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Most people shy away from loan against property because they think they are not eligible for one if they already have a home loan from another bank.
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When I have a home loanfrom one bank can I availof a loan againstproperty?
ASKCRED.COM
There are times in life when you find yourself insudden need of finances. Be it a need of extra workingcapital that may have cropped up in your business,some unaccounted-for expenses for a wedding in thefamily, or any other urgent financial need. At suchtimes, all you can think of is where the finances willcome from. The natural option to consider at suchtimes is a hassle-free loan like a personal loan.However, if you are the owner of a property, you canconsider a loan against property (LAP) instead.
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Advantages of taking a Loan Against Property
In case you need some funds urgently, and are fallingshort of eligibility for loan against property (LAP) fromDHFL home loan or any other loan product, you canshow rental income from an existing property toenhance income eligibility. You can also co-apply withyour spouse (if he or she is employed and has a steadyincome) to enhance your income eligibility.
How you can enhance your eligibility
The advantage of a loan against property (LAP) isthat it is an opportunity to monetize an idle asset incase of sudden need of funds and that it is securedin nature. Further, you can get a higher amount in aLAP as compared to personal loans where you canavail of a maximum loan of Rs. 10 lakhs. Whilethere are definite advantages of taking a LAPagainst any other line of credit like a personal loan,do remember that there is an element of riskinvolved.
Advantages of taking a Loan Against Property
Risk factors cannot be ignored
Advantages of taking a Loan Against Property
Therefore, before you opt for a loan against property(LAP), carefully consider your options and yourrepayment capabilities. Financial advisory wisdomstates that people often tend to overleverage or risk anasset for a relatively smaller amount of loan. Therefore,consider all the pros and cons of taking such a loanbefore you make an application for a loan againstproperty (LAP). Else, you are better off taking anunsecured loan or a loan for a low CIBIL score, if yourcredit score is not satisfactory.
Make a prudent decision
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