It's an age old, time test practice to take out a loan against property. Property is said to be the best investment and people have often use their own homes as guarantees or as a mortgage. Loan against property is preferred by many because this way you can get a higher amount with the benefit of lower EMI.
Recently, Crisil said in a note that the amount of loans taken against property is set to double to Rs.5 trillion by 2019 and it is expected that the number will grow by 22% annually in the next four years. There are also emerging signs of a build-up in risk as competition intensifies, Crisil noted.
Creating a business module comes with pre requisites and having to understand what kind is best suited for your needs is equally important. Hence, if you want to expand your business or want to buy a new property and are considering taking a mortgage loan then here are five things you need to know about it.
These pointers offer a basic insight into mortgage loans. However, it is always advised to consult a financial advisor or bank or finance company before opting for any kinds of loans.
This article is about things you need to know about Loan against Property. I’m a financial advisor with an experience of more than 5 years. I have worked for topmost financial firms in India. A post-graduate in business economics, I’m a writer of Business and Finance industry.