Description
Loan Against Property is the type of loan which is backed by the property that the borrower has on his or her name. It is a type of secured loan that needs property to be pledged as a security in the bank. This type of loan usually has lower interest rate and has longer tenure, making it easier for the borrower to repay it. In simple terms, a loan against property is a type of loan where a borrower pledges their owned property, such as a house or land, as collateral to secure a loan from a bank or financial institution.
The value of the property determines the loan amount, and the borrower can use the funds for various purposes, like business expansion, education expenses, or debt consolidation. If the borrower fails to repay the loan as per the agreed terms, the lender has the right to take possession of the pledged property and sell it to recover the outstanding loan amount. Let’s learn about loan against property interest rate and its eligibility in the article.
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