A loan against property is an easy way to raise a large amount of finance, without giving up the ownership of your property. When you choose this option, you can pledge either commercial or residential property as collateral. Besides, you also have complete flexibility on how you use this loan.
Here is a look at a few major expenses that you can easily pay with a loan against property.
Pay for your child’s overseas education
The average cost for studying abroad ranges from Rs.12 lakh to Rs.20 lakh per semester. This price varies according to the location and course your child selects for overseas education. Along with the basic semester fee there are a variety of other expenses including living expenses, travel costs, and emergency funds. You can meet all these expenses using funds from a loan against property for higher education. With a long tenor and high loan amount, this financing option is better than an education loan. Bajaj Finserv, for example, offers up to Rs.3.5 crore to you repayable in up to 20 years.
Fund medical expenses
When you or your family member faces a medical emergency, you can’t give in to compromise or delay. The cost for treatment, operation, and other expenses for a hospital stay can take a big slice out of your monthly budget. However, you can fund urgent healthcare needs with a loan against property. Simply mortgage a high-value property to get a quick online approval and speedy loan disbursal to attend to your needs in a timely manner. Choose a lender like Bajaj Finserv who promises completion of all processes within a 72-hour time frame.
Finance a wedding
Weddings are an expensive affair and while some of its related costs can be planned beforehand, others may leave you facing a cash crunch. Some example, you can estimate the cost of the caterer, photographer, trousseau, and the venue. However, last-minute hotel bookings to accommodate more guests, paying for flowers at an exorbitant rate due to a florist cancellation, etc., incurs additional costs you may not have predicted. Availing a loan against property is ideal way to finance both fixed and unannounced wedding expenses.
Not only do you get ample finances via this loan, but when you choose a Bajaj Finserv Flexi Hybrid Loan Against Property for Weddings you also get more convenience. When you pick this variant, you pay interest only on what you use from your sanctioned limit. This helps you keep your interest payment to the minimum. You can borrow more when you need to and meet unplanned expenses with ease. Additionally, you can repay the amount borrowed as interest-only EMIs to manage your finances more efficiently.
Start or grow a business
Whether you are starting an enterprise or expanding your business, you will need a corpus of funds. A loan against property for business purposes is a popular choice for such needs. This is because you save on time and money by funding your requirements sufficiently using your own property as collateral. You can then buy needed machinery, pay wages, equip your office, buy factory premises, stock up on inventory, pay all marketing expenses, create a website and digital assets, or place advertisements using funds from a loan against property. You can then repay the borrowed amount later using business revenue.
Finance your dream vacation
International holidays to exotic locales can be expensive and saving up for them takes time. While savings are essential, costs related to tickets, your stay, and sight-seeing are bound to increase over the years, compared to what you initially started saving for. Instead of stalling your dream vacation, fund it with a loan against property. The simple eligibility criteria of a loan against property will help qualify for it easily. Furthermore, you can benefit from minimal documentation requirements. This avoids the hassle of lengthy loan procedures. You can track your repayment and manage your account online and on the go for added convenience.
This way, you can finance a bevy of personal and professional goals with a loan against property. Choose a lender that offers a high-value sanction on hassle-free terms so that you can repay the loan conveniently.