During financial dropdowns, one of the best ways to get immediate funds is through availing a Loan Against Property by mortgaging your property (residential or commercial) as collateral. Being a secured loan, you can get a considerably huge amount at the lower interest rate for a long tenor through this financing facility.
Although there are other alternatives available for you to fund your financial urgencies, Loan Against Property is an extremely popular funding option.
Higher Loan Amount with Longer Repayment Tenor & Lower Interest Rate
Under this loan option, you can take loan amount ranging anywhere between 40-75% of mortgaged property’s market value (depending on the lender’s policies). The tenor of these loans can go up to 15 years and prevailing interest rate starts from 9.55%. With such a long tenor and cheap interest rate, your EMI amount will be small and you can make repayments conveniently.
Simple Documentation & Easy Loan Processing
Compared to other funding options, Loan Against Property involves minimal documentation requirement. Loan processing is also much easier and funds are disbursed instantly if everything is in place.
Loan Available for All
Whether you are a salaried employee, self-employed professional or businessperson, you can avail this loan facility without any hassle. As money is lent against mortgage of property, your profession doesn’t make much difference for lenders. This flexibility in eligibility criteria makes Loan Against Property an easy-to-avail funding option when in need.
With these benefits, Loan Against Property ranks first when it comes to avail immediate funding for your financial needs.