Many of you don’t know, but if you own a property, you can make use of its value for fulfilling your dreams or requirements for surplus cash. Yes, you heard that right! With a loan against property or a home equity loan, you can take care of the cash crunch.
Loan Against Property is a type of home loan provided by the lending institution that gets you a lump sum amount at a low-interest rate and longer tenure.
Here is everything you need to know about it.
If you are self-employed or a salaried individual, you can apply for a home loan to take care of your financial needs. Based on the current value of your house, the lender will disburse a loan of up to 75% of the total market value. You can use this loan amount for numerous purposes, including:
- Renovating your house
- Constructing a new house
- Expanding your business or starting a new business
- Paying for children’s higher education
- Taking care of the hefty hospital bills in case of emergency
- Planning for a vacation abroad
- Funding your child’s marriage
- And a lot more
Eligibility Criteria
You can easily borrow against your house with minimal eligibility. Loan Against property eligibility requirements and documentation. In India, if you are a salaried employee, you have to be around 18 to 58 years of age to apply for the loan. And if you are self-employed, you have to be around 18 to 70 years of age.
The home loan EMI is significantly lower because of the higher loan tenure.
Read More: 6 Myths about Loan Against Property
Comments
Post a Comment