Financing higher education, especially a foreign MBA graduation, requires careful planning and deliberation. A part of this planning includes understanding how you will finance the various expenses from covering necessary costs such as housing and tuition to gathering funds for other living and extra expenses such as buying a laptop or specific software. You need to make sure that a lack of finance is not an obstacle to your dreams. It’s a great option to turn to a mortgage loan for education to finance this need. You can use a property that you own as collateral and get a substantial loan against it, which can cover all your educational requirements.
So, let’s take a look at the features and benefits that can help you understand how a mortgage loan can be used to fund your overseas higher education.
Loan against Property
- High-value loans:
Financing your education with a mortgage loan is convenient and easy. You can get funds up to 75% of the value of your property. Such a considerable amount can be used to finances your tuition, housing, living expenses, and other needs.
- Low rate of interest:
Compared to other loans of a similar amount, a mortgage loan for education gives you the amount at an affordable rate of interest. PNB Housing is an excellent mortgage loan provider if you are considering taking a Loan Against Property for Education. It is affordable, flexible, and offers many additional benefits.
- Flexible tenure:
A mortgage loan comes with a long tenure for repayment. You can choose a tenure ranging from 2 years to 20 years. It depends on multiple factors like your financial status and your goals. If you wish to clear the loan quickly, then you can opt for a shorter tenure. And if affordability is your priority, then it’s suggested to pick a long tenure with a long repayment period.
- Quick loan disbursal:
The entire application and disbursal process of a mortgage loan is quick. And you can even avail of a doorstep service for submitting your mortgage loan documents. Also, Mortgage loan eligibility criteria are easy-to-meet.
- Pre-approved offers:
Some lenders offer additional benefits if you are an existing customer. So, instead of going through the whole application process again, you can enjoy the loan on a pre-approved basis, without facing any tedious documentation and quicker processing. You may also be given a top-up loan on a pre-approved basis.
How to get a Loan Against Property?
You must follow the steps mentioned below to avail a mortgage loan:
- Check the eligibility criteria of the loan, as mentioned on the lender’s website.
- Gather all the documents required to avail of the loan, such as property papers.
- Then, decide the kind of interest you want, i.e., fixed or floating.
- Apply via the online mortgage loan application form and wait for its approval.
- If the loan application gets approved, you will get a call from your lender’s authorised representative. Then, you can review the terms of the loan offered to you.
- Then, submit the documentation.
Following these steps will assist you in getting the most suitable deal and loan against affordable property rates.
Conclusion:
It’s relatively easy to avail loan against property for education. With multiple benefits and quick processing, it’s one of the most suitable option to fund your overseas higher education expenses.
