A loan against property higher education is your ultimate key to arranging some higher amount of funds for your child’s higher education with ease.
But, if you are concerned if you avail the loan against property for child plans, you should read this post.
What is a Loan Against Property higher education?
A loan against property higher education is a unique facility offered by a lender where you can avail an amount against your home to fund child’s education.
The loan against property for child plans can let you borrow up to 60-70% value of your home as the loan. Yes, borrowers with a loan against property eligibility can help you lap up the facility super easy.
Lenders let you avail of a lower interest rates on loan against property as your property is considered as the collateral. It helps you pay affordable EMIs.
Why should you Apply for a Loan Against Property Higher Education?
1) Higher Loan Amount
If you wanted to send your son or daughter abroad for quality higher education, you need to know that it can be extremely expensive. Thus, availing a Loan Against Property Higher Education will not only help you avail a higher amount, but you also won’t need to avail extra loans. With lenders offering up to Rs.1 crore at lower rates, availing only one loan could be enough to help you cover all your needs.
2) The Facility of the Hassle-Free Top Up Loan
If you need some extra amount even after availing the loan against property for child plans, you can apply for a top-up loan without extra paperwork. Yes, if you happen to borrow an amount less than 75% of your property’s value. Availing a top up loan comes at a lower rate and extended tenor as it’s an extended version of the LAP.
3) Wider Tenor to suit your Needs
Depending on your age, income and repayment capacity, a lender can also offer you a tenor between 2 years to 20 years to repay the loan easily. As per your financial status and future increment, you can decide on a loan tenor to repay it hassle-free.
4) Affordable Interest Payments
Since your property is considered as security or collateral for the loan against property higher education, you get the guarantee of a lower rate. Thus, compared to applying for a personal loan at higher rates for the same purpose, applying for a LAP is far more affordable.
5) Online Account Management
Along with the online LAP application process, you can also manage your loan account online and track its progress from anywhere and 24/7. The digital customer portal of your lender helps you do that.
Additional Read: Finance your overseas education effectively with mortgage loan
Loan Against Property Eligibility at a glance
To enjoy the discussed benefits of the LAP, you would need to prove your loan against property eligibility such as:
● You should be a citizen of India
● You need to be a working individual
You would also need to submit a few documents to complete your eligibility such as:
● Property papers for the home that is to be mortgaged
● Address and identity proofs
● Last 3 months’ Salary Slips
● Bank account statements for the previous 3 months
● Aadhaar Card/PAN Card
The Bottom Line
With so many benefits of the loan against property for child plans and so easy loan against property eligibility, you should apply for it online and get going.