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How Is Digitisation Transforming India’s Loan Against Property Market
Posted on Thursday, October 5th, 2023 | By IndusInd Bank
From enhanced convenience and instant application tracking to hassle-free online verification, digitisation is transforming India’s loan against property market in numerous ways.
Digital advancement has positively impacted multiple sectors in India, with the financial industry at the forefront of this change. A considerable development has occurred within India’s ‘Loan Against Property’ market. As the focus shifts towards digitisation, conventional methods of securing loans are giving way to online loan application processes that are more effective and prioritise customer satisfaction. Keep reading to discover how this digitisation revitalises the landscape of loans against property in India.
What Is a Loan Against Property?
A Loan Against Property (LAP) is a secured loan in which a borrower pledges their owned property as collateral to get funds from a bank or financial institution. With this loan option, the borrower can leverage the value of their property to obtain funds for various purposes, such as education, medical emergencies, business expansion, and other financial requirements. The property’s market value determines the maximum loan amount that may be obtained. It is important to remember that non-repayment of a loan could result in the lender selling the property to recover the outstanding balance.
Benefits Of Submitting Digital Application for Loans Against Property
The advantages of applying for a loan against property online are listed in this table:
| Convenience | Enjoy the convenience of applyingfor the loan online from the comfort of your home, avoiding a visit to a bank branch. This streamlined process saves you time and effort. |
| Efficient Time Utilisation | Applying onlineeliminates the need for cumbersomemanual application process. You can quickly submit and verify your details online. |
| Digital KYC & Verification | Digital applications offer remote verification options, such as video calls to confirm your identity, so you do not need to physically visit the bank branch for face-to-face verification. |
| Easier Comparison | You can easily compare loan offers, interest rates, and terms from different lenders. This enables you to make an informed decision and select the best loan against property solution that aligns with your financial needs. |
| Transparent Fees & Charges | When applying online, you can check all loan-related costs upfront, so you are not caught off guard by unexpected charges or fees. |
| Round the Clock Accessibility | You can initiate your application and complete the loan process at your convenience without being restricted by the bank’s business hours. |
| Instant Application Tracking | Many digital platforms provide the facility to track the status of your application in real-time. This makes it easier for you to monitor the progress of your application anytime, anywhere. |
What Makes IndusInd Bank the Best Choice for A Loan Against Property?
Applying online for a loan against property with IndusInd Bank unlocks a range of compelling advantages that simplify and speed up the borrowing process. Here are some potential advantages:
- Access a higher loan amount tailored to your personal or business financial needs
- Experience a quicker and more efficient way to obtain immediate long-term funds
- Enjoy financial solutions brought right to your doorstep, eliminating the need for extensive time and effort
- Benefit from the convenience of repaying the loan withflexible tenors of upto 20-years
Leverage the value of your property with IndusInd Bank’s hassle-free loan against property. Secure the funds you need with competitive interest rates and flexible repayment options.
Apply today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
