Many people are confused or do not have enough information on loan against property or mortgage loan. They waste a lot of time with wrong loan decisions eventually getting into a financial debt. If you are one of those people, here’s what you must know about loan against property and how easily you can avail it. The Interest Rates on Loan Against Property are also very low thus, giving the best option for any borrower to choose it.
CIBIL Score
As this is a secured loan where you pledge your property as collateral/ security/ guarantee towards the loan lenders do not insist on high credit scores. Though, background checks are still done but they are not as strict as in the case of a secured loan.
Longer Payback Period
Leading lenders such as financial institutions and NBFCs offer the loan on extended tenure from 2 to 20 years. This gives you more time to pay off the loan easily and avoid chances of default.
Hassle-Free Loan
You can easily apply online by filling up the application form at the lender’s website. Upon verification, you receive quick loan approval and disbursement to take care of your financial obligations. Not only this, you can manage your loan from the digital portal and access it from anywhere anytime to take informed decisions during the loan cycle.
Simple Eligibility
Experienced loan providers such as NBFCs understand the need of finance and thus offer loan on easy-to-meet eligibility criteria. You must ensure, that the property must be free from any litigation and have no loan on it at the time of applying for mortgage.
Loan Against Collateral 