6 Reasons Why You Should Opt for Loan Against Property

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Financial issues can arise at any moment and catch you totally off guard. Instead of selling your property, you could opt for other ways to deal with such emergencies. By mortgaging your asset, you could easily get the required funds without having to actually sell it. Plus, the interest rate for this is comparatively lower than unsecured loans.

To obtain the necessary funds, you could take a loan against property (LAP). Whether your property is residential (rental or self-occupied), commercial or merely a stretch of land, it is considered as an asset by the lender.

Instead of stressing about the financial burden on your shoulders, make use of this unique facility. To help you understand this better, we have listed 6 reasons why you should opt for a loan against property. Take a look:

  1. Higher loan amount

Loan against property allows you to get 60% of your total mortgaged property’s market value. Therefore, you can avail a high loan amount to suffice your financial needs.

  1. Quite affordable

LAP is quite affordable. In that, it comes with a lower interest rate than a commercial loan. Due to this, you will obviously have to make fewer payments to your lender every month.

  1. Multiple uses

Lenders of this loan does not create any restrictions for the usage of the loan amount. You could use it for personal reasons like funding a wedding, paying school or college tuition, financing a surgery or even to extend your business. The funds can also be used to buy an asset or property. The money is all yours!

  1. Flexible and long repayment tenure

In addition to low interest rates, LAP also offers long repayment tenure. This tenure is extendable up to 15 years which makes things extremely convenient for borrowers. Most lenders provide a very flexible and customised mode of repayment for customers, which make the process quite stress-free.

  1. Applicable to all

The eligibility criteria are often stringent for most commercial loans. However, that’s not the case with loan against property as any salaried or self-employed individual can apply for this loan.

  1. Process is quick and easy

LAP has a hassle-free documentation process. The application and documents are verified at a really fast pace. So, your loan amount is disbursed pretty quickly.

Quite evidently, applying for this loan is much more beneficial and rewarding than any other commercial loan. Opt for a loan against property and conquer your financial dreams!

If you are planning to apply for this type of loan, or a home loan, check out Bajaj Finserv Markets website. Here you will find details on bajaj finance home loan interest rate, eligibility criteria for mortgage loans, etc. These types of loans are available to eligible borrowers through a simple and less-complicated process. Plus, you don’t have to visit the branch physically; you can simply apply for the loan online.

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