disbursal after you meet the required eligibility criteria. Therefore, to reap such benefits, qualify for a loan against property by meeting these simple eligibility criteria as mentioned below –
- A salaried individual should be
- Between 33 and 58 years old.
- Employed in a reputed MNC or a private company.
- A self-employed individual should be
- Between 25 and 70 years old.
- Should be employed with a regular source of income.
Also, make sure you possess the following documents as well –
- Salary slips for the past three months.
- Banks statements of three months.
- PAN card or Aadhaar card.
- Proof of address.
- Property papers to be mortgaged.
- Duly filled application form.
Benefits of a loan against property for education
Financing higher education is an expensive affair, and if it is a professional course like MBA, the fees are even higher. Therefore, it is advisable to avail education loan on property for MBA abroad, which can benefit you in the following ways –
- Higher loan amount
Being a self-employed individual, you avail a loan amount as high as Rs Rs.3.5 crore. Since a loan against property has no end-use restrictions, this amount can be used to fund your course fees, living cost and also towards food expenses.
- Flexible repayment options
You can repay the loan amount by choosing a tenor that ranges between 2 and 20 years for a salaried individual. The same loan repayment tenure can be 18 years for a self-employed candidate. You can effectively repay your existing loan without burdening yourself with the financial stress in managing your expenses.
- Balance transfer facility
You can also opt for a balance transfer facility and transfer the outstanding loan amount to another lender. It will aid in minimising the study loan on property for Canada interest rate and subsequently reduce the overall loan amount to be paid.
Several lenders also extend online EMI calculators to find your monthly instalments after a balance transfer. Additionally, applying for a loan with a renowned lending institution can help you reap the benefits of attractive interest rates and other benefits.
In this regard, you can opt for reputed Housing Finance Companies like Bajaj Housing Finance Limited, which offers Loan Against Property for Higher Education at affordable interest rates.
They also provide pre-approved offers to make the overall procedure of loan application more accessible and faster. You can take a look at your pre-approved offer by providing a few essential details which have your name and contact number.
To conclude, if you are applying for an education loan against property for Canada, make sure you meet the eligibility criteria. You will be able to fund all your expenses relating to education and accommodation in Canada more comfortably.
