Perks of Taking a Loan Against Property for Higher Education

Loan against property has been in existence from a very long time and it will continue to be so till the end of time probably because of the benefits. The credit scheme comes with end-usage flexibility which means once the money is disbursed into your account, use it for whatever you want without even asking the lender. Secondly, a loan against property interest rate would be the lowest possible since it is secured by a collateral. 

Apart from that, below are a few more perks of taking a higher education loan. Higher loan amount: Unsecured loans offer a very small amount as loan to keep the risk-factor low, but secured schemes such as loan against property, owing to the available security, can offer a higher amount subject to a maximum of 60-80% of mortgaged property’s market value as loan. 

For a longer period: Along with disbursing higher loan amount, the said scheme would allow you to borrow money and use it for financing higher education while entitling ample time to repay it comfortably. 

Tax benefits: In addition, the money you spend towards financing the higher education of your child can be reclaimed as a tax deduction while filing ITR. However, read all the terms and conditions way before trying to do that.

Lastly, the whole process from loan application to document submission and the repayment can be managed online using the online application and account management feature.    

Additional Reads:
How to get your Finances Ready with Child Future Plans with LAP
Secured Option To Pay Off Your Medical Debt