Loan Against Property - A loan given against the mortgage of property is called Loan against Property. This is one of the cheapest retail loans after Home Loans
- Multiple purposes - Loan against property can be availed for multiple purposes. It could be for business, education, medical needs, property purchase, marriage or any other personal or professional need.
- Longer tenure - Loans against property can be taken for tenure periods ranging up to 15 years or more, enabling the borrower gets sufficient time to clear the loan.
- Hassle free - Banks are willing to provide loans against property without hassles, provided the criteria are met.
- Easy repayment - Borrowers can choose from multiple EMI options to choose one which best suits their repayment capacities.
- High upper limit - A borrower can avail loans upto Rs 10 crore and more against property, if the property meets the required criteria.
- Property Type - Any property type can be kept as security to avail this loan. It could be a residential or commercial property or just an empty plot.