Financial emergencies are not an invited circumstance. There are times when you may find yourself stuck in one due to any unforeseen reason. In such cases, you may consider opting for loan against property. This is because, it is a secured loan option where you pledge your fixed asset (property) as collateral. You can easily liquify the asset without having to break, sell or auction them.
Besides, this is an all-purpose loan which can be used to cater to several financial obligations such as wedding, travel, to consolidate debt, higher education and much more. Here are some important tips to bear in mind when you apply for the loan -
> Opt for an amount which you require. As lenders such as leading NBFCs offer high value loan up to Rs. 3.5 crores you stand a good chance to avail the loan for several of your financial needs.
Therefore, it is suggested to plan your expenses in advance to make sure you do not go overboard.
Also Check here: What is a secured loan?
> Opt for a loan which offers flexible repayment tenure. This will not only allow you to pay off the loan easily but lower your EMIs as well. Moreover, the tenure of the loan is directly proportional to its monthly repayments. Longer the tenure, lower will be the repayments and vice versa.
> Discuss repayment terms with your Relationship Manager. For instance, NBFCs offer the Flexi loan facility. This is a unique feature which helps you borrow as the loan proceeds and pay interest-only EMIs. This helps to lower the repayment by up to 45% and effectively manage the loan.
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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