Are you a salaried professional with an urgent demand for money for as high as up to Rs.1 crore? You can apply for the loan against property facility if you have a property and keep it as collateral to avail up to Rs.1 crore.
Leading banks and non-banking finance companies (NBFCs) are now attracting salaried people. It fits their needs to apply for Loan Against Property and fulfil big-ticket requirements.
If you are unaware of how the loan against property can help you, then you need to read this short post.
What is the Loan Against Property?
As the name suggests, if you have a property, you can pledge it with a lender to get up to Rs.1 crore. Being a salaried individual, the maximum amount that you can get out of the Loan Against Property is Rs.1 crore.
When you pledge your property with a loan provider, you also get to avail a lower loan against property interest rate. It is because the loan converts into a secured one.
The loan against property facility comes with a tenure ranging between 2-20 years. It makes the repayment part of the loan easy and hassle-free. As a result, you get to stretch the loan into years and pay in smaller EMIs. This way, you can manage your monthly outlays without letting the Loan Against Property EMIs affect it.
For what Purposes you can use the Loan Against Property amount?
The loan against property works just like the personal loan as far as the usage of funds is concerned. Here’s a quick look at some ways you can use the Loan Against Property money.
- To send your Children for Quality Education – To send your children for quality education in India and overseas, you can use the loan money to fund it.
- To Consolidate your Debts – Be it some higher interest-based existing loan or many credit cards outstanding, the Loan Against Property is fit to be used to consolidate all.
- For Business Expansion – You are also free to use the amount of the loan for expanding your business or give it a new lease of life.
- For Managing Wedding Expenses – You don’t need to borrow from friends and family for that amazing wedding that you always for self and others. The Loan Against Property amount is enough to support a grand wedding.
- For Managing Urgent Medical Expenses – You can also use the money from the Loan Against Property account to pay off all your hospitalization and other medical costs.
- For all other Personal Expenses – You can also use the loan money to sponsor your personal wishes such as family vacation, world tour and more.
Are there any charges for Foreclosing the Loan Against Property account?
Most of the reputed banks and other loan providers don’t demand any money as charges or fees for foreclosing the loan against property account. You can pay off the loan quickly and use the property yet again for another soon anytime soon.
Is the Tracking of the Loan Available online?
Today’s lenders are advanced, and they give their customers a platform to access all loan details online. Being a Loan Against Property customer, you can access your lender’s digital customer portal to track your details right from anywhere and 24/7.
Being a salaried professional, you can use your real estate property to fulfil man wishes so early in your life and rejoice.
What’s more, the affordable loan against property interest rates also helps you pay smaller EMIs.
If you are ready to get started, you can apply for the loan against property online after comparing all deals. You can uncover your pre-approved loan offers now by sharing basic details like name and mobile number!
Bajaj Finserv presents some affordable yet exciting pre-approved deals on loan against property, home loans, EMI finance, business loans and a lot more. The motive of these deals is to help you ease off the entire loan processing.