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Priyanka Jain is a seasoned Omni-channel content specialist, recognized as ‘top 50 content marketing professional-2019’ by World Marketing Congress, CMO. She is an enthusiastic personal finance blogger and writes actively on credit rating, loans, credit cards, insurance, and mutual funds. At MyMoneyMantra, she supports MMM’s core vision to simplify credit decisions and spread financial literacy.
Nowadays, most new home buyers avail the facility of a Home Loan while purchasing a new residential property. This is largely due to the high prices of the residential properties across India due to which personal savings fall short of the amount that is required to finalise the purchase.
Personal Loans have become a ready reckoner tool available in the times of financial crunch or when we feel an urgent need for cash. They are easy to apply, easy to get and easy to pay back. The online application processes have made life easier for everyone; you can simply apply online, upload the documents and get approved for Insta Loans without any delay.
Loans Against Property (LAP) are secured loans where you pledge your residential or commercial property as collateral. This means that banks have the margins to offer good interest rates and longer loan durations.
The Pradhan Mantri Awas Yojana (PMAY), is an initiative taken by the Ministry of Housing and Urban Affair which was launched on June 25th 2015.
So, you have bought your dream home availing a Home Loan after several years of saving for the down payment. You were happy with the complete deal. It has been three years and the high Home Loan EMIs are burning a hole in your pocket. Meanwhile, with interest rates going down, you find a difference of nearly 1% on your loan.
Can I avail a loan against my existing property to buy a new house? Theoretically speaking, you can do so. No law prohibits you from doing that.
In times of financial exigencies, Personal Loans offer you the much-required financial flexibility. There is no need to dip into your savings to meet the requirement at hand.
Our world is less than ideal, which is why it is almost inevitable for one to find themselves in a situation when they need some additional cash.
