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March 2020
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Anyone who has a property and wishes to meet his/her high-end expenses can apply for the loan against property. Yes, if you have a residential or commercial property, then it a secure and quick solution to get access to a higher amount of money.
The funds can then be used for meeting a wide variety of your personal needs which can include wedding expenses, educational expenses, business expenses, urgent medical expenses, planning a holiday or even purchasing another real estate. A loan against property is a unique financial facility as it lets you access a higher amount of money at low-interest rates and high repayment tenors. This is possible because it is a secured loan and ensures that repaying back the loan does not become a financial burden.
Some of the top factors which determine the repayment tenor of your loan against property are as follows -
Loan Amount The loan amount has a direct effect on the tenure of your loan repayment. This is because, in general, the higher the loan amount, the longer is the repayment tenor. Also, if you opt for a longer repayment tenor, then it increases your eligibility for obtaining the loan. Furthermore, these days, these are online loan eligibility calculators available using which you can check the amount for which you are eligible and also the repayment tenor. Interest Rates The interest rate and the amount of the monthly installments also play a crucial role in determining the length of the repayment tenor. This is because someone who opts for a lower installment can enjoy a longer repayment tenor. On the other hand, if your finances allow you to opt for higher installment, then you can go for a shorter repayment period and save on the interest. Additional Reads: 3 Factors that can Affect the Loan Against Property Tenure What is the Eligibility for a Loan Against Property?
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