Liquidity of cash in the current economic stature is a boon. There are times when you have property, but you require cash to overcome a certain big expense. A massive financial requirement can crop in various situations, like Education Abroad, A new Business Set up or even for a grand marriage. It is for these reasons that secured loans are being taken. In states like Haryana and Himachal, where you will find landowners taking money on interest, these secured loans have put this abrasive vicious cycle of taking money from lenders to an end.
When you opt for secured loans, you get almost 50 to 60% of the total property cost. To repay this cost, the bank grants you enough time. This tenure is generally for years from 10 to 20 years. This not just provides adequate time but also relieves the borrower from any immediate financial burden.
Opting for a loan Against property is not as tedious as taking a new loan. Since the bank gives the loan against an asset, the process of approval is rather liberal. Having a property is always beneficial and collaterals prove that property is ‘gold'.
Similarly, loans for constructing a home or any building is available with quick disbursal and less processing time.