5 Financial Needs That Can be Fulfilled with Loan Against Property

Updated on: 14 Dec 2021 // 13 min read // #mmm news
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What is the first thing that would crop up in your mind if you face a financial emergency? It is ‘who do I get the money from?’ Arranging a large amount from friends and relatives is taxing. Here is where Loan Against Property comes into play. Yes, you can use your self-occupied or rented residential or commercial property to avail a loan! Once you apply, the bank will disburse the loan amount against the mortgage of your property.

According to a recent CRISIL report, this segment is estimated to grow 22% annually in the next four years. Here are five financial needs that can be fulfilled with Loan Against Property:

1. Expanding Your Business

Are you all geared up to expand your business? Reinvesting in your company would only mean requirement of enough cash to finance your business goals and growth. How do you get the cash? Loan Against Property is the solution! Right from opening a branch office at a new location, launching a new product, adding to the infrastructure to hiring more staff, expanding the carpet area of your office, and more, this loan can serve myriad purposes. Take your business to the next level by availing Loan Against Property. A comparative analysis will help you take the right buying decision.

2. Your Son’s/Daughter’s Wedding Expenses

So, you have been dreaming and looking forward to organizing an amazing wedding ceremony for your son or daughter? The alliance is made, the dates are getting finalized, but you do not have enough funds to make that dream wedding happen. Do you know you can use your property to avail a loan to meet your child’s wedding expenses? Get Loan Against Property and plan everything effortlessly in advance – jewellery shopping, venue booking, deciding on caterers, invitations, and a lot more. Go ahead and fulfill your cherished dream.

3. Your Child’s Higher Studies

There can be no greater joy than fueling your child’s aspirations by facilitating his or her higher education at a reputed institute. Worry not if your child wishes to study abroad or in India. You can avail Loan Against Property to pay for the complete education expenses ranging from living expenditure, tuition fees, books, travel, and other associated fees. Visit your nearest bank and apply for Loan Against Property for your child’s higher education.

4. Funding Your Dream Vacation

It has been rightly said that one should live life to the fullest in the present. Have you been planning to spend quality time with your family on a dream vacation overseas? So, it has been years and you have not been able to fulfill this dream! Fund your dream vacation with Loan Against Property!

5. Funding Medical Treatments

With lifestyle diseases taking a toll on health, critical ailments have seen a rise. Medical treatment is an expensive affair today if you don’t invest in an effective Health Insurance plan. In case, you face a sudden medical emergency in your family, requiring hefty funds, where do you get the money from? Again Loan Against Property is the answer!

Almost all leading banks provide Loan Against Property with little differences in benefits and features offered. The loan amount offered depends on a certain percentage of your property’s market value. Banks generally offer 70% of the market value of the property in question. Besides the value of your property, banks also take into account various other common factors into consideration when approving Loan Against Property. These include income, repayment track record, credit score, savings, debt obligations if any, etc.

If you require funds for any of the aforementioned purposes, apply for Loan Against Property through mymoneymantra, a leading online platform for all your financial solutions. Speak to our Mortgage Specialists, who have more than 28 years of experience.

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