Some Unknown Benefits Of Taking A Loan Against Property - Loan Trivia


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Tuesday 16 October 2018

Some Unknown Benefits Of Taking A Loan Against Property

Many times in our lives we are faced with sudden circumstances which require us to obtain money in a very short notice. This mostly happens in cases such as those which involve marriages, business expansion, financing someone’s education, or unforeseen medical expenses. In such situations, a loan against property can be of immense help and provides many benefits.

LAP (Loan against property) is popular because it has some perceptible advantages. Higher loan amounts are generally available for long tenure with floating interest rates when compared to conventional loans, and at a discounted interest rate.

Secured Loan

This helps in improving your credit score as the property which is used as collateral does the needful. You may have to furnish some proofs during your application but getting a secured loan is easier in comparison to an unsecured loan.

Any Kind of Property

Any kind of property can be used for obtaining a loan against property. These include land, a purchased home, or any commercial property.

Use the Value of your Property

The value of your property will only increase over time and thus by using a loan against property, it helps in unlocking the true value of your property. The rise in the value of the property also helps in increasing the amount of loan to be availed and thereby increase the cash you in your hands.

Property Remains in your Name

When a property is used for availing a loan, it is merely pledged and the applicant continues to be the true owner. You can use it in any way you feel like even after you have used it for a loan including renting it out and earning an income from it.

There are a number of lenders who offer loan against property at attractive rates. These can go up to Rs. 3.5 crores to be paid back in 20 years. If you want to know more about such lenders, make sure that you visit their website to know more.

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