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5 Financial needs that can be fulfilled with loan against property
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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In need of some immediate funding led by an emergency or sudden requirement? Well, you may be on the lookout for some financing options. This is where loan against property comes as a great option that you can turn to. This kind of loan lets you avail of finances by using a property that you own. The property can include anything, from a self-occupied home, rented land or even a commercial estate. When you apply for a property mortgage loan, the total amount is disbursed considering the total value of the property held as collateral.
The funds sourced through a mortgage loan against property can be used to fulfil several requirements. Some of them include:
Starting or expanding your business venture – If you want to take off or push your business to greater heights, then a loan against property can bring you the funding you need. Available funds are important to meet your business goals and help it grow. From hiring employees, expanding infrastructure, to launching new products, the funds from a loan against property can be extremely useful.
Higher education – Looking to fuel your own or the higher educational aspirations of your child? Indeed, the funds required can be very high. You can turn to a loan against property to fulfil this desire. The loan funding can fulfil different aspects of educational expenditure including tuition fees, living expenditure, travel costs and much more.
Medical emergency – Medical emergencies can be daunting and falling short on funds can further cause distress. Medical expenses are also high in the times we live and when sudden, it causes a major dilemma. A loan against property can be a good solution to serve immediate medical funds. Essentially, the type of loan is also sanctioned at a quick rate, making it a much better option.
Vacation or trip – If you have been planning on going to your dream vacation for the longest time but have been restricted by inadequate funds, a loan against land or property can help. The loan lets you avail of big amounts depending on your property. Thus, even if you wish to take a luxury trip, you are covered.
Wedding – Have you always dreamt of getting married amidst a grand celebration? Don’t let the low or unavailable funds keep you from doing so. A loan against property can help you get funds to take care of the bills of wedding venue, caterers, décor, wedding jewelry and more.
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