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In recent times, credit market provides a loan seeker with a number of credit products. Some of the lending tools are to be used for a specific use such as a car loan or home loan while others come with no restriction of usage and such loans are called multipurpose loans. A personal loan is the most availed multipurpose loan but never to ignore the fact that it is an expensive credit product. One of its best alternatives is a Loan against Property from ShubhBank. It is fast processing and much cheaper product than a personal loan. There are several "Benefits of Loan Against Property" we are going to get introduced to some of these advantages.

Benefits of Loan against Property

Simple Approval: The ease of approval is one of the prominent benefits of this loan among many others. Availing a loan against property is much easier than availing an unsecured loan. The only thing you have to take care of is that the property title is free from any kind of mortgage litigations.

Flexible usage: A loan quantum availed through a mortgage loan is free from any restriction on usage. The borrower can use the amount for any purpose. It may be a home renovation, pursuing higher education, home construction, medical expenses and many more. The loan against property is fit for all monetary needs.

Budget Friendly: This loan is the much economical way of availing the needed financial support. The rate of interest is much cheaper than unsecured multipurpose loan. The rate of LAP ranges from 12% to 15% whereas the personal loan rates ranges from 12% to 25%.

Borrow against Different Types of Property: To avail a loan against property, one can use different kinds of property. It can be a self-occupied house, a commercial property as well as rented residential property or it can be a plot of land that a borrower owns.

Less Burden of Debt: The debt burden of this loan is much lighter than a personal loan. There are two factors that make a mortgage loan a lighter debt is the low rate of interest and longer tenure. They together make the EMI amount a smaller one; hence the debt burden is less in case of loan against property.

Continuous Ownership: Unlike other secured loans like a loan against gold, the ownership of the property will still be with borrower. There will be no changes in ownership authority of the loan seeker. The only thing which the lender will have is the custody of the sale deed and mother deed of the property until the loan is repaid back.

Optimal Use of Property: A "Loan Against Property" gives the best value of the mortgaged property and unlocks the real potential of your asset. Along with the optimal use, it makes you get a loan at a lower rate of interest. The borrower can retain the ownership of the property while availing a loan.

A loan against property is a better way of availing a bigger quantum in a hassle free manner. The only thing that has to keep in consideration is the property is mortgaged for the loan.


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