If you are in need of some urgent funds and don’t know what to do, here is the help. A loan against property is the right choice if you want to take some extra funds to complete your personal needs. It is also a better option than going for a personal loan. So if you have some urgent need of money to fund your child’s further studies or marriage, a loan against property in Mumbai is the best option available. A loan against property cannot be compared to a home loan as both are different types of loans.
A loan against property can be taken on any property you own from a flat to a piece of land. And if it has more than one owner, than there should be a mutual agreement between all of them as the loan will need to be acquired by all of them. After applying for a loan, the bank will check all the property related documents along with some additional documents such as address proof.
The benefits of taking a loan against property are that it is easier to get, the interest rates are far more attractive than other loans, and the property will stay in the name of the owner. Loan against property is better than the other personal loan.
• Where the interest rates for a loan against property are 12% - 16% a personal loan has interest rates between 16% - 21%.
• The lower rate of interest makes the EMIs cheaper for a loan against property and the EMIs for personal loans is higher.
• Maximum loan tenure for a loan against property is up to 15 years and for a personal loan, it is up to 5 years.
By now we see that a loan against property is a secured loan whereas a personal loan is in a way an unsecured type of loan as you have to pay a lot of interest and don’t even have a long tenure. This makes the loan against property a better one among the other options.
And if you plan to take a home loan balance transfer with top up then you will definitely have a lot of benefits coming your way.
A loan against property can be taken on any property you own from a flat to a piece of land. And if it has more than one owner, than there should be a mutual agreement between all of them as the loan will need to be acquired by all of them. After applying for a loan, the bank will check all the property related documents along with some additional documents such as address proof.
The benefits of taking a loan against property are that it is easier to get, the interest rates are far more attractive than other loans, and the property will stay in the name of the owner. Loan against property is better than the other personal loan.
• Where the interest rates for a loan against property are 12% - 16% a personal loan has interest rates between 16% - 21%.
• The lower rate of interest makes the EMIs cheaper for a loan against property and the EMIs for personal loans is higher.
• Maximum loan tenure for a loan against property is up to 15 years and for a personal loan, it is up to 5 years.
By now we see that a loan against property is a secured loan whereas a personal loan is in a way an unsecured type of loan as you have to pay a lot of interest and don’t even have a long tenure. This makes the loan against property a better one among the other options.
And if you plan to take a home loan balance transfer with top up then you will definitely have a lot of benefits coming your way.