Skip to main content

PURPOSES WHEN LOAN AGAINST PROPERTY COMES HANDY


                


Loan against property is one of the variants of personal loan that is highly preferred form of loan in India and much easily available in banks and NBFC’s. It is the secured loan offered by the financial institutions where properties owned by you can be used as collateral. It can be used for various purposes such as business expansion, wedding in family, medical treatment, leisure vacations and for higher studies of children. In loan against property is mortgaged and a percentage of 70-80% of the prevailing market value of the property is given to the borrower as a loan quantum. They are better options as compared to other financial products due to their comparatively lower rate of interest. ShubhBank provides you the opportunity to grab an offering for the purposes when "Loan Against Property" comes handy. The most common scenarios when this loan can be helpful are given below:

EXPANSION OF BUSINESS: Every business needs an expansion over a course of time and needs funds for that. The external financing is not always easy as getting into this; you have to enter into sharing agreement, sale of equity etc. that might not always be the desirable solution. In such situations, loan against property is the first choice available at low interest rate and liquidating an asset that might be sitting idle.

DEBT CONSILIDATION: Everyone has to go through emergency expenses as the life is full of uncertainties. The emergency leave us with little to deal with regular bills and in such instances, loan against property can help by enabling debt consolidation. It helps you in a way where your smaller debts are combined into large loan and then you have to make single repayment against loan with its low interest rate.

EDUCATION IN ABROAD: Nowadays education is so competitive and expensive, especially in case where your child is interested in pursuing studies in abroad. Obtaining a loan against property can be effective as there is not much difference between the interest charges applicable to education loan but loan against property provides you a higher loan amount.

WEDDING EXPENSES: The average individual wedding has substantial cost as weddings are an integral part of family. In such cases loan against property offer few advantages over personal loan such as higher loan amount, lower interest rate and longer repayment tenure. It is the better financing option than a personal loan for wedding.

                The eligibility criteria for the salaried individuals and professionals is pretty similar like age of at least 21 years, employed for a specific number of years, regular source of income for repaying and good credit history. We ask for a set of documents such as ID proof, residence proof, salary slip of last 3 months, IT returns, bank statements of last 6 months etc. so taking a loan against property gives you access to immediate funds to deal with the cash crunch in your life. Start with an application process as it is convenient to avail and get a hassle free disbursal with speedy approvals.

Labels:

Comments

Post a Comment

Popular posts from this blog

GUIDE TO BUYING A USED CAR: FIGURING OUT INTEREST RATES

As of now, in the fast-paced universe of today, possessing a car is neither a luxury nor a need. While considering the practicality of purchasing a used car, the vast majority of individuals arrive at this resolution. In any case, financing such a purchase can be troublesome. This blog aims to impart information regarding the intricacies of used car loans, with a particular emphasis on the critical component of interest rates. What is a Used Car Loan? A " Used Car Loan " is a financial product designed to assist individuals with the expense of purchasing cars. A used car loan, in contrast to a conventional car loan for another vehicle, is designed to accommodate the extraordinary circumstances associated with purchasing a used automobile. Factors Influencing Used Car Loan Interest Rates 1. Credit Score: An essential part of loan applications, the credit score significantly impacts the interest rate determination process. Individuals must maintain a decent credit history bec
Post a Comment
Read more

EXPLORING OFFERS AND OPPORTUNITIES OF USED CAR LOAN

Many individuals instantly consider purchasing a brand-new car when they are thinking about buying a vehicle. The used car market has, by and by, as of late, acquired colossal traction. The availability of used car loans and the alluring motivating forces they give that may be of some value are two important factors adding to this development. In this article, we'll dive into the importance of used car loans and investigate some alluring " Used Car Loan " options that could be useful to you to make a financially wise choice while purchasing a pre-owned vehicle. Why Opt for a Used Car Loan? 1. Cost-Efficiency: For individuals hoping to purchase a vehicle without failing, used car loans are a financially mindful decision. While used cars have already encountered this early depreciation, new cars can lose as much as 20-30% of their value in their most memorable year. In this sense, used cars offer better value for your money, and a used car loan can assist you with getting
Post a Comment
Read more

THINGS TO KNOW ABOUT BUSINESS LOAN AND BUSINESS LOAN INTEREST RATES

Admittance to suitable and sufficient financing can distinguish between a business flourishing or battling to remain above water in business ventures. Business loans have arisen to help businesses, giving the fundamental money for development, extension, or even conquering financial obstacles. Here, you will investigate the universe of business loans, with a sharp spotlight on business loan interest rates, assisting you with pursuing informed choices for your endeavor's financial future. Understanding Business Loans Business loans are financial instruments intended to give organizations the capital they need to operate, develop, or address prompt financial necessities. These loans can be utilized for different purposes, like beginning another endeavor, expanding an existing one, purchasing equipment, covering operational expenses, or refinancing existing debt. Business loans are regularly presented by banks, credit unions, online lenders, and other financial institutions. The terms
Post a Comment
Read more