The business realm of India is glowing brighter than it ever did. Profit making scopes are increasing across various business sectors and quite logically this is making entrepreneurs across India happy. So, if you are thinking about business proliferation your thoughts are on the right plane. But unless you are high profit generating company, the thought of business expansion brings with it many worries. And most of these worries are regarding the accumulation of the required funds. Waiting for help from a funding agency is a safe option, but one that might give a head-start to your business competitors. So, when you need urgent funds for business expansion it is your house that helps you. How? Well, we are here to tell about that.
Owning a house represents financial stability and most financial organizations back such people. You are on the right end of equity and that will help you get a Loan Against Property (LAP). Now, the question is: why should you take LAP when there are personal loans available? Quite a valid question here. Firstly, the personal loans come with an exaggerated interest rate. You end up paying many times more than the initial borrowed amount. Secondly, the loan repayment tenure for personal loans is shorter than LAP, as the bank is taking a higher risk by disbursing such loans. And when you are in business, both these factors could become your worst nightmare some time down the line.
Now, the next question on your mind is: would you be eligible for such a loan if you are already paying Home Loan EMIs? Yes, homeowners who are still in the middle of repaying the prior home loan can also use LAP scheme to expand their business. But under such circumstance your loan repayment record and the amount repaid to the bank would be accessed before granting the loan.
And talking about LAP, it has to be said that PNB Housing has the best scheme on offer for the entrepreneurs. Why? Check out yourself.
Highlights of PNB Housing’s Loan Against Property (LAP)
- Higher Tenure for repayment: The tenure can be as long as 15 years, but depends on your age too. The longer repayment calendar assures that you have higher disposable income.
- Higher Loan Amount: As mentioned before the LAP offers higher loan amount as compared to personal loans. PNB Housing is willing to provide you a fund in the range between INR 15-20 lacs.
- Lower Interest Rate: As LAP is a low risk lending option for PNB Housing, so it rewards you with lower interest rates. So, it would not cut a hole into your business profits.
- Faster Granting: At PNB Housing LAP requests are usually disbursed within 7 business days and that means you can fast-track your business growth.
- Loan Enhancement Facility: If the loan amount falls short on your business expansion goals, PNB Housing can help you cope with the cost escalations with their loan enhancement facility.
- Flexibility with Loan Repayment: With PNB Housing you get many loan repayment options. You can also make part payments on LAP without incurring any extra costs.
Visit PNB Housing website and check out this helpful scheme.