5 Benefits Of Applying For The Loan Against Property
If you have a house or property in India situated in a bigger city, you can use it to acquire a large amount of money to cover your multiple needs.
Yes, you don’t need to sell it off and lose having an asset. Instead, you can opt for a low interest rates on loan against property and get a higher amount of money at a lower interest.
If you are unaware of the phenomenon of the loan against property and its benefits, you can go through this post and dig deeper.
What Is A Loan Against Property?
As the name suggests, the loan against property is a loan facility that you can get after keeping your property as a mortgage with a lender.
The loan amount of the mortgage loan is given as a percentage of the market value of the property. On average, you may get up to 60-80% value of the property as the loan.
As a borrower keeps his/her property as the collateral with a lender, the loan is considered as secured. As a result, you get to avail the loan at a lower interest rate.
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For What Purposes One Can Avail The Mortgage Loan?
The loan against property’s loan amount could be used for many purposes such as:
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To fund your children’s overseas education expenses
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To fund any urgent medical emergency
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To arrange for the wedding of your child
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For going on your dream vacation or world tour
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For expanding your business
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For buying another house
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For all other personal expenses
What Are The Multiple Benefits Of The Loan Against Property?
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Higher Loan Amount – You can get up to Rs.3.5 crore as the loan amount to use it to cover all your personal needs as discussed above.
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Lower Interest Rate – The loan against property interest rate is lower as the collateral here is your property leading to a lower rate and EMIs.
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Zero Prepayment And Foreclosure Charges – Leading lenders don’t charge you any money for making prepayments and foreclosing the loan earlier.
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Easy To Apply And Get Approval – The loan against property is easy to apply and get approval as it is a secured loan. Banks are always willing to approve such loans. Hence, you won’t find it tough to get a property loan sanction.
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Flexible Tenor – Reputed banks and other lenders let you repay the loan over a longer tenor ranging between 2-20 years. As a result, you may opt for a tenor and repay the loan in smaller EMIs.
Some of the vital benefits of the loan against property facility are now discussed. You can apply for mortgage loan online after comparing all offers at a third-party website and cover your numerous needs at a lower interest.
Bajaj Finserv presents pre-approved offers on the mortgage loan, loan against property, home loans, doctor loans, business loans and other products.
Such deals are offered to ease out your loan application, approval and processing and other formalities and make it less time-consuming. All that you need to do is share your basic credentials such as your name and mobile number and check out your pre-approved loan offers today.
