Loan against Property – Mortgage Loan
Looking to meet any of your financial needs and expenses? Where would I get the money from? Then need not worry when you are offered with the best loans in India. And one of such loan is Loan against Property. Yes, Loan against Property also known as Mortgage Loan is a secured loan. It is available for both salaried and self-employed borrowers. It helps to fulfill business and personal needs by mortgaging the property. Here property acts as a security for the loan.
What is Loan against Property?
Loan against Property is one of the abstract aspects of banking. It is a Mortgage Loan which can be availed by keeping a property as security. The financial institutions offer this loan against a property, which can be a residential or commercial building or a piece of land. The loan is easily availed by mortgaging the property with the bank.
Under this system, the Mortgage Loan is provided at a certain percentage of the property’s market value, usually around 40% to 60%. Here consumer gives a guarantee by using his property as a security.
The Loan against Property can be fruitful if you:
1. Want to expand your business
2. Want to get your son/daughter married
3. Want to send your son/daughter for higher studies abroad
4. Want to fund your dream vacation
5. Want to fund your medical treatments