Introduction to the Cash Finance at Low Rates against Existing Property
When it comes to availing finance, most people turn to loans at expensive rates which might not be the best option in the longer run. The best way to avail finance is by tapping into the positive equity of your property. It isn’t wise to let your property sit idle when it can help you avail finances. Many banks provide cash advances against properties for a lower rate of interest. Using properties as a collateral will help get cash advances of a higher amount at a very low rate.
Types of Cash Finance against Existing Property
There are two types of cash finance against existing property.
- Loan against residential property
- Loan against commercial property
Features of Cash Finance against Existing Property
Listed below are some of the common features of finance against existing property.
- Loan granted for personal needs
- Long tenure
- Loan available at low rates
- Smaller EMIs
- Simple repayment through monthly instalments
- Available for joint accounts
- Security- Security of loan is the first mortgage of property against which the loan is granted
- Processing fee is applicable for the loan
Benefits of Cash Finance at Low Rates against Existing Property
- There are a lot of benefits of availing cash finance against existing property over regular finance.
- Can avail loan of a higher loan amount
- Low interest rates
- Loan can be repaid over a long tenure
- Lower EMIs
- Easy repayment plan
- Joint accounts available
Why choose Cash Finance against Existing Property?
Cash finance against existing property allows you to monetize on your existing property. It helps you avail finances by pledging your existing property. Cash finance against existing property. It also helps you avail loans of higher amount at low rates of interest. It also offers tenure of longer periods up to 10-15 years.