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Loan Against Property Helps Meet Financial Needs
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No matter how much money you save, there always will be situations where your finances will be strained. During this time, you need some financial assistance to help you tide over the money problem. Though you can borrow from your friends & family, it totally depends on the amount you wish to borrow. You don’t want to unnecessary burden their financial strains during the process. In such a case, one option that you get is to use leverage funds is your property. Through the loan against property, you can get the ideal amount of funds you require.
Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Loan against property is pretty similar to a personal loan, the only difference is being you put a property owned by you as collateral against the loan you borrow. As there is collateral against the loan, banks feel more secure in lending and hence the borrower gets some bargaining power as compared to personal loans which are unsecured.
Therefore loan against property(LAP) provides cheapest interest rate because the banks and other private money lenders are not afraid of losing their money. This type of loans has a long repayment period, generally of 10 years and the age limit is fixed from 21 to 60 years. Let’s discuss some of the reasons which make a loan against property worth considering it.
It has Lower Interest Rate - As compared to the personal loan, it’s a secured loan. You get a bargain of 4 to 5% on the interest rates. The Interest rate ranges from 11 to 14%. Thus, lower interest rate gives us a clear edge over the personal loan, where we have to pay interest in the large range of 16 to 20% which is surely more.
Repayment Tenure Is Longer - This feature helps further reduction in your EMI burden as you get a loan against property up to 10 to 15 years. When your cash flow is not steady this feature makes the option even more attractive.
Best Way To Use Property - In case you own a property and not using it, loan against property gives an opportunity of optimum use of it. You don’t lose your ownership but still get funds at a cheaper rate at your disposal.
A loan against property is one of the best ways to raise money. Moksha Finance is a leading As one of the Leading Financial Solutions Providers In India with branches in Delhi, Mumbai & Indore.
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