A loan against property is a secured advance, offered by financial institutions, which can be utilised to finance numerous expenditures like medical emergencies, travel costs, higher education expenses, etc. Loan against property comes without any end-use restriction, making it beneficial for individuals looking for a sizeable quantum to fulfil various financial obligations.
Following are the 5 benefits of applying for this advance –
High loan amount value
With this loan against property process, salaried individuals can avail up to Rs. 1 Crore and self-employed applicants can avail a loan amount of upto Rs. 3.5 Crore, against competitive interest rates.
Easy loan disbursal process
This property loan has a hassle-free disbursal process where individuals can find the loan approved and sanctioned within 4 to 5 days.
Flexibility in repayment tenor
Individuals can avail the benefit of a flexible tenor ranging between 2 years and 20 years to make repaying the advance convenient. Borrowers can also choose to prepay or prepay the advance with minimal charges.
Simple eligibility criteria and minimal documentation
To avail loan against property, borrowers have to satisfy only a few simple loan against property eligibility criteria and submit a few requisite documents, making it one of the most easily accessible advances.
Balance transfer facilities
Some financial institutions offer hassle-free balance transfer facilities for loan against property, which makes it easy for borrowers to transfer their existing loan from one lender to another, to avail lower interest rates and other benefits.
Thus, by following a simple loan against property process of application, individuals can avail of this advance and enjoy the benefits mentioned above.