5 things you should know to opt loan against property

If you are in need of money and you own a property, then loan against that property is the best option to get the funds to meet your requirements. Another option is always there to ask your friends and family but it's not ethically right to disturb their finances if the required amount is huge. Moreover, loan against property comes with oodles of advantages that make it a better option among all the loans.

It's not just easier to get the LOAN AGAINST PROPERTY; it's also more beneficial to prioritize this loan among all the available loans. Some of the remarkable benefits of loan against property are as follows:

1. Ownership of the property: Even if you take the loan against your property, you'll continue to possess the ownership of the property, which means you can still use the property. In case you are unable to repay the loan, you can sell the property to repay the loan and use the surplus amount.

2. Interest rate and processing: Loan against property is a secured loan, which is why it's processing is really fast because banks start the process without any delay. One more aspect which makes it preferable is the lower interest rate, range from 12% to 15% which is also less than the other types of loans. After all who wouldn't want to pay less interest rate?

4. Longer tenure and loan amount: With LAP you can get up to 50% - 60% of the value of your property as loan amount, which you can repay within the tenure of 15 years e.g. value of your property is 1crore, you can get around 50-60lakhs as loan with a tenure of approx 15years to repay the loan. Now isn't it relaxing?

5. Documents required: There are certain documents required for LOAN AGAINST PROPERTY IN INDIA, which you must know before you apply for it. Pan card, Adhaar card, Voter ID and utility bills like electricity bill, are the common KYC documents which you must have. Then there are financial documents depending on your profession, whether you are salaried or self-employed and the property documents, which is obviously mandatory for loan against property.

Advice or assistance, you'll get it all:

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