Move into a New Home with a loan against your old property
Many people who already have a home and willing to move to a new and bigger space, sell out their current space to purchase a new property!
Such people invest the ROI from their old property in buying a new home. If they are short of some funds, they either take a personal loan or a home loan. However, these methods are conventional and may not be profitable in the long-term.
In the same context, when you are willing to buy a new space and already possess an old property, you can go for an easy method to do many things.
Yes, we are talking about the loan against property facility. To get funds for your new home, you can pledge your old home and get huge funds up to Rs.10 crore at lower rates.
As it’s clear from its name, the loan against property India is a funding option where you need to pledge your property with a lender. The lender gives you an amount against your property which you can use for buying a new home.
The biggest benefit of going for the loan against property is that you don’t have to sell your old property. You can continue to be its owner and get a large amount to fund your multiple needs.
What’s more, you can also rent it out to earn a second income and even use the money to pay the loan against property EMIs.
Want to buy a new home? Opt for the loan against property
The loan against property can help you borrow a large amount of up to Rs.10 crore. Thus, be it the need to buy a villa, duplex, apartments or anything else, you are free to use the loan amount. You can also use the amount for other purposes as well.
Enjoy a lower rate of interest
The loan against property features the lower interest rate as the loan is provided against your property. Hence, you can easily repay it without stressing about other monthly expenses. Based on your loan against property comprising of higher CIBIL Score, property’s value and income, you may enjoy a lower interest rate.
Longer Tenure
The loan against property tenure is longer and may range between 2-20 years as per your profile. Thus, you may stretch the loan amount in longer tenor and pay smaller EMIs.
Flexi Loan facility
You may borrow an amount as per your need from the total loan limit and pay just the interest as EMIs. The rest of the amount is settled after the loan tenor ends.
Online Loan Account Access
You can track the loan’s progress via the lender’s digital customer portal and get all details 24/7 and right from anywhere.
You have an idea of how the loan against property features can help you buy a new home while still making the most of the old one. You can apply for the loan against property online with leading lenders and get started today!
Bajaj Finserv offers incredible pre-approved offers on loan against property, home loans, personal loans, business loans and others. Such offers help you go through the loan processed faster and easier.
To unlock your customized pre-approved loan offers, you can submit your basic details like name and mobile number.
