At one point or the other everyone faces a financial crunch in life. You can overcome this by borrowing a loan, either a personal loan or a loan against property. Availing a loan against the property to finance your fund requirements is better and have several advantages. Let’s see how a loan against property is a better option. Loan against property is a secured loan, due to this it is available at a lower interest rate in comparison to an unsecured personal loan. Loan against property is a multipurpose loan, you can use it for financing personal as well as business needs.
Once availed, you are free to use loan amount as per your will. Loan against property is available for a longer-tenure of up to 15 years. It implies easy repayment options. Eligibility criteria for availing a business loan varies across lenders, some of the common criteria include: age of the applicant should be between 21 years to 65 years. Both salaried and self-employed individuals can apply for a loan against property. Documents required for applying for a loan against property include KYC documents (Identity Proof, Address Proof and age Proof), Income documents and property documents. You can apply for a loan against property through an online aggregator for quick and easy approval.