Typically these loans are used to start or expand business or to renovate your house. But it can also be used to repay existing high rate loans.
Loan against Property refers to the secured loan category like home loan where the borrower gives a guarantee by using his property as a security. The right of ownership of the property is still with the borrower, and if he/she is unable to repay the loan amount, he/she can sell the property to pay off the debts.
For availing the Loan Against Policy, there are different stages:
- Sanctioning of the Loan
The processing of the loans usually takes 7 to 10 working days once all the documents are submitted. It also depends upon your profile and documentation.