Loan against property is also termed as a property\nloan or a mortgage loan. This type of loan depends on 1 factor i.e. you must be\nthe owner of a property. When you’re the owner, Banks allow you to opt for this\nloan. <\/p>\n\n\n\n
What’s the process to get a loan against property?<\/strong><\/p>\n\n\n\n It’s pretty simple. You can apply for a loan against\nproperty with the Bank\/NBFC. They will check your personal and Banking KYC.\nThen they will evaluate your property to find out its current and true market\nvalue.<\/p>\n\n\n\n Once the value has been defined and your eligibility\nhas been checked, Banks can offer anything between 40-75%* of your property’s\nvalue as the loan amount. Loan against property interest rate will depend\nsolely on your income level, credit history, and property value. <\/p>\n\n\n\n Why opt for a loan against property instead of a personal loan?<\/strong><\/p>\n\n\n\n The answer lies in the vast difference between the\nloan amount. Personal loans often lie between 1-10 lakhs. In rare cases, this\namount might be higher. But a loan against property can be higher than 50-75\nlakhs as well. <\/p>\n\n\n\n What are the Loan against property ways for Debt consolidation?<\/strong><\/p>\n\n\n\n Debt consolidation is the process where you take one\nlarge debt and use the loan amount to close all smaller debts. This process is\nfruitful only when you can save interest money. <\/p>\n\n\n\n Here are some ways, a loan against property can help\nyou consolidate multiple debts:<\/p>\n\n\n\n 1. If you have multiple credit cards whose bills\nhaven’t been paid along with 1-2 personal loans, then it is a wise choice to\nopt for a loan against property. With the loan amount, you can clear all these\ndebts and just pay one single EMI at a lower interest rate.<\/p>\n\n\n\n 2. If you had a medical emergency at home and used\nup your credit cards and a personal loan, then taking a loan against property\nwill help you close these high interest-paying debts.<\/p>\n\n\n\n 3. When extra funds are needed for higher education\nand you have already taken a huge education loan, then with the help of a loan\nagainst property, you can sort this expense and ensure your child has a bright\nfuture.<\/p>\n\n\n\n This is the power of your property. If you wish to\nunlock the true potential of your property, do visit our website and Click\nHere!<\/p>\n","protected":false},"excerpt":{"rendered":" Loan against property is also termed as a property loan 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