Is Loan Against Property a Right Choice for You?

Is Loan Against Property a Right Choice for You? If you are planning to take a loan then Loan against Property can prove to be one of the best options for you. There are multiple banks and NBFCs which provide loan against property easily and instantly. The interest rate on loan against your own property is quite low thus you can get loan at affordable rates.

There are numerous benefits as well as pitfalls associated with the loan against property. However, benefits surpass its pitfalls, thus it is one of the best loan options for you.

Here are some of the pros of taking a loan against the property for meeting your financial needs; have a look:No restriction on fund usage – You can use the funds for meeting all your expenses as there is no restriction as regards to usage of the loan amount. Thus, you can plan your foreign trip, pay your consolidated debts as well as can meet your medical expenses with this loan.

All types of property – Whether it is a residential property or the commercial premises, both can be mortgaged for taking the loan. Almost all types of properties are eligible for the loan against property.

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High Quantum loan – You can easily get the loan up to 5cr in case of loan against property as you get the loan based on the value of your property. You can get loan up to 80% of the market value of your property as the loan amount.

Low rate of interest – The interest rates in case of loan against property is quite low as they are secured loans. So you can easily get a high quantum loan at low interest rates.

Flexible repayment tenure – The repayment of these loans can easily be made over the time in accordance with your monthly income. You can repay the loan in small EMIs up to 20 to 25yrs.

Refinancing – The value of the property might increase with the time and if the value increases, you can get the additional loan on the same property.

So, these were the pros associated with a loan against property but there are some downfalls as well.

Lets’ know the pitfalls – • • • •

If you are unable to repay the loan then you will end up losing your property.

The loan amount is widely dependent upon the lender and the value of your property; you cannot get the loan in accordance with your financial requirement.

The eligibility criteria for these loans are quite stringent.

The value of your property is assessed by the by the financer and as a general practice, it is mostly quoted comparatively low.

Apply for loan at Rupee Station and easily get Loan against Property as they provide the best value of your property. In addition, they make the loans available easily and instantly to the borrowers in order to help them their urgent fund requirement.

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