Now you need not let insufficient savings or financial backing come in the way of your travel dreams. Whether you plan to go on a tour with your family, travel abroad for business purposes, or attend a family function in Singapore, get the financing you need with a property loan for travel. By pledging your property as collateral you can access substantial finance at a nominal interest rate and cover all your expenses from air tickets and hotel bookings to visa, food and travel expenses.
Why is a loan against property a good option for travel? Find out below.
High Loan Amount Covers all Expenses
With a loan against property you can unlock a significant amount to travel around the world without compromising on any aspect. For instance, if you plan to visit developed countries like Europe, New Zealand and Australia, you may have to shell out a minimum of Rs.8,000 per day. On the other hand, if you choose to visit developing countries like Cambodia or Nepal, you may have to spend a minimum of Rs.3,565 per day, depending on your travel plans and the stay you choose. All these can add up to an expensive figure basis your itinerary, so instead of dipping into your savings you can use the loan against property’s hefty sanction.
Lenders usually sanction a loan amount that is 50–70% of your property’s value. So, even if your property is worth Rs.50 lakh, you can avail a loan of up to Rs.35 lakh. Thus you get a sizeable amount to meet all your needs.
Long Loan tenure makes Repayment Convenient
A loan against property tenure is long and goes up to 20 years, so you can repay the loan as per your convenience. Choose a short tenure to pay higher EMIs and clear the loan quicker, or a long tenure to keep EMIs to a minimum.
Competitive Interest Rates to Reduces Cost of Borrowing
A loan against property in India is a low-interest loan and so in comparison to other unsecured and secured loans, it is more pocket-friendly. This means you can choose a very long tenure to keep EMIs low without worrying about paying an exorbitant amount towards interest. So when you take this loan you don’t have to come back and impose strict restrictions on expenditure.
If you are looking to avail a loan against property in India to travel, also make it a point to apply with a lender that has simple eligibility criteria to avoid any delay in accessing the amount you need. Bajaj Finserv not only has simple loan against property eligibility criteria but also offers a higher loan amount at an economical interest rate. A Bajaj Finserv Loan Against Property for travel offers up to Rs.1 crore if you are salaried and up to Rs.3.5 crore if you are self-employed, which you can repay in 18 years and 20 years respectively.
Additionally, the loan against property documents required are minimal and you can get the financing you need within 72 hours. What’s more, this Loan Against Property features a Flexi Loan facility that helps you reduce your expenditure towards the loan, as you can borrow as and when a need arises and pay interest only on the amount utilised instead of the entire sanctioned amount. But before you head on to apply for a loan, check your pre-approved offer from Bajaj Finserv. It is the simplest and fastest way to secure the finance you need to see the world!