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Posted on Monday April 16th, 2018

A loan against property is a good alternative if you need capital. Your property must have no outstanding ownership dispute associated with it and should not be mortgaged. If you can make repayments from your earnings. There is various eligibility criteria that you will need to meet to be Able to “Get a Loan Against Property“. Loan against property is given as a certain percentage of the market value of the property which is generally between 50% and 65%. In case of land/ commercial property value to loan amount varies between 50 -65%. This loan belongs to the category of secured loan where there is a guarantee given by the borrower who uses the property as a collateral security. In the event of non paying the loan on schedule, bank after serving proper notices can repossess the property. Loan Against Property can be taken for following purposes like expanding your business, get your child married, send your child for higher studies, fund your dream vacation, fund medical treatments etc. In nutshell, loan against property is a secured multi-purpose loan with larger tenor and lesser rate of interest.