With every passing year the cost of education rises at an alarming rate. To help parents cater to their child’s educational needs they need a reliable source of funds which is both low cost and low maintenance.
One such source is taking loan against property. This is a hassle-free and simple financing method which will let you liquify your fixed asset (property). You do not have to sell the property, auction it or place it on rent to acquire funds. How Much Does A Degree In A Reputed Foreign University Cost? You simply have to make sure the property pledged as collateral is free from any litigation and does not have any existing loan on it. This will help you acquire the maximum loan amount up to 60-70% provided by the lender against the property.
Moreover, this is an all purpose loan which can be obtained to cater to several financial obligations such as education etc. Lenders do not scrutinize the usage of the loan and it can be used for these purposes.
Another interesting thing to note is that leading lenders like NBFCs offer high value loan amount up to Rs. 3.5 crores at an affordable rate of interest and flexible tenure of 2 to 20 years. This gives the borrower ample time to pay off the loan with ease without compromising on their lifestyle.
Additional Read: Loan Against Property To Fund Higher Studies
If you are an existing loan borrower you may get your loan transferred with minimum paperwork to NBFCs offering lower rate of interest. This feature is available on loans which are being paid off well and have sufficient tenure left. To know more about such schemes you can discuss terms with your Relationship Manager.