Chennai City

Definition of Loan Against Property

A loan against property is a secured loan, where the bank considers a mortgage against your loan amount. Usually, the maximum loan you can avail is 70% to 80% of your mortgage value. This loan is designed to help you meet your financial goals, irrespective of how big they are. Like all the other loans, you have to apply for a loan against property at our Paisabazaar.com website in less than a minute. Since the loan against property in Chennai is a secured loan, which means you can lose your mortgage if you fail to pay your installments.

Why You Should Think About Getting this Loan Scheme

When you apply for a loan against property in Chennai, you will get the money as soon as your documents are checked. Banks in India understand emergencies, and that’s why they are offering a fast response. You can also use the money to support a business plan or to construct something that will bring you more income.

 

This loan is considered one of the best solutions for emergencies. Another reason is the fact that you will get the money, but still keep your property. You don’t need to leave if you repay regularly. So, organize your budget before you apply for a loan against property in Chennai.

Further Loan Against Property Information

You can also visit the nearest bank branch and speak with officials. The essential thing that you must do before applying is an analysis of your financial state.
Loan against property in Chennai is a major financial decision, and you can lose your property if you fail to repay the loan. Therefore, you need to do a deeper research about your financial status and your budget and savings.

Chennai Interest Rates for Loan Against Property

Loan against property Interest Rates for this loan can differ from bank to bank. Here are some examples of the Interest Rates that you can find in banks for loan against property in Chennai:

 

1. Bank of India: Interest Rate is 9.65%
2. Andhra Bank: Interest Rate is 12.4% onwards
3. Canara Bank: Interest Rate is 12.35%

Where You can Apply for this Loan Scheme

Various banks in Chennai can give you this scheme. Some of them are:

 

1. Citibank:

• Interest rate begins from 10.25%
• Maximum loan tenure is 15 tenure
• No processing fee

2. ICICI Bank:

• Interest Rate is 11.5% onwards
• Maximum loan tenure is 10 years
• Maximum loan amount is 10 crores

3. State Bank of Hyderabad:

• Interest rate is 12.95% onwards
• Maximum loan tenure is 10 years
• No pre payment charges

4. Karnataka Bank:

• Interest Rate is 13.2%
• Maximum loan tenure is 15 years
• Maximum loan amount 5 crores

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