Property loan is one of the oldest and most availed loans in India. The process is approved upon mortgaging the property. Usually, banks follow a process and provide credit according to the property valuation (50%-70% of the property value). A valuable property can help you avail substantial credit amount when you need it in the form of Loan Against Property. Lenders usually do not demand you to provide details of usage of the loan amount.

Top 7 Features and benefits of a loan against property are listed as follows:

1. A secured loan allows quick processing of a loan
2. The loan amount can be used without any specified end-use from the lender
3. Rate of interest is significantly low
4. Long tenures are allowed
5. Ability to apply for top-up loans
6. Hassle-free application process
7. Flexibility in eligibility criteria of the borrower

Conclusion:

Loan against property is secured loans that take your property as collateral. It is often used to generate funds and pay off dues and medical bills. Being a secured loan, you need not pay high-interest rates. You can check your eligibility for a loan against property online. After getting the amount, you can use it to pay off your dues, make arrangements for a wedding, or buy a luxury item.

Must Read: All You Need To Know About Loan Against Property