A loan against property is a smart way to get financial support when you need it. It is a secured loan where you pledge your property as collateral to get funds from a bank or a financial institution. Many people take this loan for business expansion or personal needs, but did you know it can be used in many other ways?

With a competitive loan against property interest rate, this loan can be more affordable than personal loans or credit cards. While debt consolidation is a popular reason to take this loan, here are four other unexpected ways you can use it.

1. Fund Your Child’s Higher Education

Higher education costs are rising every year, and funding your child’s dreams can be challenging. Instead of dipping into your savings or taking a high-interest education loan, you can opt for a loan against property.

The loan against property interest rate is usually lower than unsecured loans, making it a more economical choice. You can get a large loan amount based on your property's value and repay it in easy installments. This helps in managing expenses without financial strain.