Loan Against Property
Loan Against Property Is A Secured Loan. Loan Against Property Is A Loan Against Your House Or A Plot. It's Cheaper Than That Of A Personal Loan Or Loans Against 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. In Other Words It Means - A Loan Given Or Disbursed Against The Mortgage Of Property.
In Addition To Taking These Loans Against Property, You Can Also Avail These Loans For The Purpose Of Meeting Any Other Expenditure Like Meeting Marriage Expenses In The Family, These Loans Can Also Be Resorted To In Case Of Any Emergency When Money Cannot Be Arranged From Any Other Source.
Mostly, Banks And Other Lenders Extend A Loan Against Property As A Security, For Up To 50 Per Cent Of The Market-Value Of The Property. However, The Extent Of The Loan Is Also Subject To Your Eligibility As Per Income Norms. Loan Against Property Is Available For Both Salaried Self Employed Person For Both Commercial And Residential Property.
Benefits
• Higher Loan Amount With Lower EMI.
• Funds Can Be Used For Business As Well As Personal Needs.
• Flexible Repayment - Option To Choose Between Dropline Overdraft Facility Or EMI Based Loan.
• Specially Designed Programs For The Self Employed.
Features
• Higher Loan Amount Available For Longer Tenure And At Attractive Rates.
• Quick And Hassle Free Loan With Speedy Approvals.
• Residential And Commercial Properties Accepted As Collateral.
• Excellent Debt Consolidation Tool.
• Loan Amount Could Range From Rs.10 Lakh To Rs.50 Cr.
In Loan Against Property The Loan Tenure Could Extend Upto 15 Years, And Eligibility Depends On Income And The Current Market Value Of The Property, The Rate Rate Of Interest Could Be Ranged Of 12% To 15% On Monthly Reducing Basis.
The Following Steps Are Involved To Process The Application
1. Application.
2. Processing.
3. Documentation.
4. Sanctioning Of The Loan.
5. Valuation And Legal Check.
6. Disbursement Of Loan.