Loan Against Property By Just 4 Loan

Loan Against Property

Simply put, a loan against property is what it actually connotes -- a loan given or disbursed against the mortgage of property. This is unlike a personal loan, which is disbursed to an individual; no questions asked. The loan is given as a certain percentage of the property's market value (usually around 40 per cent-60 per cent). But the threshold amount too is generally defined by most lending institutions like say, Rs 200,000. This multi-purpose loan puts funds at your disposal to use as you wish. It unlocks the hidden value in the property you own.

Features at Glance

• Loans from Rs2 Lakh onwards depending on your needs
• Borrow up to 70% of market value of the property
• Flexibility to choose between an EMI based loan or an overdraft
• High tenure loans for ease of repayment.
• Attractive interest rates.
• Simple and speedy processing.
• Loan for salaried & self-employed individuals
  

Advantages of taking a Loan Against Property

• Cheaper than Personal Loans: It works out to be much cheaper than a personal loans, which is usually issued at interest rates in the region of 16 per cent-21 per cent.
• Longer Loan Tenure: The tenure for a Loan Against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 10 years.
• Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
• Simple documentation and Fast Approvals: LAP being a secured Loan has comparatively faster approvals and minimal documentation.
  

Loan Against Property can be taken for following purposes:

• Expanding your business
• Get your child married
• Send your child for higher studies
• Fund your dream vacation
• Fund Medical Treatments
  

In nutshell, Loan Against Property is a secured multi-purpose loan with larger tenor and lesser rate of interest.

Overdrafts can offer flexible borrowing to meet short-term needs. Personal loans are for fixed amounts and are more suitable for borrowing larger sums over a longer term. If you're considering borrowing, be sure you can afford the repayments.