Basically this Loans are provided by Banks/NBFC against the security of Borrower Property.
All Residential, Commercial and Industrial property are accepted for this loan. This Loan depends on the Borrower’s Income details as well as value of the property which is being kept as mortgage. This loan is EMI based. Some lenders offer overdraft facility also. Property is the most important asset of an individual. In urgent time it can be more than an asset to you. It is a secured loan offered against mortgage of property with less interest and longer repayment option.
Various Reasons for Need a Loan :
The borrower must have property in his or her name to apply for this loan. You can take for such reasons:
– To Expand your Business or Set Up
– For Dream Wedding
– For Your Child’s Higher Education
– For Urgent Medial Treatments
Loan against property has some advantages which draw attention of the borrowers. These are
– It is cheaper than personal loan.
– It is both EMI based & overdraft Loan
– It is offered both for salaried and self-employed
Generally this type of loan is given for tenure as per policy of Banks/NBFc . The documentation to be submitted for approval is simple. Hence the processing for this loan takes little time.
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