All About Loan Against Property
Money is always the matter of worry in every step of life. There are many plans that get washed away due to lack of finance like sending children for higher education, financing a wedding or expanding the business. The question that arises in a person’s mind is “Where to get the 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 which is given against mortgage of the property. The loan is secured in nature and there is need to provide a 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
Security Required: 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 released for productive use.
2. As it is a secured loan, the interest rates are lower as compared to unsecured loans.
3. The loan processing is faster than a home loan as the property is already in our possession.
4. The value of property has increased and it is a better option to get a large amount for meeting short term requirements.
5. It offers the flexibility to use the loan amount for a variety of purposes pertaining to personal ends.
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