We all need money for a variety of purposes right from funding your business to pay the fees of your child’s education. In case of a financial emergency, the most obvious question you would ask yourself is how and from where I would get my funds from to meet the sudden expenses? Today, one of the easiest ways to get funds is to avail a loan. If you own a property, you can use it to your advantage and get loan against property (LAP). If you don’t have any prior experience taking loans, you would want to understand what exactly is loan against property. It is essentially a loan that is disbursed by the financial institution against the property you wish to mortgage. The property you mortgage can either be a residential or a commercial property. It can be either be self-occupied or rented out to somebody else.
Most of the leading housing financial companies in India like Indiabulls Housing Finance limited offer LAP. It is essentially a long term loan and is given for a period of 10 years or more. You can use the loan amount to meet your immediate financial requirements like consolidating your debts, funding your child’s marriage/education or investing more capital in your business.
One of the main reasons why people opt for LAP rather than personal loan is that the loan duration is higher, the interest rate is competitive and more importantly you do not need to specify any reason to the lender. Before applying for LAP make sure that you do your research well about the lending institution in terms of the rate of interest, repayment terms, tenure and other related charges. Initial research would go a long way in helping you get the best loan deal.
If you are availing home loan from Indiabulls Housing Finance Limited, you would receive all the assistance and information you need to make your loan availing experience easy and happy.
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