When it comes to availing of money to take care of a personal or professional emergency, borrowers can either opt for a secured loan or an unsecured loan.
Secured loans are loans backed by an asset. Home Loans and Loans Against Property are the two most popular types of secured loans. In the case of secured loans, a borrower pledges an asset - in most cases, a residential or commercial property - as collateral. This asset is the lender's security for lending money to the borrower. In case the borrower defaults on the loan payment, the lender can sell the property for loan recovery.
Unsecured loans, on the other hand, are not backed by any asset and therefore, carry the maximum risk for the lender. A personal loan is a type of unsecured loan. While both loans have their advantages, there is no denying that the benefits of a Loan Against Property clearly outweigh the benefits associated with unsecured loans, such as a personal loan.
This article focuses on benefits associated with collateral loans on property. So, if you are planning to take out a loan in the near future, this article is a must-read for you.
Top Benefits of Collateral Loans on Property Over Unsecured loans
Until a few years ago, people used to be highly sceptical about availing of a loan against their property. However, over the past few years, the growing popularity of Home Loans, which are also a type of collateral loan on property, has made people grow comfortable with the idea of taking a loan against a property. What are the advantages of a Loan Against Property? Read on to know more.
Low Interest Rate
The biggest advantage of a Loan Against Property is that lenders sanction these loans at low interest rates.
Loans Against Property are backed by collateral. The risk involved for the lender in lending money is offset by the presence of the collateral. On the other hand, in the case of unsecured loans, the absence of security increases the risk factor for the lender. Therefore, to cover up for this risk, lenders charge high interest rates on unsecured loans, such as personal loans.
Currently, Loans Against Property interest rates vary between 9.75%* and 18.00%* p.a. Personal loan interest rates, on the other hand, vary between 11% and 24%. Thus, there is a vast difference between the interest rates that lenders charge on these two loans.
Loan Value
The loan value one gets under a Loan Against Property depends on the value of the property pledged as collateral. Lenders sanction anywhere between 60% to 70% of a property's value as a loan. If you are pledging a property worth Rs.5 Crore, your lender may agree to sanction anywhere between Rs.3 Crore to Rs.3.5 Crore as a loan against it.
Under a personal loan, however, borrowers cannot get access to a substantial amount of loan money. In general, lenders cap the loan value at Rs.25 Lakh.
Therefore, when people need money for a big expense, such as refurbishing their home or starting a business, funds availed of under a personal loan often prove inadequate.
Long Repayment Tenor
Loans Against Property are big-ticket loans. Therefore, lenders give borrowers ample time to repay these loans. In general, borrowers can get anywhere up to 17 years to repay a Loan Against Property. This gives borrowers ease of mind and the ability to repay the loan in the form of affordable EMIs.
In the case of personal loans, however, borrowers are expected to clear loan repayment within 5-7 years. This can sometimes make paying off the loan a burden.
Also Read: Tips to Manage Loan Against Property Repayments Efficiently
Continued Usage of Property
Though a Loan Against Property involves collateral, borrowers must know that under this kind of loan, the ownership rights of the property stay with the borrower. The borrower can continue to use the property however they like. As an example, if you pledged your shop as security and took a loan against it, it does not mean you have to stop using your shop. You can continue to use it the way you were using it before you took a loan against it.
A Loan Against Property allows you to unlock the value locked in your property while also giving you the right to continue using it the way you like.
Tax Benefits
Yet another big advantage of a Loan Against Property is that it comes with tax benefits. However, these tax benefits on Loan Against Property are applicable only when an individual uses the money for certain specific purposes.
If the borrower uses the money for business purposes, they can claim tax benefits under Section 37 of the Income Tax Act. If the borrower uses the money to buy or construct a home, they can claim deductions up to a maximum of Rs.2 Lakh per annum on payments made towards interest repayment under section 24(B) of the Income Tax Act and up to a maximum of Rs.1.5 Lakh per annum on payments made towards principal repayment under section 81C of the Income Tax Act.
Manage all Your Expenses with a Single Loan
Since Loans Against Property are big-ticket loans, they give a borrower enough money to be able to take care of several different expenses. In other words, you can take one loan and use it to pay for business expansion, home renovation, debt consolidation, etc. This is not the case with personal loans which give a borrower only enough money to take care of a specific need.
Final Words
Secured loans, such as Loans Against Property, offer several benefits over unsecured loans, such as personal loans. If you need money urgently and you own a property in your name, unlock the value hidden inside the property by taking a loan against it.
Also Read: Why Professional Loans Against Property are Financially Beneficial?
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?