A FEW FACTS ABOUT LOAN AGAINST PROPERTY
A loan against property is a secured category of loan that is acquired against a residential or commercial property showed as security to the bank. This type of loan holds no restrictions, as the applicant can easily use the money for desired purposes like wedding expenses, education expenses, home renovation, etc.
Have a look at the given features to be acquainted with what exactly is a Loan against Property:
● Self-occupied property 70 % of the value
● Vacant property 60% of the value
● Offered with flexible tenure 15 to 20 years
● Loan amount of Rs. 3 to 5 Cr available
● Easy to manage eligibility criteria
Types of properties that can be used for a loan against property:
A loan against property is a suitable choice to fund all the high expenses for personal as well as business use. The applicant can easily mortgage several types of properties as collateral with the financial institution to avail funds of up to Rs. 3.5 Cr.
● residential property that is Self-occupied.
● Residential property (Rented)
● Commercial lands like a retail store, office building, shopping mall, complex, and more.
● Self-owned plot
You can easily search for a suitable loan against property online and can quickly apply for the same.
Acquire loans against property with numerous benefits that enable the applicants to manage their expenses easily. A few of these advantages are mentioned below:
It is better to choose a longer payback term of up to 20 years. This distributes the borrowed amount, and the applicant can easily pay lesser monthly installments.
Get hold of this best-ever funding on a property that gets disbursed just within 4 to 5 working days after it gets approved.
The banks usually offer Loan Against Property at low rates of interest, and this makes repayment reasonable.
An individual availing Property Loan at floating interest rates enjoys part-prepayment and foreclosure facilities at nil charges.
A loan against property can easily be acquired through mortgaging a suitable property. Generally, the interest rates are comparatively low when the money is availed against a property that is residential.
So, raise a request for financial help with an easy-to-go application procedure and provide the least documents to get that approved. Choose a suitable one from various banks and financial institutes that are offering affordable loans for you to manage all your temporary financial needs to the best.