Loan against bungalow is secured loan similar to a Loan Against Property. To avail of a Loan Against Bungalow, you must possess a bungalow as collateral. You can use the loan amount to fulfil any financial requirement like medical emergency, education, starting a business or buying a house.
Read on to know how to get a Loan Against your property and uncover its true value.
Benefits of Applying for a Loan Against Bungalow
Here’s why of opting for a Loan Against Property could be a good idea to reduce your financial burden:
1) Competitive Interest Rates
With a loan against bungalow, you can get a loan sanctioned from respective lenders by pledging your bungalow as collateral. As a type of Loan Against Property, this financial tool offers competitive interest rates for eligible borrowers than options like a Personal Loan or a credit card.
Competitive interest rates result in fewer monthly obligations throughout the tenure. This means that while repaying the dues with a Loan Against Property, you can focus on your savings with less interest charged.
2) Flexible Repayment Tenure
By pledging a residential property as your collateral, you can opt for a longer tenure to repay your debt. This flexible repayment tenure breaks your monthly obligations into smaller EMIs. This can make repayment of debt more convenient and will not cause a financial burden or interfere with your savings.
3) Easy to Avail
Loan Against Property by pledging your bungalow as collateral is very easy to avail. You can complete the application process online from the comfort of your home.
All you need to do is visit your lender's online portal, fill up the required details, and upload scanned copies of the necessary documents of the property you are pledging as collateral. Alongside, complete your online KYC process and submit your loan application.
Once done, you can wait for the lender to complete the verification process from their end and approve your loan application.
Also Read - 5 Things to Keep in Mind When Availing A Loan Against Property (LAP)
How to Apply for a Loan Against Residential Property?
You can apply for a Loan Against Property by following these three simple steps:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan amount will be disbursed into your bank account instantly.
Also Read - 6 Ways a Loan Against Property (LAP) Can Help You Make Use of Your Property
To Conclude
You can avail yourself of a Loan Against Property to buy a new house by pledging your bungalow as collateral. However, before applying for a Loan Against bangalow, consider checking your eligibility. To be eligible for Loan Against Property, you must meet the minimum age requirement, income, work experience and must have Indian citizenship.
Also, consider calculating your monthly obligation for Loan Against Property before applying. This will help you have a clear idea of how much loan amount will be suitable for your needs and to repay conveniently.
