Stuck with a dire need for money? Taking a loan against property can be the fastest and the most conducive solution. A loan against property, as it falls under the secured loan category, has nothing to do with the CIBIL score of the person and hence, anyone and everyone with a decent monthly income can apply for the same and obtain the required amount of money. Having said that, you must have all the necessary details like the loan against property eligibility, documentation, the application procedure, and the interest rates. The Loan Against Property Interest Rates are the lowest in comparison to other loans. Let’s talk about them in detail.
What are the types of Property for Mortgage?
Talking of the present market, there are multiple types of loan against property. For example, a loan against residential property - the loan can be availed by mortgaging a residential property irrespective of the nature of occupancy (self-occupied or rental property). So, you can mortgage your self-occupied flat, your ancestral home etc. and obtain a loan against the property’s market value.
Benefits of Loan Against Property:
Higher Loan Amount: The approval depends on the market value and the repaying ability of the person. Thus, as an applicant, you can avail a higher amount by applying for the said type of loan.
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Lower Interest Rate: Furthermore, the credit facility is offered at a lower interest rate compared to the other equivalent loan schemes.
Usage Flexibility: The amount that you borrow from a loan against property comes with end-usage flexibility. You can use the amount for any reason at all without prior mentioning the purpose to the lender.
Also Read here: Should You Opt for a Loan Against Flat?
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