by : Steve c clark

Home is an asset not only giving us shelter, but is also used to get loans easily. Any major scarcity of money can be met by the amount lent us as a loan with our home acting as collateral. However absence of home doesn't imply that we face difficulties obtaining loans .It is all because of the easy availability of loans for non homeowners. These are the loans which are disbursed to persons who either don't possess a home of their own or can't afford to get financed keeping their home as collateral for various reasons.

Loan for non homeowner: facts and figures
Lenders can offer you amount ranging from ?500 to ?25,000 stretched over a flexible repayment period. The loan amount can be enhanced if lender is assured about the repayments. Repayment period ranges from 3 to 25 years. Apr depends on your chosen repayment period. Since loan for non homeowner is unsecured in nature so a higher apr is expected. It varies from 7% to 18 % and typical apr hovers somewhere around 10.9%. You generally get a low apr for long repayment, but it is not always fruitful as small monthly interests may cumulate into a large amount. So before actually applying for the loan you must surf the loaning market to get familiar with the variations in the apr and repayment period. This will empower you to negotiate and you may squeeze a handsome deal in the process.

Loans for non homeowner: eligibility
In order to minimize insecurity, lenders seek some eligibility criteria to be fulfilled.
You must be a salaried employee.
You must have resided at you current address for at least 12 months.
You should have a personal bank amount.
You should have a credit card/savings account and you should be making regular payments to the same.
Generally people with poor credit history may not find favors. However you may derive some leniency with facts depending upon your needs and the way you present them.
Loans for non homeowners: conclusion
Non homeowner loans targets a specific class of society who don't possess any collateral. Thus these loans are best option for such people. They now get a chance to control their budget and the only outgoing is their monthly repayment. So dream now, you are financially backed by non homeowner loans.