The need of money can arise at any given point in time. This causes a financial setback to your clock like working finances. Even more so it gets a lot more complicated if you do not any finances to ease the setback. Most of us do not have a lump sum of cash ready when we need it. This creates a huge challenge in acquiring cash in the time of crisis.
Personal loans do seem the most feasible option in order to acquire a quick cash flow. But the rate of interest on those loans does put your plans on the back burner. In such cases, a convenient way out is to opt for something known as Loan Against Property (LAP).LAP is characterized as a loan that is given to the borrower with a security of the borrower’s property rights be given to the bank.
In case of loan against security the bank has a full right over the property, be it land or a house until the full amount is not been repaid by the borrower. In spite of this condition, the owner remains the rightful owner of the property throughout the loan tenure. While taking a loan private banks may offer up to 75% of the property’s worth. Whereas, the public banks may offer up to 65% of the property valuation. Hence a thorough research needs to be done in order to get the best deal out of LAP.
Some of the advantages of LAP are it is a secured loan. The tenure for LAP is long i.e. 15 years, which gives ample of time to settle off debts. The eligibility of the loan is decided on the property’s worth. The rate of interest is most cost-effective 12 to 16%. This results in the EMI turning cheaper.
JMFL is an institute that provides services of loan against securities. They provide you with the best valuation compared to any other financial institution can offer. JMFL also aids your end to end needs in acquiring the loan and also getting the best deal out of LAP.