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March 2020
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At times of financial hardships when you are in need of urgent cash borrowing funds from friends or relatives can be good.
But, better still, you must have adequate investments to liquify such as loan against securities. This is a safe investment option which lets avail loan against a comprehensive list of securities. Let’s know more about it here -
To know more about this facility, click here: What is a Loan Against Securities: Definition and Meaning
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Investing in a property is a wise decision. It not only adds to your investment but acts as a heritage for your future generations. But, did you know in case of financial emergencies you can actually take up loan against property. Besides, this is a secured loan where your collateral acts as security towards the loan and can be availed at lower rate of interest on mortgage loan. Lending institutions usually offer up to 60-70% of the value of your property as loan. This is the maximum that can be availed. Hence, it is advised to mortgage a property which is free from any litigation and does not have any existing loan on it to acquire the maximum loan. Moreover, this is an all purpose loan and it can be used to cater to several personal financial obligations such as wedding, travel, debt consolidation, high end shopping and much more. You can easily apply for the loan online with minimum paperwork which includes - identity proofs, bank statements, salary slips, document proof of property and could include others depending on your profile and lender’s criteria. An important requirement of the loan is that you must have a stable source of income. This ensures the lender that you are capable to pay off the loan and will not default. Lenders even offer the facility of Balance Transfer for existing loan customers. This allows the borrower to get the loan refinanced at a lower rate of interest and thus get their EMIs minimized. Additional Reads: Loans Against Property: Questions you should know the Answers Lesser Known Facts about Loan Against Property you May Not Know About |