How to get a Loan Against Property?
The requirement for a bulk amount of money can arise at any point in time. Whether it is for a medical emergency, a child's education, or a business venture, having access to a loan can be a lifesaver. If you own a house, you have the option of pledging it as collateral to secure a loan. This can give you access to a higher loan amount and a lower interest rate than other types of loans, such as personal loans or credit card loans.
There are three main types of loans that you can get against a house pledge: chit funds, cooperative bank loans, and personal loans. Each of these options has its own advantages and disadvantages.
Chit funds
Chit funds are a popular way to raise money in India. They work by pooling together the contributions of a group of people over a period of time. Each month, one member of the group is randomly chosen to receive the entire amount collected. This process continues until all members of the group have received their share.
Chit funds can be a good option if you need a small amount of money and are willing to wait for your turn to receive it.
Cooperative bank loans
Cooperative banks are financial institutions that are owned and controlled by their members. They offer a variety of banking products and services, including loans. Cooperative bank loans can be a good option if you are looking for a lower interest rate and a longer repayment term. However, cooperative banks may have stricter eligibility criteria than other banks and financial institutions.
Personal loans
Personal loans are unsecured loans that can be used for any purpose. They can be a good option if you need a quick loan and do not have any collateral to pledge. However, personal loans typically have higher interest rates and shorter repayment terms than other types of loans.
Which option is best for you?
However, there is a better option than these three: a loan against a property (LAP).
What is a loan against property?
A loan against property (LAP) is a secured loan that is offered by banks and financial institutions against the mortgage of a residential or commercial property. LAPs can be used for a variety of purposes, such as funding business expansion, renovating a property, or paying for medical expenses.
Watch this video to know everything about loans against property. This video will help you decide if a loan against property is the right choice for you.
വീടും സ്ഥലവും പണയം വെച്ച് ലോൺ എടുക്കാൻ നമ്മുടെ നാട്ടിൽ എന്തൊക്കെ വഴികൾ ഉണ്ട്? ആ വഴികൾ ഞാൻ വേണ്ടാന്ന് വെക്കാൻ ഉണ്ടായ കാരണങ്ങൾ എന്തൊക്കെയാണ് ? പിന്നെ ഞാൻ ഇപ്പോൾ തിരഞ്ഞെടുത്ത ഓപ്‌ഷൻ എന്തുകൊണ്ട് മറ്റുള്ളവയെക്കാൾ മികച്ചതാണ്? ഇത്തരം കാര്യങ്ങൾ എല്ലാം ആ വിഡിയോയിൽ പറയുന്നുണ്ട്.
Video about Chit funds: • What is Chit Funds | H...
00:00 Intro
01:25 Option 1
04:33 Option 2
06:52 Option 3
11:24 Option 4
© Pishukkan Episode 65
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