Monday, August 20, 2018

Fulfil Your Dream of Travelling the World without Worrying Anymore

Travelling is a dream for some and business for others. Whatever be the case, travelling overseas is always expensive. Saving beforehand for travel expenses may help sometimes, but not always. There can be many reasons for your abroad trip plan:
  • Seeing Switzerland was your childhood dream. 
  • Your children live in a foreign country, and you visit them every once in a while. 
  • You have a vital month-long business meeting where you have to take your employees. 
Whatever the purpose is, it can be anything but economical. Financial institutions offer Loan against Property to manage your travel expenses efficiently. You can easily avail Loan against Property for travel from them and make your dream tour come true. The Loan Against Property Interest Rates are quite lower in comparison to other loans , thus a better option for repayment.

What is a Loan Against Property?

Loan against property is what its name suggests. A financial institution gives you a loan against a property registered in your name which they keep as a mortgage or security. Hence, these are secured loans. 

Such credits have high loan-to-value. It is the ratio of the credit amount to the actual value of the mortgaged property. It is usually higher in comparison to other secured loans.

Loan Against Property Eligibility:

In case you draw salaries, the age bar is 33 to 58. For self-employed individuals, the age bar is 25 to 70 years.

Loan Against Property Documents:

Loan against property documents required are minimal:

  • Salary slip
  • Statements of your bank account for the previous 3-6 months
  • KYC documents 
  • Address proof
  • IT returns
  • Property documents

Loan Against Property Tenure:

Financial institutions offer you loan against property with repayment periods of 2 to 20 years. That is a huge window to repay your credit amounts conveniently. However, there are also options for part-prepayments of the loan against property for travel. You can also opt for foreclosure of your credit account.

Additional Read: Choosing the Perfect Loan Against Property to Tackle your Financial Problems

Loan Against Property Interest Rates:

The interest rates for loan against property India are less compared to other forms of secured loans owing to their longer tenures. EMI amounts for such loans are comparatively lower.

Other Loan Against Property Features:

Financial institutions provide the following features with loan against property -

1. Easy Balance Transfer
Using easy balance transfer facility, a customer can transfer the remaining loan against property for travel amount to another lender who provides with low rate of interest. The current lender may charge a minimal fee for providing this facility.

2. Top Up

Customers can avail a loan top up with their existing loan in case they need additional financing.

Loan Against Property and CIBIL score:

Your CIBIL score will also improve if you pay the EMIs on time. A high CIBIL score helps you in many ways. While a high credit score is not mandatory for availing a loan against property, it will largely help you in getting unsecured loans and credit cards in the future.

However, not repaying your due credits in time will negatively affect your CIBIL score. Keep in mind the things to avoid while availing a loan against property.

Apart from all these benefits, availing Loan against Property has more added benefits. The application procedure is the easiest among all other financial institutions. Also, the end use of such loans is not restricted. You can finance your child’s education or meet your parents’ health requirements.

So, avail a loan against property for travel today and surprise your dear ones with a dream vacation in The Bahamas, Egypt, Japan, or any other.

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