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Posted on Monday June 21st, 2021

Having your own property or home can be a boon in more ways than once. It provides you and your loved ones a roof over their head or you can rent it out for second earning. Your valuable property or house can also help you to obtain huge amount of funds for a particular event. These expenses for personal events include exotic vacation, funding child’s higher education or wedding that occurs suddenly or demand arranging funds in shortest possible time.

One of the convenient and hassle free solutions to arrange these funds is to Apply For Loan against property. It is a kind of secured loan that disburses loan money against your property pledged as collateral. The amount of loan approved depends upon various aspects such as current market value of the pledged property, your income source, debt to income ratio, credit score etc. A loan against property can be a best financial solution for funding personal expenses as per following reasons:

Multi-purpose Loan: It is the biggest advantage of a mortgage loan that it has the flexibility to utilize the money for different purposes. Generally, some of the mortgages in financial sector are limited to specific purpose and can’t be utilized for other purposes. The funds on loan against property are granted without any restrictions on their usage. Usually, 60-70% of the market value of the property is granted as loan money.

Flexible interest rates: The interest rate is the key factor that influences the decision of taking this property loan. The loan rates also depend upon number of factors such as CIBIL score, monthly earnings, market value of property, along with type of mortgage you are applying for. With all the documents in place and good credit score, one can enjoy competitive rates on loan against property that are flexible.

Extended tenure: The repayment period for this type of mortgage unlike other mortgages is longer. It could be as long as home loan, 15-20 years. Hence, you have ample amount of time to earn money and repay the borrowed amount. Some of the lenders also offer value additions like balance transfer and additional finance as well.

When you Apply For loan against property Online or offline, you would have to prepare some documents related to your income, property and identity along with your loan application. After verifying your application and documents, the terms and condition of the loan will be finalized. It is advisable to research all about the lender and lending schemes better to fulfill the eligibility criteria of borrowing.

Mortgage gives you the opportunity to realize the financial potential of your residential or commercial property. You can visit the Shubhbank for loan against property having years of experience in lending sector and expertise that will help you obtain a fully customized loan with exclusive features and benefits. One can also choose from wide range of property loans to meet your individual requirements. ShubhBank is the financial institution which is reliable and reputed mortgage provider with significant network across the country.