Top 5 Benefits of Loan Against Property
During
financial dropdowns, one of the best ways to get immediate funds is through
availing a Loan Against Property by mortgaging your property (residential or
commercial) as collateral. Being a secured loan, you can get a considerably
huge amount at the lower interest rate for a long tenor through this financing
facility.
Although
there are other alternatives available for you to fund your financial
urgencies, Loan Against Property is an extremely popular funding option. Here’s
why:
1. Higher Loan Amount with Longer Repayment Tenor & Lower Interest Rate
Under this loan option, you can take loan amount ranging anywhere
between 40-75% of mortgaged property’s market value (depending on the lender’s policies).
The tenor of these loans can go up to 15 years and prevailing interest rate
starts from 9.55%. With such a long tenor and cheap interest rate, your EMI
amount will be small and you can make repayments conveniently.
2. Facility for Balance Transfer
If any time during the loan tenor, you want to
switch to a better loan facility, you can avail the facility of transferring
your loan from the existing lender to another one. Certain charges may involve
in such a case (such as prepayment, loan processing, etc.), depending on the
policies of lender. Hence, analyze all the costs involved before opting for a balance
transfer.
3. Multi-Purpose Utilization of Funds
Whether you want to aid your business establishment or expansion
plans, meet any upcoming wedding expenses, fund healthcare expenses or cover
any other financial need, the sum lent under Loan Against Property can be used
for multiple purposes.
4. Simple Documentation & Easy Loan Processing
Compared to other funding options, Loan Against Property involves
minimal documentation requirement. Loan processing is also much easier and
funds are disbursed instantly if everything is in place.
5. Loan Available for All
Whether you are a salaried employee, self-employed professional or businessperson, you
can avail this loan facility without any hassle. As money is lent against
mortgage of property, your profession doesn’t make much difference for lenders.
This flexibility in eligibility criteria makes Loan Against Property an easy-to-avail
funding option when in need.
With these
benefits, Loan Against Property ranks first when it comes to avail immediate
funding for your financial needs.
Also Read: What Should You Choose: Loan Against Property or Unsecured Loan?
For best
available offers and the lowest interest rate of Loan Against Property, visit mymoneymantra, a leading online lending
marketplace for all your financial needs or call our Mortgage Specialist toll
free at 1800 103 4004.
Considering
the above mentioned points can help you get the best deal for a big ticket Home
Loan. For easy comparison between all available options, visit mymoneymantra.com, a leading online
lending marketplace having an association of over 50+ banks and NBFCs. Call our
Mortgage Specialists toll free at 1800 103 4004 for availing instant bigger
ticket size Home Loan at most affordable rates.
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