A Loan Against Property (LAP) is a loan that is sanctioned against a high-end asset such as a property by pledging it as collateral. This could either be a residential house, commercial premises or a plot of land that the borrower may own. The asset is kept with the lender until the entire loan is repaid along with the applicable interest amount. Also known as a property loan or mortgage loan,it can be obtained by any eligible applicant; be they salaried, self-employed or professional individuals. The secured nature of a Loan Against Property fetches borrowers a large loan sanction at lower rates of interest and a repayment tenor spanning several years.
Top Five Advantages of a Professional Loan Against Property
Every profession has different business needs and a Loan Against Property helps in addressing them effectively. This type of credit is financially beneficial to professional borrowers in the below-mentioned ways:
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Essential Working Capital
Running a professional practice often involves disparate expenses like the purchase or rent of office premises, its regular upkeep, maintenance and repair of equipment, staff payments, increments or advances and more. There are also some unforeseen circumstances such as inflation that may raise your expenses. It might even lead to a collective change in overheads; or a sudden drop or rise in the demand for your services. These factors could call for higher working capital. -
Setting Up Your Own Practice
Implementing business goals like starting your own clinic or practice requires heavy financial investment which may entail a number of expenditures. Selecting the preferred location and premises, designing optimal workspaces as per requirement, purchasing office stationery and essentials, recruiting the staff, hiring other expert professionals and/or consultants, etc. - the list may be endless and a professional LAP enables you to handle them all. -
Current Business Expansion
You may decide to expand your existing practice by opening up another branch. This will again imply a huge investment towards the office space, setting up the infrastructure, staff appointments and others. Depending on the scale of operations, you will need a constant flow of money to get the office or clinic fully functional without any hassles.
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Customised Loans for Every Need
Sometimes, professionals may be in need of high-end renovations and upgrades to increase work efficiency and service their clients or patients more productively. Based on vocation specifics, a Loan Against Property for chartered accountants (CAs) will cater to different interests as compared to a Loan Against Property for doctors. Each profession has its own set of unique financial requirements
Besides, even in the medical sector, every practitioner’s demand for specialised tools and equipment varies on the basis of their area of expertise. Thus, a dentist will have different demands for tools and machines as opposed to a surgeon or a paediatrician. They also need to be in step with the latest technology and procedures, so frequent software updates and other maintenance features may form a major part of medical facility upkeep, which naturally presupposes ready availability of cash.
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Timely Financial Assistance
In an existing functional set-up, if renovations are held up due to delays in receiving the loan money, it may hinder the current workflow, inconveniencing clients or patients and further diminish your working capital making it difficult to meet regular operational expenses. A loan against collateral ensures swift disbursal of loan funds so that you don’t have to worry about hold-ups due to insufficient funds.
What Is the Maximum Loan Amount One Can Avail Against Their Property?
Practising professionals like chartered accountants and doctors can secure high loan amounts worth Rs.5 Crore* or higher, basis eligibility when they opt for a professional Loan Against Property. These loan options are specifically customised to cater to the financial needs of professional borrowers as they come with end use flexibility.
Eligible individuals can use the borrowed money to manage any of their professional requirements like setting up a new practice, renovating current office space or clinic, upgrading the existing infrastructure, purchasing new equipment, tools or office supplies, etc. They can also secure a personal Loan Against Property to fund other housing-related expenses like- home renovation. It can also be used for business expenses or debt consolidation.
Also Read: Things to Check Before Taking a Loan Against Property for Education
How Does a Professional Loan Against Property Work?
There are several financial solutions specifically aimed at professionals, which include unsecured loans like personal loans and business loans. They are designed to meet a variety of commitments, but the rate of interest offered on them is usually much higher and the repayment tenor is shorter. Furthermore, the eligibility criteria could be stringent as well, necessitating a longer loan approval and disbursal procedure.
Striking Features of a Loan Against Property
A Loan Against Property possesses the following distinguishing attributes:
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Lower rate of interest – Secured loans like a Loan Against Property have lower interest rates when compared to unsecured loans. With a favourable credit record and CIBIL score, you can enjoy even better interest rates on your LAP.
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Easy approval – Since this loan is availed against a collateral, the Loan Against Property eligibility and documentation checks are relatively simpler, which gives you the advantage of a speedy loan approval and disbursal process.
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Flexible repayments – Property loans come with longer repayment tenors, thereby easing the EMI burden. Consequently, you can choose a suitable tenor as per your budget and convenience depending on the maximum tenor offered by your lender.
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Continued use of property –Pledging your property as security does not alter its utilisation in any way. Even after you obtain the loan, you can continue living in the property if it is a self-occupied house or for business purposes, as the case may be.
Read Also: Loan Against Property Repayment Tenor
To Conclude
A professional loan against property allows you to make optimal use of your valued asset when you are in urgent need of sizeable funds. Despite its obvious merits, the loan requires prudent planning to safeguard against repayment setbacks. Missed or late EMIs can result in penal charges and also affect your credit score adversely. Therefore, it is imperative to weigh the pros and cons of a Loan Against Property and ensure loan viability before you proceed with the loan application.
DISCLAIMER:
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cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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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
[N][T][T][N][T]
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
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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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[N][T][T][N][T]
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
[N][T][T][N][T]
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?