Business News | Why Take a Loan Against Property for Expanding Your Business This Diwali?

ATK

New Delhi [India], October 28: Diwali is the festival of new beginnings and prosperity. It's the most opportune time to grow and expand your business. While there are several business financing options available, one of the most advantageous choices is a Loan Against Property (LAP) to grow your business. LAP allows you to leverage the value of your property to secure funds at more favourable terms. Read on to explore why a Loan Against Property is the best solution for funding your business expansion this Diwali.

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What is a Loan Against Property?

A Loan Against Property (LAP) is a secured loan where you pledge a residential, commercial, or industrial property as collateral to secure funds. Since the loan is backed by a high-value asset, lenders tend to offer more attractive interest rates and flexible repayment terms compared to unsecured loans.

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You can use a Loan Against Property for multiple purposes, such as purchasing equipment, expanding infrastructure, increasing working capital, or even consolidating high-interest debts. One of the key benefits is that you retain ownership and use of the property during the loan tenure, provided you continue to pay the EMIs.

Why Take a Loan Against Property for Expanding Your Business?

Here are some of the most important reasons you must get a Loan Against Property for business expansion:

- Substantial Loan Amount

A Loan Against Property enables you to access substantial funds, typically up to 70% of your property's market value. This helps you cover high-value expenses, such opening a, new branch, launching a new product, buying high-tech machinery and equipment, or meeting working capital needs.

- Hassle-free Application Process

A Property mortgage loan has an easy and hassle-free application process. You can apply for this loan online from the comfort of your home. Additionally, you only have to submit a few essential documents to unlock quick funds.

- Flexible Terms

This loan comes with flexible repayment tenure, often extending up to 15 years. This allows you to repay the loan as per your financial comfort.

- Competitive Interest Rates

Since a property mortgage loan is a secured loan, several lenders offer it at competitive interest rates. It helps minimise the overall borrowing cost and makes the borrowing affordable.

Types of Loan Against Property

Following are the different types of Loan Against Property that you can avail of:

- Loan Against Residential Property

This option allows you to unlock the value of your residential property by using it as collateral to secure a loan. It provides access to substantial funds for various financial needs, whether it is for business expansion, education, or personal expenditures.

- Loan Against Industrial Property

You can also tap into the equity of your industrial real estate, such as factories, manufacturing plants, or warehouses to secure funds. This option provides substantial funding for large-scale projects, business expansion, or infrastructure development.

- Loan Against Commercial Property

If you own commercial real estate like office spaces, retail outlets, or warehouses, you can utilise these assets to secure a Loan Against Commercial Property. This financial solution is ideal for covering business expenses, expanding operations, or meeting working capital requirements.

To Conclude

This Diwali, take your business to new heights by realising your property's true value with a Loan Against Property. Not only does it offer lower interest rates and high-value loan sanctions, but it also provides flexible terms and a hassle-free process, making it an ideal financial solution for expanding your business. By securing this loan, you can focus on your business growth and make the most of the festive season with sufficient capital in hand.

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