
The Loan Against Property is essentially a personal loan which is secured in case of those who own properties in their names. These personal loans are provided as a fixed percentage of the value of the property. One of the major benefits of personal loans in this category is that you can secure them against your property and get necessary funding with minimum hassles. The application process is simpler and this makes it a smart decision indeed.
# Swift approvals and hassle-free application processing
# Lower EMI values
# A smart way to consolidate existing debt
# Both residential and commercial properties are eligible
# Funds can be used for both business and personal requirements
# There may be options to choose from an EMI based loan/Overdraft facility
Here’s taking a look at the eligibility criteria for personal loan against property:
# Maximum age for self-employed individuals is 60 years and this is 70 years for salaried applicants
# Property valuation
# Any present liabilities
# Current employment
# Bank statement/passbook for the last 6 months
# Actual number of dependents
# Last 6 months salary slips (for salaried borrowers)
# Certified financial statements for the last three years
# The end-usage of the funds is not restricted/monitored in case of Loans against Property while home loans are actively scrutinized for any wrongful usage of funds.
# Loan against Property offers generally have slightly higher rates of interest in comparison to home loans.
# Home loans are disbursed for pre-defined values, which are quoted to buyers while loan against property can have more dynamic values based on current real estate trends and market conditions.
# Loan against property schemes usually have lower repayment tenors in comparison to home loans.
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