Just like before, in this era, also the property is a valuable asset. It is a one-time investment for lifetime help. But the question here arises do you know how to make the most your property? Do you know about loan against property?
Loan against property has been of great help when you need money. It can help you in several ways such as for higher education of your child, finance a wedding in the family, set up a business, sponsor the land purchase, pay for medical treatments and others.
Moreover, you will also get to know the application process here. Many lenders have gone online, but still, some find in-person service more secure and trustworthy for a healthy customer lender relationship. Loan against property helps you in every possible way. It is like a deposit for you in emergency requirements. Follow the steps to get the loan against property: research the market, check eligibility criteria, apply online or offline, and make your documents ready. Once the loan is approved, the amount will be disbursed into your account in 7-10 days.
Just like before, in this era also the property is a valuable asset. It is a one-time investment for lifetime help. Once you buy a property you can make use of it anytime you need to generate wealth. You can also take a loan against this property to meet your business and personal goals whenever required. It will help you to raise funds without selling anything.
Here’s how you can use loan against property effectively to your maximum benefit:
- For higher education of your children whether it’s in the country or abroad.
- Finance a wedding in the family
- Set up a business or buy some other asset
- Fuel the growth of your company or any other diversification activities
- Sponsor the land purchase and the company’s equipment.
- Pay for medical treatments of your family as well as yours.
- Fund your vacations abroad or within the country
- Purchase a retirement or holiday home
Benefits of raising funds via a loan against property:
- It is a safe and secure type of loan which means you pay low-interest rates compared to others and also gets access to a large number of funds
- The higher is your property evaluated, the higher you will receive the amount.
- Avail a high loan amount
Choose between a term loan or a Flexi Hybrid loan.
Loan against property can be availed as a flexi hybrid loan or a term loan. Flexible hybrid loan enables you to access funds conveniently while keeping low costs.
For instance, Bajaj Finserv’s Flexi Hybrid Loan Against Property gives you the freedom to borrow according to your need and pay interest on the utilized amount. It helps you greatly in meeting unpredictable needs. To manage better cash flows you can choose to interest via EMIs.
Mortgage all kinds of properties
A loan can be exchanged for both commercial or residential properties without any restrictions on the way of utilization of the loan amount.
Repay the loan with ease
Many lenders allow you easy repayment terms and long tenors, but many will ask you to pay a partial prepayment to have a secured loan. Some also offer you to foreclose the loan at any time without any additional charges.
Here’s how you can avail a loan against property.
Research the market
Before applying for a loan it is essential to have complete knowledge of the market. Compare the offers of different loans their rates of interest to get the maximum benefit out of that loan. Always check for both NBFCs and banks. Find the best lender as per your EMI repayment potential and affordability. You can also use an EMI calculator for the same.
Check the eligibility criteria
Check the loan against property eligibility criteria to make sure the lender approves the application. You can use the eligibility calculators available online for determining eligibility, loan amount, and then plan your repayments.
Apply online or offline
Many lenders have gone online now offering complete services in online mode for your convenience. You can fill the applications online scan and upload your documents or complete your documents submission in person to get the funds as quickly as possible.
Keep the documents handy
To know all the details regarding the documents that are required for getting the loan against the property, you should thoroughly go through the website of the lender. Do not forget to keep and maintain copies of your original documents and also a list to keep documents organized. This list also helps to keep a check of the documents on loan closure. After you are done with this information, you can avail the loan against your property quickly and make use of its benefits.
Additional Reading- 7 Reasons to Avoid Loan Against Property Rejection