Whether you dream of renovating a home, pursuing education abroad, or having a big fat Indian wedding – all these dreams often come with a hefty price tag. And without proper funding, they may remain unfulfilled. However, if you own a property, you have a valuable asset that can help turn your dreams into reality.
Yes, you read that right. By taking a personal loan against property, you can fulfil your ambitions without taking the help of your hard-earned savings. In this article, we will talk about what a loan against property is and how you can use it to fulfil your dreams.
What Is a Loan Against Property?
A loan against property is a secured loan that can be used for personal or commercial purposes. Even if you occupy a commercial or a residential property, you can use it as collateral. However, before applying for such a loan, it is essential to ensure the property’s title is clear and free from disputes.
The loan amount you can obtain depends on the present market value of your property. At Tata Capital, we offer loans ranging from Rs. 5 lakhs to 5 crores, with a maximum loan tenure of 20 years.
How Can You Use a Loan Against Property?
The loan against property offers a versatile financing option to meet various financial goals and dreams. While there are no specific restrictions on how to utilise the loan, here are a few ways how a personal loan against property can help you:
1 Consolidation of debts
If you have several loans that you’re paying on time, you can still have a good credit score. But managing multiple loans with different interest rates can be challenging for your finances. A loan against your property can help you combine your debt and put all your loans under one big loan.
By consolidating your debts into one loan, you can thus streamline your finances and alleviate the burden of managing multiple monthly payments.
2 Property remodelling
Whether adding a new floor or completely revamping its look, renovating your home can be expensive. However, with a loan against property, it doesn’t have to be. By opting for this loan, you can renovate your home to your liking without compromising the material’s quality or the aesthetics of the fixtures.
3 Business expansion
All businesses have aspirations to expand at some point in their journey. However, expansion requires significant capital, whether for scaling up the current operations or establishing a new venture altogether. This is where a loan against a property comes in handy, providing the required funds for expansion activities.
When the expansion is executed properly, it can increase revenue for the business. And with a loan against property, businesses can acquire the resources needed to establish a solid foundation for long-term revenue growth.
4 Finance education
Providing quality education to their children is every parent’s dream. However, education costs are increasing rapidly, making it difficult for many to afford. This challenge becomes even greater if you plan to send your child abroad for further studies.
To tackle this financial burden, you can opt for a loan against property. Based on the current value of your property, you can obtain a significant amount of funds which you can use to finance your child’s education.
What Is the Eligibility of a Loan Against Property?
Before you apply for a loan against property, it’s important to determine if you meet the eligibility requirements. The following are the detailed criteria for eligibility:
For Salaried Individuals:
1. Employment must be with a large MNC, State Govt., Central Govt. or similar organisations.
2. Minimum age must be 23, and a maximum of 65 years.
3. Annual income must be a minimum of Rs 2,40,000.
4. Minimum occupation stability required is 3 years.
For Self-Employed Individuals:
1. Must be a doctor, architect, chartered accountant or a similar profession.
2. Minimum age must be 23, and a maximum of 70 years.
3. Annual income must be a minimum of Rs 2,50,000.
4. Minimum occupation stability required is 3 years.
How to Get a Personal Loan Against Property
At Tata Capital, we offer a hassle-free application process for the loan. To secure a personal loan against property online, all you need to do is:
1. Visit our website.
2. Fill in the application form.
3. Upload the required documents
Once you upload the necessary loan against property documents, we will verify your application and submitted documents. Then, upon the approval of the loan, the lender will disburse the sanctioned loan amount to your account within a few hours.
Wrapping up
Opting for a loan against property is an effective way to achieve your goals and dreams without straining your finances.
So, if you’re looking for a trusted lender for a loan against property, look no further than Tata Capital. We offer loans against property at competitive interest rates with minimal documentation.
For more information, contact Tata Capital today.
27 November 2023
5 mins read
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