Avail a Study Loan Against Property and Enjoy the Benefits

 Financing higher studies by availing a loan against property is quite convenient and simple. Lenders offer up to 70-80% of a property’s value as a study loan that can be utilised to finance one’s education both in India and abroad. 

The education loan amount can also be used to meet additional expenses such as purchasing a laptop, educational equipment, etc.

Individuals can use a property that he/she owns as mortgage and avail a substantial loan amount. 

Following is a look at the features and benefits that make an education loan against property a viable financing solution.

Essential features of LAP loan

The features, benefits and mortgage loan rates offered depend on the lenders. Hence, before applying for a study loan against property, individuals must check through the benefits offered by the lender to optimise their experience. Some of these are as follows – 

• High loan amount - Since LAP loan is a secured option, financial lenders offer high LTV to cover educational expenses. Borrowers can easily capitalise on the equity of their assets to avail a hefty sum.
• Tenor – Individuals are offered the benefit of a flexible tenor. They can choose tenor according to their repayment capacity and financial health. Potential borrowers can make use of a LAP EMI calculator to gauge the most convenient tenor before proceeding.
• Rate of interest – Mortgage loans come against one of the most affordable interest rates, as the borrower keeps a property as collateral with the lender.
• Quick processing – A study loan against property requires borrowers to satisfy simple eligibility criteria and submit nominal documents to ensure that the loan is processed and disbursed quickly. Once the documents are verified, the amount is disbursed instantly.

Individuals must proceed by verifying the property loan interest rate and applying accordingly.

Must Read : All to Know About Education Loan & Its Calculator