The loan against property is of the most convenient option of loan available in the market. Although there are various avenues from where you can avail for cash, a loan against property is probably the best option if you want to have large funds for expanding your business or setting up a business, higher education in a foreign country or India. Wedding expenses, purchasing large machinery or equipment, closing of the other high cost loan you might have taken in the earlier times.
There are so many different reasons where an individual might want money to use for, point here is whether he has an easy access to it as and when the individual needs it. The loan against property is convenient as they are readily. Loan against property are the best and popular options amongst the people as they offer competitively lower interest rates. Here is some of the reason why the loan against property is a popular amongst the people.
You can get loan of up to 65-70% of the value of your property. The maximum loan amount you can avail for has no limits. There is the option of over drafts where in a person can borrow a large amount of loan depending on the requirement despite having insufficient balance the account. You can avail for the loan showing the property that you own ad collateral. The overdraft limit will be thus determined by the value of the property that is owned as well as the account history.
The total processing time for the processing of the loan is very much less as compared to the house loan applications. You get instant status on your loan approvals.
If the value of the property rises during the tenure of the loan he has taken he also has an option for applying for a top up loan .This is useful especially for the businessmen.
The repayment options are convenient options such as a part payment or foreclosure and more than sufficient repayment tenure of around 5-15 years. An individual can easily borrow against a residential or a commercial property.
If an Individual is looking for large funds in a short span of time then he or she can think of availing for a loan againstproperty.
Of course being eligible is important. If you want to know more about the eligibility of the loan you can check it on the home loan eligibility calculator. If an individual is looking for easy funds in a short span of time then he can definitely look for loan against property. Of course he also needs to be eligible for the same. An individual can know about his home loan eligibility on the home loan eligibility calculator which is available on the various websites of the banks and the non-banking financial institutions. Also one needs to compare the various options so that he or she can avail for the best lending institutions that offers him good flexibility in the mortgage interest rates and the tenure for the repayment of the loan.