How a Loan Against Property Help With Too Many Expenses | Kotak Mahindra Bank - Home Loan Stories

14 JANUARY, 2022

There could be situations when you need urgent funds. It could be for any emergency or a big-ticket expense. You might have property assets, but liquidating them is not always advisable. Instead, a loan against property can be a great help during such times. With a loan against property, you can solve your financial crises and pay for the multiple expenses as per your need without selling your asset.

What Is a Loan Against Property?

A loan against property is a secured loan where you can pledge your property to borrow money from banks or financial institutions. Lenders lend you money against your industrial, commercial, or residential property. The loan against property has no end use and so you can use the loan amount to pay for any of your needs.

Uses of Loan Against Property

Loan against property can be used for any purpose. You can use it to pay for your children’s education or marriage, fund your travel plans, pay for medical emergencies or home renovation. However, when you are tied up with lots of different expenses, it can help you pay for all of them. You can avail a high amount by pledging your property and use LAP to consolidate your debts. With a LAP, you can consolidate your debts and pay for them at a uniform due date and EMI.

Benefits Of Kotak Mahindra Bank’s Loan Against Property

  • High loan amount

Whether you need to plan a lavish wedding for your daughter or wish to pay off all your unsecured loans, a loan against property can be a great help. With a LAP, you can avail a high loan amount based on your property’s value and fulfill any of your needs. With us, you can avail a loan amount ranging from Rs 10 lakh to Rs 5 crore at one of the lowest interest rates.

  • Flexible tenures

You can repay as per your financial viability with the help of easy repayment options available. You can choose a tenure that helps you repay in easy installments. With us, you can opt for flexible loan offering and pay through EMIs or use the overdraft facility.

  • Quick processing

You can be assured to get the loan processed in a short time. Once you fulfill the eligibility and furnish the required documents, you can get the approval within 21 working days.

You can avail a loan against property with Kotak Mahindra Bank with minimum documents and easy eligibility. However, a loan against property involves a huge amount of money. Therefore, you should ensure to borrow an amount that you can comfortably repay along with saving for your other commitments. You can use a loan against property calculator to check your affordability and know your EMI before you apply.

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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.