When your life revolves around the 9-5 schedule, one of the best ways to break the monotony is to take a few days off and go on a vacation. Travelling is not only a fun thing to do; it also rejuvenates your body, mind and soul. So, whether it is a family trip to the Bahamas or a solo backpacking trip around the world, a travel loan can help you take care of your costs.
In this piece, let’s discuss how a loan against property can help you fund your travels.
Loan Against Property for Travel
People generally take out a Loan Against Property to meet financial needs such as funding a business, meeting medical costs, debt consolidation or financing a wedding. But a loan against property for travel: is it a good idea?
Well, the simple answer is: Yes. Taking a loan against property is a great way to finance your travels and satisfy your wanderlust.
Secured Loan
As the name suggests, in a Loan against Property (LAP), you avail funds by keeping your property (personal or commercial) as mortgage with the bank or Non-Banking Finance Company (NBFC). You are provided with a loan amount that is a certain percentage of the current market value of the property. This generally comes up to around 50-60% of the property value. Since your property is kept as collateral with the lender, it is a secured loan. This means the rate of interest on your loan is generally lower than other options like a personal loan.
Easy to Avail a Loan Against Property
Since a loan against property is a secured loan, lenders are quite willing to offer the loan to borrowers. So as long as you have a property to mortgage, it is not very difficult to avail a loan against property. NBFCs ensures a hassle-free loan disbursal process where the entire process can be completed in as little as 72 hours. The eligibility criteria are simple and the documentation process is minimal. And guess what, you get doorstep service for submitting your documents. In other words, get a loan to travel the world but finish the entire documentation process right from the comfort of your home.
Documents Required for Loan Against Property
Here are the necessary documents for a loan against property in India:
> Latest salary slips
> Bank account statements for past three months (six months for non-salaried borrowers)
> PAN card
> Aadhaar card
> Address proof
> Copy of property documents to be mortgaged
Why Taking a Loan Against Property is Ideal for a Vacation
Close your eyes for a minute and imagine your dream vacation. What do you see? Does your mind’s eye conjure images of crystal-clear waters, golden beaches that go on forever, romantic sunsets, snorkelling with the manta rays, tasting exotic foods and living the five-star life in a tropical island on the other side of the globe?
To plan your upcoming honeymoon, you may want to look at unbeatable destination wedding venues under Rs. 20 lakh.
Dreams are free but a dream vacation is not. But that should not prevent you from enjoying a vacation that you desire. A loan against property can help you realise all your dreams (and more) because you can gain access to high-value funds simply and easily. With NBFCs, salaried individuals can get a loan amount as high as Rs. 1 crore (and Rs. 3.5 crores for self-employed individuals) at affordable Interest Rates on Loan Against Property. With this amount, you can go on a world tour and live your life to the fullest.
Additional Read: Fulfil your dream of travelling the world without worrying anymore
Conclusion
So what are you waiting for? If you have a vacation plan in mind and a property to mortgage, go online and apply for a loan against property to fund your travels.
Did you know that NBFCs now provides pre-approved offers on products like personal loans, business loans, home loans, loans against property, and more! With these pre-approved offers, you can not only simplify the process of availing a loan but also help you save on time for the whole process.