LAP or loan against property is a type of secured mortgage loan. One can use a loan against property to fulfil their various personal as well as professional needs. You can use the funds taken from loans against property to fund your child oversees education. Paying for a foreign university from India can be pretty exhausting on your wallet. That’s why we have listed some of the factors below as to why you should get a LAP to fund your child oversees education…
It’s easy to get!
A loan against property is approved and disbursed quickly by banks and NBFCs. Once you submit all the legit documents, your loan gets approved and disbursed as quick as within 72 hours*. You can get a loan against property for your commercial as well as residential property. The sooner the funds you get, the quicker you’ll be able to pay for the tuition fees, visa fees, down payments, shopping, airfare and other necessary expenses quickly. LAP is offered by many leading banks and NBFCs in India. By opting for Ruloans’ online application process for LAP, you can get a quick loan against property in 5 easy steps.
You get a larger amount
A loan against property is approved by the bank/NBFC considering the loan borrower and property’s eligibility. The amount approved in LAP is up to 70%-80% of the current property value. If your property value is high, accordingly you will get a higher loan amount. A higher loan amount means you can easily fund your child oversees education. A higher loan amount will cover all the necessary expenses and secure your child’s future in one go.
You get a longer tenure
The tenure to pay back a loan against property ranges from 15 to 20 years. This way you get ample amount of time to pay back the hefty amount you borrowed to fund your child oversees education. Your child can also pitch in and later he/she will pay back the loan once they start earning. Longer tenure will also be easier on your wallet.
You can avail low-interest rate
As a loan against property is a type of secured mortgage loan, you can avail the benefit of a low-interest rate. As you are providing collateral for your loan, banks and NBFCs charge you with lower interest rates. The interest rate for loans against property in India starts from 7.50* onwards which is way low compared to unsecured loans. You can choose a fixed interest rate or floating interest rate as per your requirements.
To apply for a loan against property today to fund your child’s overseas education visit us at https://www.ruloans.com/