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What is Mortgage Loan [Loan Against Property] ?
A loan against property is a secured loan sanctioned by mortgaging a residential or commercial property. When you apply for a loan against your property, you can acquire an amount equivalent to a certain percentage of your mortgaged property's total value.
Individuals and businesses opt for a loan against property for various reasons, some of which are stated below.
- Individuals looking to cover the expenses for residential or commercial building renovation and expansion
- Individuals planning for higher education and professional courses
- People may opt for this type of loan to cover the down payment of a car or home
- Businesses looking for expansion, production, and promotion
- Businesses looking for consistent cash flow and funds