Loans Against Property

Loans against property are also known as home equity loans, and are designed to give homeowners / property owners a loan based on the value of the property. In other words, this is a secured loan and your property is used as collateral. To be eligible for a loan against property you will need to first ensure that your property is not already tied up as collateral on another loan. In general you can take a loan against property on a private or commercial property, but of course every lender has their own criteria and rules so make sure you compare the loan terms before you make an application. Use the chart below to compare the main elements of each loan and to help you find out what documentation you will need to provide. Read the terms and conditions carefully.

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If you need to release capital loans against property are available.

What is a loan against property?

A loan against property is a type of loan only available to homeowners (it's sometimes called a homeowner loan too). Basically, your home will be used as a 'guarantee' against the money you borrow. This does mean that if you fail to make your agreed payments, your property may be sold in order to repay what you owe. However, as long as you're sure that you can keep up with your payments until you've repaid the loan in full, a secured loan could be the ideal way of borrowing some extra cash if other loans aren't available to you.

Is a loan against property right for me?

If you're a homeowner and you're looking to borrow a large amount of money, a secured loan could be ideal. Many unsecured loan providers will only lend small sums, but with a secured loan, you could borrow much more. Secured loans can also often be repaid over a longer period. Most unsecured loans can only be repaid over a maximum period of around seven years (slightly longer in some cases), but secured loans can come with much longer repayment periods. However, it's important to bear in mind that a longer repayment period means that you could pay more in interest - which could be more expensive overall. Also, the longer it takes to repay the loan in full, the longer you'll be in debt for - which could leave your finances at more risk if you face any costs out of the blue.

How do I apply for loan against property?

Compare the lenders above for the right loan deal for you, based on your circumstances. If you have any issues donít hesitate to contact the lender who will do their best to help you. Make sure that you read the terms and conditions of your loan carefully and work out exactly how much you need to borrow in order get what you need. The less you borrow the smaller your costs are likely to be.

What are the risks associated with loans against property?

The main risk with a loan against property is that taking out a loan against your home is putting your property at risk. If you offer your home as security, you will be giving the lender a legal claim to repossess your property in the event that you default on your payments. So, if you fail to keep to the agreed repayment plan, the lender could force the sale of your home to cover the remaining balance on what you owe. If you are in any doubt then you should seek independent financial advice.

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