22 MARCH, 2022

A financial crisis can knock at your door at any point in time, unannounced. Your savings may or may not be enough to meet such financial needs. In such a scenario, it is always better to be prepared and look for financing options well in advance. You could borrow from your friends, but it is a temporary solution. You can also liquidate your assets. However, why sell your properties when you can get money by leveraging their value. A loan against property can help. With a loan against property, you can get funds for your varied needs while retaining your property with you. Listed below are 5 financial Goals that a loan against property can help you fulfil. Read further.

 

What is a loan against property?

A loan against property is a secured loan where you can leverage your property with a bank or financial institution. You can mortgage your commercial, residential or industrial property with the lender to meet your financial needs. When you take a loan against a property, the ownership of the property is transferred to the lender. The property’s papers remain with the lender until you repay the amount. If you default on the repayment, the lender reserves the right to auction the property and recover the loan amount. It has no end use, and so you can use the loan amount for any purpose.

 

5 financial goals you can use loan against property for

 

  • Fund higher education

Education is an investment that can give lucrative results in future. However, it is no secret that funding educational courses is not cheap. You could choose to send your children to pursue higher education abroad. For that, you need a huge amount of funds to ensure that they do not miss out on any opportunity. A loan against property can help you. Your children can choose the course and university of their choice and take steps to a bright future.

 

  • Fund the business expansion

A lack of funds could be a reason why you are not able to start a new business or scale up your operations. If you have a business plan, you can leverage your property to get funds for your business expansion.

 

  • Fund the best medical treatment

There is nothing more valuable than life and you and your family deserve to get the best medical treatment whenever required. With a loan against property, you can pay for the medical expenses at the best hospitals and medical clinics. 

 

  • Fund your dream vacation

Life is short, and travelling is the best way to cherish it. Stop postponing your travel plans to the time when you will have enough savings. Avail a loan against property and visit the picturesque locations of Kashmir or fly abroad for your vacation.  

 

  • Fund your lavish wedding

Weddings are usually a one-time event that calls for perfect prep. With a loan against property, you can ensure that you plan your wedding exactly as you want without compromising on any dream. You can use the funds for your outfit, jewellery, vendor, vendors, caterers, etc. 

 

A loan against property is a convenient means to finance your varied needs. However, it involves a substantial amount where your property is at stake. Therefore, ensure to get the best loan against property interest rates and check your loan against property eligibility. Apply today.

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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.