What You Must Know About Loan Against Property
Bangalore: Money and finances, is always the matter of worry in every step of life. You may have a lot of plans when you plan to send your children for higher education abroad or finance your child’s wedding or your business. The first question which arises is “Where would I get the money from?”
Among many ways of arranging money, one option is taking a loan. There are primarily two options to take a loan – firstly you can take a personal loan for the amount required and secondly you can take a loan against your property. Bankbazaar.com has come up with the following facts which you must know before applying for a loan against property.
What is a loan against property?
As the name suggests, ‘loan against property’ is a loan given against the mortgage of your property. The loan is provided at a certain percentage of your property’s market value which is usually around 40 percent to 60 percent. Loan against property is a secured loan where the borrower gives a guarantee.
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