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5 Lesser-Known Purposes for Which a Loan Against Property is Helpful!
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Emergencies come announced. Even if you save for your needs and wants, there can be moments when you hit a rough patch and need additional funds. You can borrow from your family and friends, but using your own assets can be a better option. Using your property to avail loans can help you fund your needs without being dependent on anyone. A loan against property is a convenient means of arranging funds when you face a financial crunch. You can use this loan offering for varied purposes and repay it as per your financial comfort.
Different Purposes You Can Use a Loan Against Property for
If your credit card debt is piling up, or you have borrowed money from friends and haven’t repaid it yet, it is likely to get anxious. In such a case, a loan against property can help you. You can use this loan to pay off any debts and save money. Moreover, you can also consolidate your debts if you have availed other secured or unsecured loans (personal loans for instance).
Knowledge can open hidden doors, and lack of funds should never deter you from pursuing higher education. Whether you or your kids wish to study in the premier institutes of India or want to go abroad, with a loan against property, you can build your career and lead a successful life. The maximum tenure of this loan is 15 years, giving you ample time to repay.
Tired of a 9-5 job? Want to be your own boss? A loan against property could come to your rescue. With flexible repayment tenures and attractive interest rates, you can finance your dream of starting your own business without depleting your savings. Funds from the loan can be utilised for expanding your business too. You can choose a tenure that suits your repayment comfort and apply for a loan against property.
Weddings are a once in a lifetime opportunity to celebrate your love with near and dear ones. Naturally, the experience should be one that you remember all your life. However, weddings in India are extravagant affairs. It is not uncommon to spend lakhs of money to plan a decent wedding. So, whether you wish to get married yourself or want to plan your child’s wedding, a loan against property could be the best option. With the loan amount, you can finance the catering, honeymoon, outfits, decorations and gifts for the wedding easily.
A vacation rejuvenates your mind and fills you with new energy and enthusiasm. However, tourism is not cheap. Be it accommodation, travel, sightseeing or shopping, you might have to spend a lot to enjoy your dream vacation. But lack of funds should not dampen your spirits. With a loan against property, you can go on a vacation that is memorable and enjoyable. With a high-value loan, you can pick the destination of your choice and give your family the gift of experience.
With a loan against property, you can leverage the equity of your property to fund your diverse needs. So what are you waiting for? Check your affordability with a loan against property EMI calculator to fulfil all your dreams, today.
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