Over the last decade Mumbai has witnessed rapid growth in its economy as it’s the entertainment, fashion and commercial centre of India. Mumbai contributes 6.16%* to India’s total economy and its per capita income is increasing 10%* every passing economic year. Mumbai has offices of many conglomerates, status 1 companies along with SMEs, IT firms, product manufacturing factories, healthcare and engineering. As the businesses in Mumbai grow, so do their needs to get proper finances grow simultaneously. Every business in Mumbai is it small, medium or large, requires a proper amount of funds for various reasons. They either use the profit funds they gained through business or take a loan from a favored bank or NBFC. There are various loans available in the market as per the business requirement but amongst all a mortgage loan for business purposes is very famous and pocket friendly. Loan against property is one such mortgage loan which you can get to fund your business in Mumbai.
You get larger loan amount
The funds needed for business are often larger in amounts. An unsecured loan cannot guarantee you larger amount. You also require the perfect credit score to get an unsecured loan for business purposes. But in loan against property, you can get 60%-70%* amount of your property’s current value. As your property is in Mumbai, then considering the property rates in the city, you can get fairly large loan amount for your business. Also as it is a secured loan, banks and NBFCs give loan against property for credit score as low as 650-750*.
You get longer tenure
As the amount you get in loan against property is large, automatically the tenure also gets longer. Loan against property is a type of mortgage loan thus the tenure ranges from 10 to 15 years. The tenure is decided as per the loan amount, borrower’s repayment capability and the policies of bank or NBFC from which you have applied for the loan. The longer tenure makes it easier to pay back the loan. Even if you face any ups & downs in your business, you can easily pay off the loan against property as it won’t charge you much on monthly basis.
You get lower interest rate
Loan against property is a type of mortgage loan. It’s a secured loan thus banks and NBFCs charge lower interest rate. If you choose this loan for your business related needs, you can avail the benefits of lower interest rates compared to any other unsecured type of loan. The rate of interest for loan against property in Mumbai starts from 12%*. It changes from loan lender to lender as per their policy terms and conditions. If you are a hardcore businessman and believe is savings every penny you can, they you should definitely go ahead with loan against property to get lower interest rates.
So get a loan against property in Mumbai for your business needs today!
