Anyone can get caught amidst financial troubles. Taking a loan has long been a good option to fight cash crunch situations since they are easy to get and come with multiple options. While you can always go for a personal loan, it may be possible that the loan amount you are eligible for is not sufficient for you. In such cases a loan against property can come to your aid. Also known as LAP, loan against properties are considered to be one of the cheapest secured loans in India and also come at cheapest EMIs.

A loan against property is basically a loan wherein you keep your commercial or residential property as a collateral to the financial institution and you borrow money against the same.

Here are some benefits of taking a loan against property:

It Can Be Availed Easily

Getting a loan against property is not difficult and most of the top lending institutions offer this facility. All you need is the papers of your property and the process is seamless and hassle free. The loan amount for loan against residential property is disbursed shortly.

Low Interest Rates

In terms of interest rates too, a loan against Gurgaon property[URL]https://www.inrcredit.com/loan-against-property[/URL] is a good idea. The interest rate of these loans are quite less than the ones of personal loans, a clear reason why you should consider these over a personal loan.

It Can Be Taken For Multiple Purposes

The amount received for loan against property can be used against a myriad of financial things like business expansion, home renovation, debts, higher education etc. Once you have received your money, it is your wish how you use it, no questions asked.

Long Tenor Period

The tenure of a loan against property generally varies between 10 to 15 years. Since the amount you can avail through a loan against commercial property is high, the banks offer a longer tenure to repay. This helps the borrower in paying off the loan easily without feeling burdened. Due to lesser interest rates and longer tenure, the EMI amount is also low.

Continued Ownership

Taking a loan against property does not mean you have to give away the ownership too. You need not pay back the entire loan amount before you get the ownership. If you are not able to repay the loans, you can choose to sell the property at any point and settle the loan with money received.

Flexibility in the Loan Amount

In case of a loan against property or loan against rented property, you have the advantage of getting a flexible loan amount. More often than not, you can get a loan of about 40 – 70% of market value of your property. Hence, it’s up to you and your requirements of how much you want to avail. It is still suggested that you choose to borrow wisely.

Source: https://www.freeprnow.com/pr/a-guide-to-loan-against-property