Many people want to know how to apply for a loan against property because it lets them enjoy a large amount at a lower rate.
But how to apply for a loan against property? It is possible by visiting the website of a lender, filling an online form and following all steps.
The eligibility criteria for loan against property is also less cumbersome.
Hence, if you are eligible, then leading lenders can process your application faster and let you access the approved amount within 72 hours.
Let’s know about the key features and benefits of applying for loan against property in this quick post!
Loan against property features and benefits at a glance
A loan against property is a secured loan. You get the loan amount against the market value of your property, and that makes the interest rate affordable. In turn, you get to manage lower EMI amounts and increased savings.
You continue to be the owner of the mortgaged home despite keeping it as the collateral.
The loan against property comes with a considerable amount of up to Rs.5 crores by top-notch lenders.
Applying for a loan against property comes with a loan disbursal within 3 days if you are eligible.
It is possible to repay the loan against property over a flexible tenor of up to 18 years. This way, you can pay lower EMIs and manage other outlays conveniently. But a longer tenor also means paying more as the interest amount.
There is absolutely no restriction on how you use the loan against property amount. Unless the purpose of the use is legal, you are free to use it for multiple needs.
The eligibility criteria for loan against property is easy to meet – they may vary, and it is good to be sure of all conditions on your preferred lender’s website.
You can know about an exact payable interest amount using the available online loan against property interest rate calculator.
With so much going for the loan against property, it has rightly become one of India’s most applied financial solutions.
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