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 Propertycomes 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.

Comments

Popular posts from this blog

HOW SHUBHBANK IS BEST FOR BUSINESS LOAN

In India, being a developing country every year many start-ups are launched and operated successfully. There are really a great number of young people who come up with an excellent business ideas every year. But most of businesses fail and the main reason behind it is the lack of funding. Nowadays, banks and other financial institutions become more stringent in the eligibility criteria to sanction a business loan. And to "Make Your Business Loan Successfulyou need to provide a stack of documents to the lender. Then the lender verifies your documents and takes 30 to 40 days to disburse the loan. So the parallel way of business funding is ShubhBank. Our aim is at funding your dying business but our way of functioning is different from other traditional lenders. We provide easy business loans for small and medium-scale enterprises with progressive vision.
ShubhBank have different process of gauging the loan eligibility than traditional banks and financing companies. Lenders d…

HOW TO APPLY FOR A CREDIT CARD

Credit Cards epitomize modern lifestyle in terms of convenience a d have emerged as one of the fastest ways of carrying out transactions. Those days are gone when having a magic plastic card and flaunting it among your relatives and friends was a symbol status. With a view to increased acceptance, many banks and NBFCs have been offering various additional rewards and benefits with credit cards. As the cashless transaction becoming more and more common, everyone has a credit card, either a middle class man or a high net worth individual. There are host of card options available in the market having variety of features linked to them. The most popular and reliable ones are entertainment credit cards, shopping cards, fuel cards, cash-back cards, premium cards and business credit cards. They provide rapid access to money anytime and anywhere, so are the handiest asset you can have. They has emerged as viable alternative to currency notes providing access to covering expenses on the go and…

HOW TO OVERCOME A MONEY CRISIS AMID COVID-19 LOCKDOWN

Nowadays, the coronavirus outbreak has affected our lives in countless ways. The deadly virus has made its presence felt in everyone’s personal and professional way such as from shopping groceries, socializing with people or commuting to workplace. It has also a negative impact on the country’s economy leading to widespread layoffs and pay cuts that have taken a toll on salaried individuals. If you are also a salaried employee and facing a loss of income then ShubhBank have stepped in with few options to guide you that how to overcome a money crisis amid "Covid-19 Lockdown". We are happy to help you over this financial crunch by offering Loan against Insurance Policy and online Personal Loan to raise funds.

Online Personal Loan:
many banks and NBFCs have rolled out many personal loan offers for existing customers and who hold salary as well as pension accounts in their financial institutions in this lockdown period. You could also take the advantage of "Online Perso…