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Need emergency money? Use loan against property to fund planned expenses

Both self-employed and salaried employees can avail of it

Topics
Loan against property | loans | loan rates

Bindisha Sarang 



Loan against property
Beware that if you are unable to repay, you could lose your home

  • You can get a loan of up to 65 per cent of the value of your property, for a maximum tenure of 15 years.
  • Both self-employed and salaried employees can avail of it. There should be no existing loan against the property.
  • You can take the full loan amount as a lump sum and repay it as an EMI, or take it as an overdraft account.
  • LAP is a secured loan. Its interest rate is lower than on a secured loan, such as a personal loan.
  • Take LAP to fund significant planned expenses, like sending the child to study abroad or a wedding.
  • Do not take it for risky endeavours like starting a business.

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First Published: Thu, November 21 2019. 17:01 IST

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