Loan Against Property is a secured loan offered by banks and other financial institutions against a property owned by the borrower. The property offered as collateral could either be a commercial property or a residential property but in spite of being mortgaged, the property can be used by the lender. The types of properties which can be mortgaged to avail Loan Against Property are Residential property – flats, Commercial property - like office, shop, hotel, hospital, education institution & Industrial Galas, etc.
Unlike unsecured loans, Loan Against Property is offered at comparatively lower rates of interest with longer tenure and the loan amount is determined by the current market value of the property. Banks and other financial institutions generally fund 60-70% of the property's market value. Loan Against Property can be used for the business expansion, child’s marriage, funding medical treatments, sending your child for higher studies abroad or funding your dream vacation. Zen Financial Services has a network of 18+ Banks &NBFCs which specializes in providing fastest Loan Against Property at the lowest interest rates with maximum tenure.