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Loan against property – For the big dreams you have
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Posted On :
Dec-20-2011
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Article Word Count :
556
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Every individual has dreams in life that he/she would want to fulfill no matter what. The rising cost of living makes it difficult for man to save enough to realize their dreams.
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Every individual has dreams in life that he/she would want to fulfill no matter what. The rising cost of living makes it difficult for man to save enough to realize their dreams. To help the common man realize this dream, banks and other institutes have come up with a number of loans and financial aids that can be made use of. Loans like home loans, car loans, personal loans etc are available to consumers with minimal formalities and easy repayment options. Amongst the various loans, loan against property comes as a very lucrative option.
Loan against property is basically money borrowed from the bank by giving some assurance in the form of a tangible item like land, a commercial property, a built up property or even a house. This sort of loan is quite different from a home loan, as this loan requires an asset like property (residential or commercial) to be given to the lender as security against the loan. People who live in Co-operative society’s can also give their residence as security. However, they need to submit a NOC (No Objection Certificate) from the co operative society in which they are living in. The loan amount you can avail depends on the value of the property being pledged. You can get 40% to a maximum of 70% of the value of the property. The value of the property is got by considering the current real estate market conditions and any existing loans against the property being used as collateral and other factors.
Loan against property offers you plenty of benefits as compared to the other kind of loans in the market. Some of the benefits are as follows –
Low interest rate –
Availing a low interest rate is probably the best feature of this loan. This saves you a lot of expense as you are not required to pay back a hefty sum each month. The interest rate provided on this sort of loan lower as compared to other finance options like personal loan or a credit card. Due to the low rate of interest this sort of loan becomes more affordable to the consumer to pay off. This is a good aspect as the consumer can make timely payments and reap benefits of that.
Hassle free to obtain –
A loan against property is much easier to obtain as compared to the other financial aids in the market. The clearance and other formalities are smoothly done after the required security is availed. In case you have a property available with no mortgage on it and it can be given as security then the processing takes place pretty fast. This is because the required measures to be taken to provide the loan is completed without much wastage of time.
Larger loan amount possible –
By giving security against a loan you can avail a larger loan amount. This largely depends on the property value you have. Mostly you can avail a loan amount that is 40% to 70% of the property values as per current real estate rate.
Above discussed are a few benefits that you get by getting a loan against your property. So research now for the best offer you can get and realize your dreams.
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Article Source :
http://www.articleseen.com/Article_Loan against property – For the big dreams you have_121832.aspx
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Author Resource :
Author is an experienced writer on finance related issues with keen interest in the trends of Indian finance industry. For best Loan against property options visit Bajaj Finserv Lending.
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Keywords :
loan against property, loan against property interest rates, loan against property in india, loan against property mumbai, l,
Category :
Finance
:
Loans
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