As a working individual in the 21st century, you are well versed with the phrase, “Time is Money”. You work hard and wait for the salary to be credited at the end of the month. However with the rising inflation year on year, there’s an increase in the cost of daily essentials. This impacts on your budget and handling your finances gets tougher.
Handling your finance monthly is fine until the salary comes on time. But when an emergency strikes or a planned expense arrives, then your time is invested in arranging funds for it. You can ask for funds from your parents, friends, colleagues etc who might help you once a while. But if the amount is too high and you’re out of options, then you can always consider availing a loan against property.
A loan against property is one of the most secured loans in the market. Here, you get a loan against a property which is under your name. The property is first analyzed by the lender’s valuator and after the report is generated, you get to know the value of the property. The lender can provide 60-80%* of the property value. This amount can be repaid back with a longer tenure that is around 5-15 years*.
Some benefits of a loan against property are as follows;
Since the loan is secured in nature, hence the lender provides a lower rate of interest to the borrower for repayment of the loan.
The tenure for such a loan is long term in nature. You can repay back a loan against property between 5-15 years*.
The main benefit of such a loan is that since it is given against your property, the amount is huge. You can utilize this amount to pay for expenses related to your child’s education, to fund a wedding, to fund a medical emergency and also to fund any other personal commitment.
To know more about how to avail a loan against property
