Your mind may be too much when sending your children for education in abroad or financially or financially to your business as a business. The first thing that many of us come to mind is, 'Where will I get money from?'
There are many ways you can arrange for money, and one of those ways is taking a loan. You can either take a personal loan or make a loan on your property for the required amount.
What is a loan against property?
The debt against the property (LAP) indicates the name correctly - distributed against a loan or property mortgaged. A certain percentage of the market value of the property is usually given from 40 to 60 percent.
Borrowing against an asset is a safe lending to the borrower's guarantee by using his property as security.
For which purpose do I take a loan against property?
The loan against property can be taken for the following purposes:
Expanding your business
Marrying your son/daughter
Send your son/daughter for higher education abroad
Fund your dream holiday
Fundraising medical treatments
What kind of assets can I get a loan?
You usually take a loan against your self-occupied or rented property. This may be a home or territory.
What are the eligibility criteria for a loan against property?
These standards vary from one bank to the other. However, from the host of all items, the general aspects of all banks are:
Your income, savings, debt liabilities