The new year is right around the corner and you may be planning to implement big financial decisions be it starting a new business venture, opening a second branch of your company, renovating or redesigning your home or financing your child’s wedding. Whatever your goals for the coming year may be, a loan against property can help you finance them with ease. This is especially true when your savings aren’t sufficient to help you put your plans into action.
So read on to know how applying for a loan against property in India will help you ease any financial pressure that you may be feeling before the start of 2019.
Offers a High Loan Amount
You can compare different interest rates and get a Loan Against Property from reputed lenders like Bajaj Finserv to avail a loan up to Rs.3.5 crore if you are self-employed and a loan up to Rs.1 crore if you are a salaried individual. The key here is that the higher the value of your property, the higher loan amount you can expect. So if you have a well-developed property in close proximity to various public transport options and other conveniences, you can borrow as much as you need to fulfil your targets for 2019.
Has an Easy Application Procedure
Loan against property eligibility criteria are minimal and so just about anyone can apply for this loan. To apply you just have to fill an online application form and a representative will get in touch with you to confirm approval and the loan amount. You can then submit documentation and expect funds straight in your account in no time at all. Since you can apply online, you can do so as per your convenience, even when you’re out and about.
Carries a Lower Rate of Interest
As this is a secured loan that involves pledging your property as collateral, not only is the principal sanction higher, but the interest rate is lower as well, especially when compared to unsecured loans like a personal loan. Having a loan at lower interest rate reduces the cost of borrowing and hence makes this loan a cost-effective option.
Gives you Ample Control
Unlike a home loan there are no restrictions on how you use the sum from a loan against property. You can also use it to fund your child’s higher education at an Ivy League college, to pay for a medical emergency or wedding, an overseas vacation, home overhaul, or to expand your business. Alternatively, you can also use it to reinvest in property, be it residential or commercial.
Helps you Consolidate Debt
Managing multiple loans is a very difficult task and you may end up missing EMI deadlines and incurring penalties. If you don’t want to carry your debt into the new year, you can opt to consolidate all your existing loans through a loan against property. This loan lends itself to consolidation as you can use the high amount to clear all outstanding dues after which you only have to pay one EMI and remember a single deadline. Apart from giving you a stress-free start to 2019 this move will help you boost your credit score as well.
Now that you know key loan against property features that help you reduce financial pressure, you can apply for one from Bajaj Finserv immediately. Use a customised loan to simplify and hasten the process.