Whenever you are about to take a major step in your life, it is the finances which become the crucial need of the time. And most of the times we fall in a shortage of money and to fulfil that shortage, we opt to borrow. A life with borrowing option has become the new normal for the present generation.There are several ways to borrow money in the time of needs. Among all those borrowing sources, a Loan Against Property from ShubhBank is probably the best option as the interest rate is much lower than that of unsecured loans like a personal loan. To avail a loan against property, it is obvious that you should own a property which should be kept as collateral.It comes with no restriction of usage, though called as multipurpose loan. Beside of fulfilling your requirements there are much more “Benefits You Can Grab From Loan Against Property“.

Hassle free approval
The ease of approval is one of the prominent benefits of Loan against Property. Availing a loan against property is much easier than availing any other unsecured loan product. The only thing we are concerned about is that your owned property is free from any kind of mortgage litigation’s.

Easy on Pocket
A loan against property is an economical way of availing the much required financial aid. The interest rate is much cheaper than unsecured loan schemes. It ranges from 12% to 15% where as the rate of interest of a personal loan ranges from 12% to 25%.

Flexible tenure
The loan tenure of a loan against property would be an extendable one. The tenure of a loan against property can be stretched to 15 years whereas the tenure of a personal loan is up to 5 years. The longer will be the tenure, the lesser will be financial pressure on the borrower.

Avail it on different property types
One can use various kinds of property to avail a Loan against Property. You can mortgage a self-occupied home, a commercial property as well as a residential property or it can be a piece of land that the borrower owns legally.

Minimal financial burden
The financial burden of a “Loan Against Property” is much lighter than other loan products. There are two factors that make it a lighter debt is the low-interest rate and longer tenure. These factors together make the EMI amount smaller, hence the financial burden is lighter with a loan against property.

Ownership continuity
Unlike other secured loans, the ownership of the property will be with the borrower. The borrower can use his/her property as earlier. The ownership authority of the lender will be liable. The only thing which we will have is the custody of the mother and the sale deed of the property until the loan is fully paid off.

Beneficial use of property
A loan against property gives you the best value of your property in a cash crunch. It unlocks the real potential of your ideal property. Along with the general use of a property, the benefit you get from a loan is lower interest rate. The borrower can retain his/her ownership of the property while availing a loan against the same property.