Introduction to loan against property
In the state of emergency, loan against property can be your solution. Banks in India have developed different loan against property schemes that can help you to meet your major financial goals.
This loan is a type of loan that relies on the value of your property. The money that you will get after the application amounts 40% to 60% of the value of your property. You will have to repay the loan within your loan tenure at the applicable interest rates.
With a loan against property you are financially ready to meet your goals. It basically reduces the worries of arranging finances and ensures that you are financially strong. This also has an impact on your credit history if you make sure that you make your repayments on time. A good credit score makes you a more reliable borrower for your future loan applications.
Loan against property information that you need to be aware of
Below are some of the important things that you should keep in mind before availing a loan against property:
- Interest rate: The interest rate of the repayments of a loan against property is flexible. The rate of repaying the loan sum is based on the loan tenure that you choose.
- Credit Score: A higher credit score will help you avail your loan at a lower interest rate. The banks consider a borrower more reliable if he has a good credit history.
- Loan tenure: The repayment tenure also has an impact on the interest rates of the EMIs that you have to pay.
Amritsar loan against property Interest Rates
Loan against property Interest Rates are different for each bank. However, they all have a strict range. This range goes from 9.60% to 15.75%.
The good examples of Interest Rates can be found in following banks:
1. Punjab and Sind Bank: Interest Rate is 11.8%
2. Oriental Bank of Commerce: Interest Rate is 11.8% onwards
3. Indian Overseas Bank: Interest Rate is from 12%
There is a variety of great loans against property in Amritsar. Let’s have a look at some:
1. UCO Bank:
• Interest Rate is 11.7% onwards
• Maximum loan tenure is 7 years
• The biggest amount that you can take:
- Rs 200 lacs as an individual
- Rs 500 lacs as a company
• Interest Rate begins from 12.2%
• Maximum loan tenure is up to 10 years
• Processing fee is 0.50%
3. Canara Bank:
• Interest Rate starts from 12.35%
• Maximum loan tenure is 10 years
• Processing fee is up to 1% of the loan amount
4. Punjab National Bank:
• Interest Rate is 9.35% onwards
• Repayment is done in 120 equal monthly rates
• No pre-payment charges
Apply for a loan against property in a 5-step process:
- Log in to Paisabazaar loan against property page
- Enter your personal details, loan requirements and income details
- Once done, our Paisabazaar website will show you a list of loan against property schemes
- Choose your loan scheme that meets your requirements
- Click ‘Apply’