Education Loan Against Property – All You Need To Know!
Pursuing higher education, whether at home or abroad, can be an expensive affair. To ease the financial burden, many turn to education loans. Among the various types of education loans available, an education loan against property (ELAP) stands out for its substantial loan amount and attractive interest rates. Capified offers a reliable and beneficial ELAP option tailored to meet your educational aspirations. Here’s all you need to know about securing an education loan against property with Capified.
What is an Education Loan Against Property?
An education loan against property is a secured loan where you pledge your property as collateral to obtain funds for educational purposes. This type of loan is ideal for those needing a significant amount of money, as the loan amount sanctioned depends on the market value of the pledged property.
Benefits of Choosing Capified’s ELAP
- Higher Loan Amount: Capified offers loan amounts up to 75% of the property’s market value, ensuring you have sufficient funds for tuition fees, accommodation, travel, and other educational expenses.
- Competitive Interest Rates: By leveraging your property, you can secure lower interest rates compared to unsecured education loans, making repayments more manageable.
- Flexible Repayment Tenure: With Capified, you can choose a repayment tenure of up to 15 years, reducing the financial strain and allowing for easier monthly installments.
- Tax Benefits: Interest paid on Capified’s ELAP qualifies for tax deductions under Section 80E of the Income Tax Act, providing additional financial relief.
- Usage Flexibility: Funds from the loan can be used for a wide range of expenses, including tuition fees, accommodation, travel expenses, purchase of study materials, and more.
Eligibility Criteria
- Property Ownership: The property pledged must be in your name or in the name of your co-applicant (typically parents or guardians).
- Academic Records: Proof of admission to a recognized educational institution is required.
- Income Proof: You need to provide income proof to ensure repayment capability.
Documentation Required
- Property documents
- Proof of admission
- Identity and address proof
- Income proof (salary slips, bank statements, ITRs)
- Recent photographs
Application Process
- Online Application: Begin by filling out Capified’s online application form with the necessary details.
- Document Submission: Submit the required documents for verification.
- Property Evaluation: Capified will conduct a valuation of the pledged property.
- Loan Sanction: Upon successful verification and evaluation, the loan amount will be sanctioned and disbursed.
Conclusion
Capified’s education loan against property is a strategic financial solution for students aiming to achieve their academic goals without financial hindrance. With its attractive interest rates, higher loan amounts, and flexible repayment options, Capified ensures that your educational dreams are within reach. Secure your future today with Capified’s ELAP and take a confident step towards academic excellence.