Top 5 Benefits of Loan Against Property

by MyMoney Mantra FinTech (Financial Technology)

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.