Why Taking Loan Against Property is a good Option for Lower Repayments?

Why Taking Loan Against Property is a good Option for Lower Repayments?

Loan against property is a financial option disbursed against a pledged asset to the borrowers. People can accomplish their high-end expenses with the aid of this mortgage loan. Moreover, Loan Against Property Interest Rates is affordable making repayment easier because this is a secured financial option.
So, if you are in confusion regarding loan against property and its process of repayment, read further to get more details on the same.

Loan Against Property allows Convenient Tenure:

Reliable NBFCs allow its borrowers a flexible tenure to conveniently pay off the fund without any burden. A salaried employee may pick a tenor ranging from 2 to 20 years with an attractive loan against property interest rate.
Self-employed individuals can enjoy a tenor extending up to 18 years. Consequently, interest rates tend to decrease with substantial time, easing the loan against property repayment procedure. Moreover, choosing a longer tenor also helps minimise those EMIs.

Flexi Hybrid feature is Another Advantage:

Flexi hybrid feature allows the borrower to withdraw funds from a pre-set limit whenever he requires. He will only have to pay interest on the utilised amount as EMIs. Also, if the borrower pays back the withdrawn amount on that same day, he doesn’t need to a single amount as a rate of interest.

Get the most from the Part-Prepayment Facility

If you have a surplus fund to pay a considerable amount to your lending institution, go ahead without any restriction. NBFCs allow part-prepayment where borrowers have the chance to repay a portion of the principal amount with minimal charges before the tenor ends. This can either reduce the EMI or lessen the repayment tenor.

However, apart from a comfortable  and instant Loan Against Property Repayment options, this economic aid has a lot more to offer.
  • Catering to various expenditure from expanding a business to meeting unwanted medical expenses, lending institutions offer a robust financing amount. For instance, salaried individuals can get a loan amount up to Rs. 1 Crore, whereas the self-employed can get up to Rs. 3.5 Crore.
  • Secondly, with a loan against property, borrowers have the freedom to transfer their existing loan to another lending institution without any hassle. Moreover, they can even avail a higher top-up loan in accordance with their necessities.
  • With easy online account management, one can keep track of all the expenses anywhere and anytime via the customer portal.
  • Additionally, the applicants don’t need to wait for weeks to avail their loan. Post-verification of requisites, borrowing institutions complete the entire process within 72 hours.

With minimum paperwork, loan against property documents required are:
  1. KYC documents
  2. Bank account statement of the previous 3 months and 6 months for salaried and self-employed respectively
  3. Address proof
  4. Property documents
  5. Latest salary slip and IT returns for the job-holders 

Thus, one can efficiently manage to repay the dues with an affordable loan against property interest rate along with other pool of benefits. The Loan Against Property Foreclosure Calculator also provides the best functionality to calculate for you easy repayments options.
So, if you are going through a financial crisis and need help for repaying the debts, education expenses, working capital funding, etc. know your loan against property eligibility criteria and go for it.

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