Problems have a pattern. They never visit you when you are prepared to handle them. They instead visit you when you are least prepared. The problem ge
Problems have a pattern. They never visit you when you are prepared to handle them. They instead visit you when you are least prepared. The problem gets compounded when it is financial.
A mortgage loan, or loan against property, is the best financial instrument that people avail to overcome any financial crisis. The top reason that makes a mortgage loan so popular is convenience. Unlike many other loans, a mortgage loan requires minimal documentation and gets approved quite fast.
What Makes A Loan Against Property Special?
A mortgage loan is a form of secured loan. To avail it, you must have the ownership rights of a residential or commercial property, which the lender will accept as collateral security. Since a mortgage loan is secured, you can get several benefits that most other loans do not offer.
With a mortgage loan, you can get up to 60% of the property’s current market price as a loan. The repayment tenure is substantially higher than many other loans.
Additionally, by availing a mortgage loan from PNB Housing Finance, you can get other benefits like flexible repayment options, relaxed eligibility criteria, minimal documentation, doorstep delivery of services, transparent loan processing, fast disbursal, and the ability to avail an overdraft.
How Can You Use a Loan Against Property to Get Out of Difficulty?
The biggest benefit of a mortgage loan is that it allows you to use the funds on anything you consider important.
Here are the top ways in which people use mortgage loan funds when they are in distress:
- Medical Emergency
A medical emergency may arise anytime, without a warning. While having a health insurance policy can provide some amount of cushioning to your expenses, quite often, the total hospital bill can far exceed the health insurance coverage.
In case you have a health insurance policy that does not cover all the expenses, or you are yet to purchase one, a mortgage loan can come to your rescue when you need to settle medical bills during an emergency.
- Meeting Business Requirements
If you are an entrepreneur, you might require instant funds to meet working capital requirements. You may also need money to buy new machinery or settle off previous debts.
A mortgage loan can provide you with instant money if you fulfill the requirements. Once you get the funds in your account, you may use it to take care of the urgent needs. As the interest rate of a mortgage loan is usually lower than many other loans, it can give you funds without worrying about sky-high EMIs.
- Paying Education Bills
While secondary education is affordable, higher education is costly. Yet, your children require it to lead a successful life. With rising education costs, it can become difficult for you to get your child admitted to a reputable institution. Sometimes, institutions increase tuition fees suddenly. This can also put an extra burden on your monthly budget.
With a mortgage loan, you can give a solid thrust to your child’s career. Most often, people compromise with quality for the need of money. A mortgage loan ensures that money never acts as a hindrance between your child and their dreams.
If you are looking to sail over a financial crisis, PNB Housing Finance mortgage loan can be your best friend. With fast loan approval, along with a host of other features, no financial problem will seem as big as it looks now.