Loan Against Property | How We Can Avail It From Bank

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When I have a home loan from one bank can I ava
il of a loan against property?
ASKCRED.COM
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About
ABOUT
There are times in life when you find yourself in
sudden need of finances. Be it a need of extra
working capital that may have cropped up in your
business, some unaccounted-for expenses for a
wedding in the family, or any other urgent
financial need. At such times, all you can think
of is where the finances will come from. The
natural option to consider at such times is a
hassle-free loan like a personal loan. However,
if you are the owner of a property, you can
consider a loan against property (LAP) instead.
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Advantages of taking a Loan Against Property
How you can enhance your eligibility In case you
need some funds urgently, and are falling short
of eligibility for loan against property (LAP)
from DHFL home loan or any other loan product,
you can show rental income from an existing
property to enhance income eligibility. You can
also co-apply with your spouse (if he or she is
employed and has a steady income) to enhance
your income eligibility.
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Advantages of taking a Loan Against Property

• Risk factors cannot be ignored
• The advantage of a loan against property (LAP) is
  that it is an opportunity to monetize an idle
  asset in case of sudden need of funds and that
  it is secured in nature. Further, you can get a
  higher amount in a LAP as compared to personal
  loans where you can avail of a maximum loan of
  Rs. 10 lakhs. While there are definite
  advantages of taking a LAP against any other
  line of credit like a personal loan, do remember
  that there is an element of risk
• involved.

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Advantages of taking a Loan Against Property
Make a prudent decision Therefore, before you
opt for a loan against property (LAP), carefully
consider your options and your repayment
capabilities. Financial advisory wisdom states
that people often tend to overleverage or risk an
asset for a relatively smaller amount of loan.
Therefore, consider all the pros and cons of
taking such a loan before you make an
application for a loan against property (LAP).
Else, you are better off taking an unsecured loan
or a loan for a low CIBIL score, if your credit
score is not satisfactory.
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