Skip to main content

TOP BENEFITS OF LOAN AGAINST PROPERTY FROM SHUBHBANK



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.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

A COMPREHENSIVE GUIDE TO APPLYING FOR A USED CAR LOAN ONLINE

In today's fast-paced world, possessing a car isn't simply an extravagance but a need. For many, a used car is a magnificent choice to satisfy their transportation needs without breaking the bank. Notwithstanding, financing a used car purchase could appear to be daunting. Fortunately, to apply for a used car loan online has become a convenient and accessible choice. Here is a comprehensive guide to navigating the process without a hitch. Understanding Used Car Loans Before jumping into the application process, it's crucial to grasp the fundamentals of used car loans. These loans are specifically designed for purchasing pre-owned vehicles. Lenders offer varying terms and interest rates based on factors like credit history, upfront installment, and the vehicle's age and condition. Preparing for the Application 1. Know Your Budget: Decide your budget by assessing your financial situation. Consider factors like a month-to-month income, existing expenses, and potential init...
Post a Comment
Read more

A COMPREHENSIVE GUIDE TO AVAILING A LOAN ONLINE

In today's fast-paced world, the ability to get financial assistance rapidly and helpfully has turned into a need for many. While, you " AVAIL A LOAN ONLINE " offers a seamless answer for meeting various financial requirements, whether it's for education, starting a business, or dealing with startling expenses. Here is a comprehensive guide to navigating the process successfully. Understanding Loan Options Prior to plunging into the online loan application process, it's crucial to understand the sorts of loans available. Whether it's personal loans, business loans, or mortgages, each fills various needs and accompanies varying interest rates and repayment terms. Assess your requirements and financial situation to decide the most suitable loan type. Research and Comparison Whenever you've recognized the kind of loan you require, research various lenders. Various financial foundations, banks, and online lenders offer loans. Compare interest rates, repaymen...
Post a Comment
Read more

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