What You Must Know About Loan Against Property
By
siliconindia | Wednesday, April 25, 2012
What purposes can I take a loan against property for?
Loan against Property can be taken for following purposes:
- Expanding your business
- Getting your child's married
- Sending your child for higher studies abroad
- Funding your dream vacation
- Funding medical treatments
What kind of properties can I mortgage for a loan?
You can generally take a loan against your residential property, which may be self-occupied or rented. This could be a house, flat or even a piece of land.
What are the eligibility criteria to get a loan against property?
- Your income, savings, debt obligations
- Cost/value of the property mortgaged
- Your repayment track record for other loans, credit cards, etc.