Know How To Apply For A Loan Against Property And Its Benefits
A loan against property is a secured loan that allows individuals to get funds for their professional and personal expenses by mortgaging their immovable or commercial properties. Several leading financial institutions offer this service at reasonable interest charges. Borrowers enjoy several benefits, including tax benefits on a loan against property.
Read on to know more about the same.
How to apply for a loan against property?
Candidates can follow these simple steps to opt for a loan against property:
Step 1: Individuals can visit the official website of their preferred lending partners.
Step 2: Then, they need to locate the loan against property option from the product menu.
Step 3: Following this, they need to fill up the application form with their professional, personal, and property details and submit the form.
Step 4: The candidate will be contacted by a representative from the lending partner’s end for further details.
Step 5: The financial institution will process the loan once the candidate submits the necessary documents.
Benefits of Loan Against Property
As mentioned above, Loan Against Property comes with several benefits, such as:
- Borrowers enjoy the tax benefits under Section 27(B) and 37(1). Under section 37(1), individuals can avail of tax benefits for the payable interest. Similarly, individuals can get a tax benefit up to Rs. 2 lakhs under section 27(B).
- Being a secure loan, financial institutions levy low-interest rates on Loan Against Property.
- Individuals can use the borrowed fund for professional or personal expenses without any obligation.
Apart from the tax benefits on a loan against property, this facility has several other features and benefits. Following these details, applicants can get a brief idea about the loan.
Read More: A Beginner’s Guide To Apply For A Loan Against Property In Delhi
