FindItMore | Fund Your Holiday With A Loan Against Property
Here’s How You Can Consolidate Your Holiday With A Mortgage Loan
- A high-value loan against property could be the answer to your next holiday
- You can avail long tenor mortgage loan up to 20 years
Once a travel bug bites you, there is no looking back. All you dream of is to explore the beauty of the world, enjoy the serenity of the hills and calmness of beaches. Between a mundane lifestyle, a holiday might be the ultimate gateway to a stress-free life.
However, there are expenses you have to incur while you go on a holiday. From booking tickets and arranging accommodation, you are also keen on sampling the local cuisine and buying gifts and souvenirs from your visit. Naturally, travelling is expensive.
Keeping expenses in mind, you may want to use your savings to fund your travel plans. But, it is prudent to hold on to savings and investments for emergencies or build your retirement income.
Instead, a loan against the property for travel could be a viable option. A Mortgage Loan can help consolidate all travel expenses.
In a loan against property, you can avail 70 % of the market value of the mortgaged property. But you may want to scrutinise lender policies before you decide on the right one.
Let’s look into loan against property features to help you travel the world, without depleting your hard earned savings.
Higher Value Loan
Whether your dream holiday is to enjoy the backwaters of Kerala or witness the wonders of the world in Egypt, a mortgage loan could come to your aid. You can visit any place you wish,by availing a high-value loan.As a salaried person, you can avail a mortgage loan up-to a value of Rs. 1 crore.On the other hand, if you are self-employed, you can avail a loan up-to Rs. 3.5 crores. You can look for exotic destinations for a family holiday or your wedding with a high-value loan. If you wish to know more about beautiful destinations to explore for your wedding
Easy and Simple Documentation Process
Since a mortgage loan is a secured loan,availing it is simple and easy. You get a quick disbursal of the mortgage loan amount in your bank account within a few hours. Once you fulfil the loan against property eligibility and submit relevant loan against property documents required, your application goes into the process. With your application can get approved within 72 hours.As minimum documents are needed to avail a Loan Against Property, you can now spend your time to pick the best hotel to stay and places to explore in your holiday.
Flexible and Longer Tenor
Unlike other financing options, you can avail for a longer tenor with a loan against property. The tenor of a mortgage loan varies between 15-20 years depending upon the lender. You can avail an 18-year tenor if you are a self-employed individual. As a salaried person, you can receive tenure of up to 20 years.
Moreover, the loan against property tenor is flexible. You can repay the amount as and when convenient. With prepayment facilities, you can also clear your debt before the tenor ends without penalties.
There is an inverse relationship between the loan tenor and monthly EMI. A longer loan gives you the benefit of reducing your EMI outgo. On the other hand, a lesser tenor increases the EMI amount, but could cause stress of repaying in a short time frame. With loan against property, the repayment amount is spread over a longer time inversely shortening the EMIs.
Lower Interest Rate
Collateral submitted when applying for a loan assures the lender. In return, you receive a low Interest Rates on Loan Against Property. A secured loan such as a loan against property has a lower rate of loan unlike other kinds of loan. Different lenders offer different interest rates, anywhere between 9.7%-15%. To know about how you can avail the best interest rates.
Various NBFCs offers loans with an interest rate of 9.7% to 11.25% for a salaried person. Whereas, for self-employed individuals, interest rates range from 10.5 -14.5%.
To Sum Up
A loan against property in India can work to finance your next holiday plan. With it,you can explore continents or enjoy the scenic beauty of islands.
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