Unforeseen expenses can arise anytime as life is extremely unpredictable. Be it financing your child’s education, managing wedding expenses, unexpected medical emergencies, or starting a new business, you would certainly need a helping hand in the form of a loan. The good news is that you could use your property as collateral to get a loan. It’s conventionally known as loan against property. The loan can be availed by mortgaging a commercial, residential or industrial property. Most salaried people and self-employed individuals can avail this facility. Now, let’s proceed by discussing the various benefits of this loan.
Since the loan repayment tenure is flexible, you could choose a period of up to 20 years to clear your debt. By doing so, you don’t have to pay a higher EMI as the total loan amount to be repaid is distributed over a long period. Self-employed people can select repayment tenure of up to 18 years, making things extremely convenient.
Since you’re availing a loan against your property, you could be charged an interest rate as low as 1%. So, the total interest amount that you end up paying is significantly lower as compared to other types of loans. This makes repayment extremely easy for both salaried and self-employed individuals.
No prepayment charges
If you’re lucky, you would have to pay zero prepayment charges. This means, you could pay off your loan as early as possible without any consequences. Even in the unlikely event if you’re charged a prepayment penalty, it’s bound to be insignificant. This makes the prospect of loan against property extremely enticing.
Quick loan approval and disbursal
Again, since you have a property, your loan will be approved faster than most other types of loans. Plus, your loan amount is disbursed quickly.
Now, let’s discuss what a loan against property EMI calculator is. To put it simply, it’s a calculator that helps you calculate your monthly instalments for repayment of your loan against property. You could also use the loan against property calculator to determine your loan against property eligibility. For doing the same, please use the calculator available on our website.
Given the convenience associated with this type of loan, you should seriously consider applying when you desperately need money. Nothing should stop you from achieving your dreams!