Perks Of Taking A Loan Against Property

by Arwind Sharma Finance Advisor

Taking a loan against property is an effective way to finance needs that require significant funds. Simply pledge a property that you own and get access to the finance you need in an instant. Owing to the need for collateral and its value, it is possible to get a loan of a high loan amount. However, it is essential to know about all the perks of a loan against property in order to use it to its fullest potential.

Here are the benefits of taking a loan against property.

You can pledge any type of property

A loan against property doesn’t have any restrictions on the type of property that you can pledge. This means that you can put up both kinds of property, i.e. residential or commercial, in order to avail this loan. Thus, you can finance both personal or business needs using any real estate that you own.

You can use it for a variety of purposes

One of the most prominent advantages of a loan against property is it the fact that you can use it in many ways. From buying residential property or commercial property to financing a wedding, your child’s education or business expansion, a loan against property can help you fund all your requirements. You may even choose to consolidate existing debt by using this loan or use it for lease rent discounting. You can also pay for medical emergencies or business cash flow needs by taking this loan.

When you take a Loan Against Property from Bajaj Finserv, you can avail it as a Flexi Hybrid Loan. This feature allows you to borrow funds from the total amount as per your needs and pay interest only on what you use. You can also pay interest-only EMIs and repay the principal at the end of the tenor. This facility, coupled with disbursal in just 72 hours makes this loan from Bajaj Finserv perfect for when you need a high amount of funds on short notice.

It is easy to repay

Regardless of how you plan to use your loan against property, there is no denying that it is easy to repay. As a salaried individual, you can enjoy a long tenor that ranges from 2–20 years. If you’re a self-employed individual, you can choose a tenor of up to 18 years. This long window makes repaying the loan easy and light on your pocket. If you want to part prepay or prepay the loan to further speed up the process, you can do so at a minimal charge. Check to understand the policy of various lenders on prepayment before selecting a loan provider. The lower the charges, the better it is for your finances.

You can enjoy additional benefits

Along with making repayment easier, take a loan against property from a lender who offers supplementary benefits like online loan management and doorstep document pickup such as Bajaj Finserv. Here, you can sign into a secure customer portal to check your loan’s details as per your convenience. You can also request an executive to pick up the documents from your home if you’re looking to make the application process more convenient.

Make borrowing a loan against property easy by checking the documents required for loan against property and using a loan against property EMI calculator. The former will help you gather the documents that you must submit along with your application, while the latter will help you determine the loan’s affordability in just a few seconds.