The loan you receive from the bank secured by the mortgage on your property is known as a loan against property, as the name implies. This kind of loan falls under the secured loan category. The borrower's property serves as the security in this situation. The term "property" in this context can refer to your house, your business, or land. The market value of your property is used to determine the loan amount. You can apply for a loan against property for a variety of reasons, such as organizing a lavish wedding, paying for your kids' college, or growing your business. However, in addition to the value of your home, the bank will take into account other factors like your income and past history of making loan payments. People choose loans against the property because they have cheaper interest rates than personal loans, which is why. One of the most affordable loans after a mortgage is one with an interest rate that varies from 12 to 16 percent. The loan term may last up to 15 years.
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