Property Loan - Features And Benefits

Property loans are secured credits which are disbursed against a mortgage loan. These advances, like a loan against property, have several specific traits.

Let’s take a look at all the details as well as the features and benefits of such credit.

• High Value: Since these are secured loans, a loan against property can be a very high-value advance. Usually, the loan amount can go up to Rs. 3.5 Crore.
• Lengthy Repayment Tenor: As high-value credit products, borrowers generally require a long time to repay these loans. As a result, financial institutions usually offer a lengthy tenor for their repayment. This duration for repayment of a mortgage loan can stretch up to 20 years.
• Prompt Disbursal: These loan products have multiple steps of verification to check all property-related details. Nevertheless, financial institutions and NBFCs generally approve these loans followed by disbursal within 4 days of application.
• Online Management: Online management of property loan accounts allow customers not just to check on EMI details, but also clear their payment and avail additional features like prepayment, additional financing, etc.
• Option to Transfer a Balance: This can be availed by borrowers to gain better rates of interest from a different financial institution. Anyone transferring their loan account to a different financial institution can also access additional financing with top-up loans.

Typically, the loan against property process of application is fairly simple and convenient for the customers. It helps them save time and effort while creating financial support for any requirement.