A loan against property allows an individual to borrow a considerable sum of funds in a short time against a mortgaged property. It is a quick and easy financing option where the borrower can utilise the funds available as per their financial requirements. These loans do not come with any end-use restrictions.
Well, to make the most of this financing option, you must know the essential details related to it.
Know All The Essential Details Related To Loan Against Property
- It Comes With Several Exciting Features
Meeting your big-ticket expenses is convenient with a loan against property that brings along many beneficial features like –
- Loan Amount Of High Value
You can avail a high loan value of up to Rs. 3.5 Crore by mortgaging your immovable property. You can avail a loan as high as 75% of the market value of the property mortgaged. It is known as the Loan to Value, which your lender calculates based on your repayment capability as a borrower as well as your financial history. Lenders offer the most attractive loan against property interest rates to borrowers with the best repayment capabilities.
- Flexible Repayment Tenors
You can opt for a tenor of up to 18 years while availing property loan if you are a self-employed individual. A salaried individual can choose tenor options anywhere between 2 to 20 years. Repayment further becomes convenient with an affordable loan against property interest rate and easy EMIs.
- Top Up Loan Facility On Balance Transfer
Some lenders like Bajaj Finserv offer attractive Top-Up Loans if you choose to avail their balance transfer facility. Such loans are provided over and above the existing loan amount on transferring it from another lender. Availing this loan does not require you to furnish any additional document apart from the loan against property documents required.
It is a unique way of availing additional finance of significant amount if you need some.
Bajaj Finserv also brings pre-approved offers that make the process of availing finance quick and easy. Pre-approved offers are available on home loans, business loans, and personal loans as well as many more financial products.
- Option For A Flexi Loan
The Flexi Loan facility from Bajaj Finserv can help you repay easily and reduce your total cost of loan. With this facility, interest is charged only on the amount you withdraw and not on the total amount borrowed as the loan. Additionally, you may also opt to pay interest-only EMIs at the applicable loan against property interest rates.
- Its Advantages Outperform The Benefits Of Other Loans
Loan against property in India comes with advantages that make it a favourable credit option. Have a look.
- Easy To Avail With The Quick Processing
With property mortgage being the primary condition of loan against property, application approval and loan processing becomes quick. Some lending institutions also offer quick disbursal within four days of approval, thus making it a hassle-free process. All you need to do is meet simple loan against property eligibility and submit the required documents.
- Lowers The Cost Of Borrowing
Loan against property is a secured loan that lenders approve against a mortgage loan immovable asset. So, the cost of borrowing, i.e., the loan against property interest rate and other charges like foreclosure and part-prepayment charges, are also minimal as the lenders are at a lower risk.
- You Can Use The Amount Availed With No End-use Restriction
Once a loan against property is approved, you receive the loan amount in your account which you can use for any purpose you require. Be it to choose high-cost bridal makeup packages in India during marriages, travelling abroad, meeting medical emergencies, funding your kid’s overseas education or anything else, a loan against property is the best option.
Avail loan against property to make the most of your property while retaining the ownership. You may also opt for a debt consolidation to manage your finances better with it and streamline your finances.
Loan against property, with its multitude of benefits, can help you solve your financial woes easily. Since availing it is hassle-free, meet the eligibility and apply for it to get quick approval. Use the amount as and when needed.