A loan against property is a fantastic financial instrument and should definitely be availed of if you have real estate and want to go for debt. The interest rates are lower and there are no prepayment charges. The loan can be easily procured and the EMI’s are also affordable.If you are looking for home loans in Delhi NCR you can consider loan Kumar. Also if you want to expand your business then you can consider business loans in Delhi NCR offered by Loan Kumar. And Loan Kumar also offers personal loans in Delhi NCR and also loan against property in Delhi.
These are some benefits of taking the loan against property in India:
1. LOWER INTEREST RATE
Loan against property has a comparatively lower interest rate than personal loans as these are secured loans. The rates of interest for the loan against property are 12 to 15 percent while for a personal loan are from 15 to 25 percent. Thus loan against property saves you a lot of money as the interest rates are lower.
2. LONGER TENURE
Personal loans are unusually available only for 7 to 8 years while loans against property have a longer tenure for repayment which goes up to 15 years and thus the borrower gets more time to pay back the loan.
3. NO PREPAYMENT CHARGES
Most banks don’t charge a penalty for repayment of loan against property. Thus there are no prepayment charges and you can close your loan anytime by paying back the full amount at once and thus saving on interest and the pressure which comes with debt.
4. SMALLER EMI’s
A loan against property is for a longer period of time thus the EMI’s become smaller and affordable. Thus there are fewer chances of default and less pressure on your pocket every month. On the other hand personal loans are for a shorter duration and thus the EMI’s are bigger with them
5. EASY TO PROCURE
It is not difficult, in fact, quite easy to get the loan against property as this is a secured loan and Banks give these kinds of loans very easily.
As you have a major asset mortgaged thus you will remain disciplined in your loan EMI payment and thus will not default. This is good for you and the bank too thus making it a win-win situation.
Thus a loan against property is a win-win proposition for you and the Bank and gives you funds when you need them the most. You should definitely go for a loan against the property if you have property and want to avail a loan.
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