Lenders are seeing a
steady growth in the loan against property segment. Most borrowers are opting
for this facility as it is a secured loan and it attracts a lower rate of
interest. The loan amount depends mainly on the value of the property that is
determined by its location and age of the property and the quality of
construction.
Over the past 3-4 years,
the loan against property segment has grown at a compounded rate and now stands
at Rs.2.3 trillion.
The loan against property
must be opted when you are in dire need of a huge amount of cash. Most
commercial loans are offered at a higher rate of interest and since this is a
secured loan, you can get it for a reasonable rate of interest. The loan tenure
offered ranges between 10-15 years which puts less burden on its repayment.
Most
individuals take a property first to ensure that their future is secured and
the property usually just sits idle most of the time. Loan against property
enables you to unlock its potential and the huge loan amount can be used to
finance your business or meet any big expenditure that you have. But it is
advisable that you take a loan against property to expand your business instead
of starting it. Starting a business could go either ways, so it is best to know
that you can make profit out of it and you must be confident that the returns
that you get after the expansion will help you clear out the loan.
Having said that, it is a
risky decision that you take. If you are unable to repay the loan or if you
default on the installment amount, your credit score will be affected badly and
that makes it very difficult for you to take any further loans with ease and
for a reasonable interest rate. Always ensure that you are in position that the
loan can be repaid on time and that you have enough flow of income or flow of
cash from your business. Take care of the loan first. Servicing the loan is
very important. If you are coming across a huge profit or an extra income,
clear off the loan before you do anything, because the sooner you get it cleared,
the better it is for you.
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ReplyDeleteNice article.
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