Money is always a matter of stress in every step of life. There are loads of plans that get slipped away due to lack of funds like sending kids for higher education, financing a wedding, or expanding the business. The question that arises in a person’s mind is “Where can we get secure money from?”
Usually, people prefer to take a loan in such a situation when they do not have sufficient funds to meet their expenses.
There are only two options that can help a person i.e. a Personal Loan or a Loan Against Property.
As one can make an idea from the name that it is a loan that is given against the mortgage of the property. It is a secured loan and there is a need to provide collateral to acquire money. One can use the loan amount for the following purposes:
- Expanding the Business
- Marriage Expenses
- Higher Education
- Going for an expensive trip
- Medical emergency
As loan against property is a secured loan and one needs to pledge a property to secure the loan amount. The applicant can pledge any residential property, which may be self-occupied or rented. It can be a house, flat, and even a piece of land.
Advantages of Loan Against Property :
1. The value of an asset is endorsed for some productive use.
2. As it is a secured loan, the rates of interest are lower as compared to unsecured loans.
3. The loan processing is quicker than a home loan as the property is already in our ownership.
4. The value of the property has increased and it is a better option to get a large amount for meeting short-term requirements.
5. It offers the versatility to use the loan amount for multiple purposes related to personal requirements.
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