Utilise Loan Against Property

How can i Utilise Loan Against Property?

Loan against property is a secured loan that has gained immense popularity nowadays. These are essentially multi-purpose loans that individuals can secure from banks and lending institutions by using a currently owned property as collateral. Depending on the property value, you can obtain at least 60%~70%. of the market price of the property & for business purpose it can go beyond the specified limit. You can put up both residential and commercial properties as collateral.

It is important to note, however, that when your property is mortgaged to the financial institution, you can still continue using it for any residential or commercial purposes. The property loan interest rates are much less than in the case of other kinds of borrowing. Hence making Loan against property one of the simplest option. To use once you need a large sum at very cheap possible interest rates.

Although there are almost no restrictions to the way you can spend the funds you have got obtained from a loan against property. Here are some ways you can utilise this product to assist achieve your financial dreams and goals.

1. Loan against property for the expansion of your businesses:

Have you always considered eager to start a new business? Or perhaps expand your existing one? Businesses are popping up everywhere in the country and everyone within the market is taking advantage. of the availability of skilled labour, technology and other resources to form their business the preferred choice for customers. If you are among this group of highly motivated individuals and wish financing. you can use your currently existing store or office to get a loan against property.

Yes, you read that right! If you avail a loan against your commercial or residential property. This does not mean you have to give up the use of the pledged collateral or asset. In fact, you can continue using the property you have put up as collateral for any residential or commercial use.

2. pay for a medical or other emergencies:

A medical emergency is a tough situation, particularly when it involves a loved family member. At such times, one is usually motivated to urge the simplest possible treatment. options in terms of choice of hospitals and doctors, but may feel restricted due to lack of coverage for the desired medical service or provider from insurance. Again, a mortgage loan against property might be your best solution, particularly if the sum you wish is large. Unlike other loans which are unsecured and are charged at a higher rate of interest. Loan against property interest rates are very favourable for the borrower. This is because loans against property are secured loans, and have security unlike other emergent loans available on the market.

3. Finance your child’s education:

You can use the funds you have availed from a mortgage loan against property to help finance your child’s education. If financing has been a deterrent in your child’s decision to pursue education. you no longer have to worry about an equivalent. You can have the funds disbursed to your bank immediately for up to 70%.* of the market price of your property for residential premises and up to 60%* of the market price of your property for commercial premises. You can thus, use loans against property to finance your child’s education and pay back. The amount in EMIs at a way lower rate of interest than an education loan. Also, since there isn’t any restriction on how you use the funds. Your child will have the freedom to pursue any course from any university of his or her choice.

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