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March 2020
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A loan against property enables borrowers to keep their property as collateral. This secured loan can be used to finance wedding expense, handle unforeseen medical expenses, and expand the business among several others. Here are the top three ways customers can use this finance to fund their needs.
1. Pay off debts The smartest way to deal with high-interest loans is by taking help of the low-interest ones. This does not alleviate the pressure of interest rates completely, but at least it decreases the need of paying instalments many folds. Loan against property has a low interest rate as compared to other loans. The former is widely used to deal with the credit card bills. 2. Start a business Lack of fund is the biggest reason people shy away from becoming an entrepreneur. A mortgage loan can be used to kick start a business or expand an existing one. As loan against property has a low interest rate, it becomes manageable to bear it and thrive fund the business at the same time.
3. Pay for higher education
Higher education demands higher fees and loan against property is an ideal solution to support higher education. Higher qualifications also attract higher income, and the low interest rate of this loan is negligible in front of the income raise. Loan against property enables customers to improve skills without incurring a lot of debt. A good CIBIL score fastens the application process to avail this loan. Financial institutions offer customized loan against property to salaried as well as self-employed individuals. Additional Read: Second Mortgage entail a Good Credit Score for Loan Against Property
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