Put your property to Work for You! Mortgage loan is a loan taken on the security of any fixed asset that includes residential or commercial property, land, and plant & machinery. Mortgage loan may be applied towards many needs. You can use your self occupied residential and commercial property & use the true value of your property.
- Financing heavy expenditure: Such expenditure can be any thing from higher education, wedding in the family to major medical expenses etc. The purpose could be even buying a new house or a flat.
- Saving Income Tax: If you take a mortgage loan and buy or construct a flat or a house, then you will be able to claim income tax deductions subject to certain conditions.
- Creating an asset or adding value to it: You mortgage your existing house and renovate it by adding new furniture, you are creating a tangible asset. When you use mortgage loan for extension of your house, you are adding to the value of house.
- Additional or Top-up loan: You have already paid back the earlier loan amount in time. In case, you want some loan for other purposes like educational or marriage expenses, then you may approach the financial institution for the additional or top-up loan.
- Loan against your home: You can take loan against your house or other fixed asset. This will cost you less than other ways of borrowings from the bank. This can take the form of secured bank overdrafts wherein, you need to pay interest only on the overdrawn amounts. It can be a short-term bridge loan for a maximum repayment period of 2 years where security is a first mortgage of new property.
- Buying a plot or land: This loan helps you to buy land or plot to construct a house.
Some of the reasons why you can opt for a mortgage loan are given here.
- Easy eligibility: Salaried, self-employed and businesspersons - all are eligible to get a mortgage loan provided they own a fixed asset.
- Attractive rate of interest: The rate of interest charged is lower than the interest rate charged on other types of loans.
- Choice of Interest rates: You have an option to select either fixed or floating interest rate.
- Convenience of paying in small parts: Another advantage is the whole amount of loan with interest has to be paid in convenient Equated Monthly Installments (EMIs) over a longer period.
Loan Against Property is the perfect way to unlock the hidden value of your property. With this loan, you can fully benefit from life’s little surprises you may have earlier passed over due to lack of funds. Live your dreams with a Loan Against Property! This multi-purpose loan puts funds at your disposal to use as you wish. Apply now for a Loan against property at Imoneykit.com and fulfill your dreams!
|
