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What are the types of loan that contract workers can avail? - Property Hotline
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October 14, 2016
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5:43Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: What are the types of loan that contract workers can avail? They don't get the facilities that are available for salaried employees. They get less payment and loans with low EMIs are not available.
Answer: If there is a track record of receiving payments regularly then the lenders will consider the borrower as a self-employed person and lend accordingly. If the cash flows have been regular over a longish period of time then the interest rates can be as competitive as a salaried person. Otherwise, it might be a little higher- say by 0.25% to 0.50%.
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