Loan Against Property
Your Financial Solution over a Personal Loan?
You might be having plans and aspirations as you grow up; from financing your own business, purchasing your first home or car, sending your children for higher studies abroad or it may even be for your child’s marriage. So, although each event is known to be exciting in its own way, the most important question that comes to one’s mind is where the money can be obtained from. Luckily, there are plenty of financing options that are available in the market to meet the varying financial needs of people.
From the wide variety of financing options that are available from banks and Non-Bank Financial Companies (NBFCs), such as personal, home, car loans to even loans against property, the financing opportunities are plenty.
So, that would mean it is a secure financing option, where the borrower secures his property as a form of collateral to avail the loan. These financing options are available at percentage rates of the market value of the property, which is approximately 40% to 60% in India. A multipurpose type of loan, it can be used for a variety of reasons. In essence, it unlocks the core value of your property at your very own disposal.
So, one may yet wonder why opt for this financing option over other types, such as personal or home financing options. These are perfect financing options for those people who seek funds to renovate their homes, require funds for their child’s marriage; fund their dream vacation, help your business to grow and expand, funds for emergency medical treatments, etc.
They are extremely popular in today's times, especially at times when emergency funds are required at short-hand notice. They can be availed by salaried and even self-employed people. The tenure for repayment is up to 15 years. This financing option offers the flexibility to opt between an overdraft or an EMI based loan. People can easily get access to them online, where the procedure is simple, quick and there is fast processing against repayment.
However, another question would yet remain on a borrower's mind, and that is if there are any benefits of taking a loan against property over a personal one. Loans against Property don't only have lower interest rates than personal financing options, but also have cheaper equated monthly installments (EMIs). There also offer easy eligibility terms.