The loan against property is a type of loan that owners of the property can avail for a large sum of money and easy low-interest repayments over 15 years usually. The loan against property is not as scrutinising as some other loans. Thus the easy approval loan against property eligibility, large sum and a more extended period of the repayments makes this a very popular loan in the world of real estate.

1. Monthly Instalments

The monthly instalments are divided in such a way that you will be comfortable paying them for years and will be deducted directly from your income. It also means that you can claim this while you are filing your tax return. You end up saving a percentage of your money by not giving it to the government. A deduction of up to 2 lakhs can be claimed every year.

2. Interest Rate

It does not matter whether your interest rate is high or low on your loan against the property; this again can be claimed in the income tax returns. Thus you will be able to save even more money.

3. Usage

It does not matter how you choose to spend the money even though this is a secured loan. This flexibility means that the loan can be used for multiple things. Whether it be to finance your business, go on a vacation or use it to buy another asset.

4. Property Type

Whether you have a residential or commercial property, it does not matter as a Loan Against Property can be acquired for both of them.

Must Read: Should You Use a Loan Against Property for Home Improvement?