Irrespective of the kind of emergency that you have, a loan against property can help you tide over any kind of pressing needs. This is because it does not come with kind of end-usage restrictions. This means, be it funding your child’s education, marriage expenses, emergency trips abroad, or funding your business needs and much more can all be covered using loan against property.
Further, loan against property in Pune is a secured loan. This means not only will the eligibility criteria be simpler, but the rate of interest will also be lower. As a result, not only will the chances of getting the loan approved be better but your monthly instalment will also be lesser. Thus, repaying back the loan will not be much of a burden on your finances.
There are a number of other aspects which needs to be considered, including the tax benefits, before applying for a loan against property, a few of which are as follows -
Property
Yes, you will get a loan against your already existing property but did you know that if you have an already running home loan on your property, then you can also obtain a loan against it. Further, you can even opt for loans whose value is 60% of the value of your property depending on the existing market value of that property.
Tax Benefits
Any unplanned medical expenses incurred can be claimed as a deduction if loan against property has been used for paying the expenses. You can similarly claim tax benefits for educational purposes and home renovations.
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