Loans, loan lenders and their ease of availability is simply life-changing. Whenever we are in dire need of funds, we can always think of applying for a loan and getting the needed finance. There are several other benefits of loan against property as well.
1. Loan against property interest rate
A loan against property is completely secured and has fewer chances of default. As there exists collateral, the interest rates for loans against property are comparatively lower than personal loans.
2. Less EMI’s
A loan against property generally has a long repayment period. Hence you will have a long time to repay the loan, consequently paying lesser EMI’s.
3. Long repayment tenure
Long repayment tenure in the loan against property has not put any burden on the borrower. As a borrower, you can comfortably repay principal and interest in small EMI’s.
4. Your ownership of property
If you have availed loan against property your ownership on the land is not going to dilute, you will continue to own and use the property. You can still do your business on the land even after availing a loan against it.
5. A good bet
Loan against property is generally considered a liability, but if you start a business, you will be able to make more revenue and assets through the liability you were carrying unknowingly. Hence it is better to use your dormant land or property productively as a loan against property and especially when interest rates are lower.
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