Points to ponder while applying for a loan against property

Posted by loanadda on October 1st, 2019

Funding your child’s education, handling the medical expenses, making business investments, or even managing some expenses for an event in the family, a loan against property can prove to be a boon for you.

The banks and financial instates these days are providing customized loans to self-employed as well as salaried individuals.

Now, you can easily get hold of loans up to 10 cr and that too at a comparatively low rate of interest.

Affordable loans

Now the applicants easily get access to a higher loan amount at reasonably priced Loan Against Property interest rates. The Salaried applicants get access to a loan amount of up to 1 cr (as per income status and property evaluation), whereas the self-employed people can acquire a loan amount of up to Rs.3 to 5 cr.

Quick Disbursal

It is so easy to get a loan against property if you are capable of matching up to all the necessary eligibility terms. This type of loan requires minimum documentation. So, if you are in search of quick, easy and affordable funding, then it would be perfect to opt for a loan against property. Now, the banks are all set to provide this loan in just a week.

Flexible term

The Salaried applicants can easily choose a suitable term to pay back the loan amount. This generally ranges from 15 to 20 years and in the chosen duration the borrower can repay the entire loan suitably. The applicants who are Self-employed can choose a term of up to 18 years to pay back the money.

The Balance Transfer Service

Now, it is easy to get your existing loan balance Transferred to some other bank with the use of Loan Against Property Balance Transfer service offered by most of the banks. You can get it done with the least documentation and fast processing together with receiving a high-value loan top-up.

Flexi Dropline

The applicant can easily acquire the necessary loan amount as he is required to pay the interest for just the amount that is utilized by him. Therefore, it is now extremely easy to manage all your funds in a perfect manner together with paying interest-only EMIs.

Manage your account online

Now the customers can easily access their loan details at any hour and from anywhere using online services offered by the banks.

With the help of tools such as the Eligibility Calculator and the EMI Calculator for Loan Against Property, you can easily manage your borrowings.