Since the entry of the private banks, the loan scenario in India has taken a very encouraging upswing. Now the banks are trying their best to provide best and most suitable levels of services. Loans against property are such financial products, available at most competitive interest rates, So if you own a property then many of your financial problems can be whisked away without much of an effort. Loan against property gives a very valuable leverage on the property value to the owners of commercial and residential premises. The good thing about these borrowings is that you can unlock the funds lying dormant in your asset. Your property then becomes a good source of liquidity, which can be used without any restrictions for fulfilling multitudes of requirements. And to top it all, to allay all talks of insecurity in your mind, the consumer fully retains the ownership of the property. If you occupy a piece of property, then do not hesitate to go for these types of borrowings. The security of your property will ensure very competitive interest rates to you. To add more to your list of benefits, the self employed customers can book their EMI's interest component as expenses in their respective P & L. Once you avail the loan, there is no formal binding regarding the area of utilisation. The funds can be used for medical treatment, marriage, education of the children, purchasing property where mortgage is not possible, business needs and making improvements in the existing property. All salaried or self-employed resident and non-resident Indians are eligible for such loans. Banks like ICICI, HDFC, American Express etc., provide Property Overdraft allowing their customers to avail finances against their self-occupied properties. This facility has phone banking and multi-city cheque-book features. With the overdraft facility, the clients are charged interest only on that portion of the amount withdrawn from the account. Once the money is deposited back, it settles the outstanding balance. Property overdraft, a very suitable tool under loans against property, will give you an opportunity to generate capital against your commercial or residential property. Apart from this, the facility of Lease Rental Discounting (LSD) enables one to raise finances against the self-owned property's rentals in the future. But for this facility the lessee must be an occupant of the property.