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Loan against Property in India
Loan against property is an easy and quick procedure to get a loan as soon as possible. If you have an asset to offer as a security against the loan you're planning to take then it will not be a problem at all to get a loan with Apna Loan Guru guiding you through. People have various kinds of dreams to fulfill in their lifetime. Earlier it was possible only if they had the full cost of their dreams in their hands. But now it has become possible for them to fulfill these dreams even if they don't have access to all the finances personally. Loan against Property is one of those available options that the borrower has to give a definite shape to their dreams through the easy and personalized services provided by Apna Loan Guru.
If you're in need of a quick loan and have all the property papers in place then we at Apna Loan Guru will do the rest for you. While there are various kinds of loans these days like home loan, education loan, car loan, personal loan and so on, Loan against Property is an easy option for the borrower. We shall now delve deep into various aspects of Loan against property.
Whenever a person takes a loan, a security has to be kept in case he/she is not able to pay off the loan at a later stage within the allotted time period. Our Loan against property options allows the person to keep a property, such as a house or a plot of land or anything of such likes, as the security, not previously used for similar purposes.
Advantages of Loan against property:
- The interest rate becomes low due to the presence of the property as the security.
- It is a secured loan, the reason being the same as above.
- The working period (the duration within which the Loan has to be repaid) is longer than tenures of other types of loans. It can extend to 15 years.
- The EMI (Equated Monthly Installment) for Loan against Property is lower than those for other types of loans, the reason being the above point.
Disadvantages of Loan against property:
- The person applying for the loan will not be able to request for borrowing any amount. It is the property that will determine the extent of the loan: it has to be in the condition that it is required to be in as per the prevalent rules and standards of the country.
- The income norms, which also constitute the eligibility norms for Loan against property, are stricter than that in case of home loans.
- Lenders carry out valuation of the property independently and tend to value it at a lower rate the actual market value.
- Since the use of the Loan against property is unknown, the lender is at a higher risk of getting a return and tends to charge more than other loans like education loan, home lone etc., where the purpose of the loan is fixed.
Just as everything in this world has its advantages and disadvantages, Loan against property has its pros and cons too. While the interest rate is cheap, property may be evaluated at a low price due the risk that the lender has. Generally it is resorted to when the loan amount needed is more than what can be generated by unsecured loans - since the value of a property appreciates continuously - and the repayment term required is longer than that for other loans by 5 years.
If you wish to get a Loan against property without getting into much complication then let out experts take it from here, because Apna Loan Guru is where you'll get unbiased and timely information related to loans.
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