Expenses like significant renovations of your home, acquisition of a building for business or even funding your child’s wedding may run into several lakhs or even a crore. As a salaried individual who earns a monthly income, meeting such substantial one-time expenses can become a hassle. While availing a collateral-free personal loan may be easy, you may not get a high loan amount of Rs. 1 crore or end up paying a high interest rate. Instead, you can pledge your existing property and avail a loan against it.
Since a loan against property is a secured loan, your EMIs will be lower as compared a personal loan, thanks to a nominal rate of interest, a longer repayment tenure and the Flexi facility offered by select lenders. Bajaj Finserv, for instance, offers a Loan Against Property of up Rs. 1 crore to salaried individuals that is sufficient to meet large expenses easily and conveniently.
There are a number of lenders including financial institutions such as NBFCs (Non-Banking Financial Companies) which provide high-value loan against properties at very competitive interest rates. Mentioned below are some of their features and benefits -
Loan Amount
As a loan against property is a secured loan, you can avail high value loan amounts. Moreover, as the asset being pledged is a property, the interest rate charged is also lower. As a result, you can address any and every financial concern using such loans.
Eligibility
Despite the loan amount involved is of high value, the eligibility criteria is a very simple one. Even though the eligibility criteria varies from one lender to the other, some of the common ones are as follows -
- You must be aged between 33 to 58 years
- You must be a resident Indian
- You must be an employee of an MNC, private company or a public sector organization
Additional Read: How to Get a Loan of Rs 1 crore as a Salaried Individual
