If you need a large amount to cover your different needs, you can keep your property as the collateral to do that.
In this case, the loan is given against the value of your property. Most lenders may provide you with a loan value of up to 75-80% worth of your property.
And the best part about it is that you can continue to live in the mortgaged property even after availing of the loan. The applicable rate of interest on the loan against property is affordable as its secured loan.
When you apply for a loan against property, you don’t have to wait for the loan approval and funds disbursements. As per your creditor’s policies, it may be possible to get the approved loan value into your bank account within 72 hours. You can also manage your outlays by repaying the loan over a flexible tenor ranging up to 20 years.
You can check out your loan against property eligibility by utilizing the eligibility calculator. The online tool is available on a lender’s website for free. Once you enter a few details, you will be able to know an estimated value that you can get. You can also learn how much loan EMI you need to pay per month over the tenor. It is possible to know about it using the loan against property EMI calculator.
If you want to avail of a significant amount without any restrictions on usages, you can use your property to do that. The loan against property has emerged as a viable solution.
