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March 2020
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Your home is not merely a place you live. Overtime it becomes a part of your personality. Moreover, it requires maintenance or refurnishing. You can opt for Loan Against Property which helps to liquify your fixed assets (a property).
Here are some quick benefits of the loan – > Home loan amount You can avail up to 50-60% of the property value as loan. It can be from Rs 1 crore up to Rs. 3.5 crores. > Loan tenure You can get the loan tenure starting from 2 years up to 20 years, so you can easily pay off the loan.
> Interest rate
As this is a secured loan where you have pledged your property as collateral you can enjoy lower interest rate on the loan. > Loan usage Leading NBFCs like Bajaj Finserv offer the Flexi Hybrid feature as per which you can borrow according to your requirement from the loan amount sanctioned. Interest is charged on these daily withdrawals. This helps to lower the EMI by up to 45%. > Instant approval You can easily apply for the loan online via the lender’s portal. The process does not require elaborate paperwork. Once applied the lender’s representative will get in touch with you for collecting documents and will guide you through it. Basic Documentation For salaried individuals – · Latest salary slips · Bank statements of last three months · PAN card/ Aadhaar card · Address proof · Property documents of which is mortgaged Also Read here to know more: Remake Your House into Dream Home with Loan against Property View the Video also to learn how to apply:
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If you need money, you can always take the support of a loan. But, which loan will be perfect for you can be only analysed if you know your needs, requirements, priorities, property availability, etc. There are two major loan divisions- one is a secured loan and the other is an unsecured loan. If you have some property, residential or commercial, you can keep that as mortgage with the bank or NBFC to get a loan sanction. This will be a Loan Against Property. But, if you do not have any property, asset or security, you can simply apply for an unsecured loan that is a Personal Loan. The specific difference between Loan Against Property and Personal Loan is its Interest Rate. The Loan Against Property Interest Rates are quite lower as compared to other loan available. In both cases, the potential lenders consider a borrower’s financial conditions and consequently their abilities to repay the loans. First, they clarify their perceptions concerning loans against property, and personal loans, check the eligibility of the applicant and verify all the documents and then offer a loan.
Factors that differentiate the loan against property or personal loan are: Time- The processing time of a personal loan much less as compared to loans against property, as the documentation procedure of a personal loan is much easier as compared to LAP. Personal loans are better suited for financial emergencies since they require only basic documentation. Tenor- The loan tenor is less for personal loan as compared to LAP. Laon against property can be a long-term loan. To know the other factors and find which one is the best, read: Which One to Choose Between Loan Against Property & Personal Loan? |