Loan against property is an age-old credit scheme which has been catering to different finance related needs of Indians. The best part, the loan amount varies depending on the market value of the property mortgaged subject to a maximum specified by the lender. So, you can mortgage an expensive property as collateral and boost your borrowing eligibility.
The borrowed amount can be used for ‘n’ number of things such as paying down payment of your house, buy a car using the money, pay for your destination wedding, fund the higher education of self or your child etc. That said, you must check your mortgage loan eligibility for the loan otherwise your loan application is likely to get rejected. If you get approved though, below are the benefits you’ll be entitled with.
The Flexibility of Use: The borrowed amount from the said scheme comes with end-usage flexibility which allows the borrower to use the money for different needs. You, once the money is disbursed into your bank account, can use it for anything you want to without prior taking permission from the lender.
Continued Ownership of the Property: Secondly, when you mortgage your property you transfer the ownership on a temporary basis to the lender, you can still live in the house. The ownership can be reclaimed once the debt is paid.
Low-interest Rates: The interest rates for loan against property are low owing to the availability of collateral.
Easy to Access: Lastly, you get easy access to the loan amount by applying for the said scheme. The eligibility conditions are easy to follow.
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