Even with significant progress of India’s healthcare sector, the cost of seeking medical care has also increased in the last few years. For instance, expenses to competitive care for critical surgeries and treating fatal diseases often surpass Rs. 10 Lakh, which is often beyond the financial capability of individuals.
In such cases, availing a property loan
can be advantageous for patients to meet such medical expenditures. Loan against property process followed by top lenders is simple, and it can impart you with the following benefits –
A high loan amount value- Individuals can avail a high loan amount value of up to Rs. 3.5 Crore with this advance to tackle their emergency medical expenses. The loan is provided against the value of the asset mortgaged by borrowers.
Easy approval and disbursal facilities-
The loan against property process
of approval and disbursal can be completed in under 4 days, making it extremely beneficial in case of emergencies.
Repayment tenor flexibility- This advance comes with a flexible tenor ranging between 2 years and 20 years that can make repaying it much more convenient. The flexible tenor helps borrowers to choose a repayment term to suit their requirements and, thus, reduce chances of defaulting.
Easy to meet eligibility criteria- To avail a loan against property for medical expenses, individuals need to satisfy a few simple eligibility criteria. With these easy-to-meet criteria and minimal documentation, the process of loan application can be completed without any hassle.
Thus, with the above advantages, a property loan is the best option for individuals looking for avail an advance to cover their medical expenses.