Competitive and Low Interest Rate on Loan Against Property

If you are fortunate to own a property, you can use it to raise funds against the same. Use any property and get access to funds for your personal and business use. You can grow your business with a loan against residential or commercial property. The property can be idle, in use, leased or rented out. Enjoy high loan amount and low interest rate on loan against property. The biggest advantage of the loan is that there are no restrictions on the end use. You can use the funds for any purpose in the business.

The loan application procedure is hassle free and simple. If you own a property that is under your name, you can enjoy high loan amount. The loan amount will be based on the market value of your property. Hence, if you need high amount of funds, you need to use a property that has a high market value. You need to hypothecate the property to get access to funds. Once you repay the entire loan amount, the property will be transferred back to you. It is also known as a secured loan and most business owners vouch by it. With quick application and approval process, you will get immediate access to funds.

In order to apply for a loan against property, you simply need to fill up the application form and submit relevant documents. You will be asked to provide an identity proof, address proof, income proof and documents of the property you wish to hypothecate. Your credit score will make a significant difference here. If you have a good credit score, your loan application will be approved in no time. Once you make a loan application, the lender will hire a market valuer to estimate the market value of the property and your loan amount will be based on the same. No lender offers 100% amount as a loan. Most lenders offer about 60% to 70% of the market value in the form of a loan.

It is important to compare the interest rates on the loan. With low interest rate, you will have to manage low EMI and the loan will be repaid with ease. Choose a reliable lender who offers low interest rate and has flexible repayment tenure. There is also an option of prepayment of the loan. You need to enquire about the same and ensure that there are no penalty charges for it. One of the most important things about the loan is timely repayment of EMI. If you default in the same, the lender can take possession of the property and auction it to recover the funds. Hence, prepare a repayment schedule to ensure timely payment of dues. With low interest rate on loan against property, you can easily manage EMIs without hurting your budget. Use the EMI calculator to get an EMI estimate. It is available for free and is simple to use. You only need to provide the loan amount and tenure to get a quick estimate.

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