There comes a lot of situations in life where you need high-value loans. It could be for anything such as a medical emergency, or for buying and repairing your house, or emergency international travel, or any other urgent issue. Instead of asking around in your friends and family circle outside for money, it is better to get a loan against property.
As the name suggests, a loan against property is secured and comes with a high loan amount that you can use for a lot of purposes, such as starting a business or leasing rent discounting. You can also use this loan as a Flexi loan and secure the funds to open up a business, or for higher international education, or to consolidate your debt. Before you apply for a Loan against property, you should be mindful of its various types.
Loan against property for self-employed: Self-employed people can take a very high amount of loans up to INR 3.5 Crore depending on the lender they are availing and other factors such as the yearly income and current property evaluation. It is easy for self-employed people to get a loan against their property. Just get the mortgage application form from the lender of your choice and get started.
Loan against residential or commercial property: Using your residential or commercial property as collateral, you can take up a secured loan against residential or commercial property to fund any form of monetary requirement. The value of the loan that gets sanctioned is dependent on the current property evaluation.
Loan against property for the wedding: Weddings are some of the most expensive social affairs in Indian society. It is perhaps the most a person spends on a ceremony. Whatever your social standard is, you will have to give an equally reflective wedding ceremony. Depending on your requirement, you can have a loan against property for the wedding. These loans don’t take much time for processing with the right lender. You can make sure to get the money before you start planning the event.
Loan against property for Education: Good education comes at a price. There is a lot of international exposure these days. People from all over India are sending their kids to other countries such as Australia, New Zealand, the USA, Europe, Canada, etc. international education becomes a driving factor in the amount of money you end up earning. Therefore, if your ward is getting selected in some good universities, it becomes imperative that you send out your child for higher education even if you have to take a loan against your property.
Loan against property for debt consolidation: People end up in debt for several reasons. Sometimes things don’t work out in the way we imagine. In some cases, the only way to kill these higher interest rates debts and get your life back on track is by borrowing more money from the market in the form of a loan against property. Pay off your higher-interest debts and then make a way to pay back your loan against property.
You must remain vigilant! You don’t want to end up in a situation where you are unable to pay your loans and also add additional secured loans against property to your burden. Borrowing money is fine until you can pay your dues on time.