Delhi City

Loan against property basic information

There are various situations in life when you need some financial boost. These situations come unexpected, and you might be unprepared when they happen. That’s why a loan against the property can be a good solution.

 

With a loan against property you will get the desired money but this money will go against the mortgage of your property. It amounts usually 40% to 60% of the value of your property.

 

This is a secured loan where your property guarantees that you will repay the loan. However, if you fail to repay your loan, then the bank will repossess your property to recover your loan amount.

How can you apply by taking a loan against property

The first good thing that comes with the loan against property is the money that you will get immediately. If you find yourself in a difficult financial situation, or you just need a big amount of money to support some idea or project, a loan against property is a good solution. 
 
Maybe the best thing about loan against property is the fact that you can get the money but still keep the property. There is no need to leave your property if you are repaying in a proper way. You simply have to organize your finances to ensure that you repay your loan successfully. Below are the documents required to process the loan:
  • Address Proof
  • Voter ID Card
  • PAN Card
  • Income Proof
  • Driving License
  • 6  Passport-Sized Photographs

Interest Rates that Delhi banks can offer you

As we’ve already mentioned, Interest Rates for the loan for property can differ from bank to bank. You will have to check with your bank or with the bank that you want to take the loan from. 
 
Here are some examples of the Interest Rates that banks for loan against property in Delhi offer:

 

 

 

1. State Bank of Hyderabad: Interest Rate is 12.95% onwards
2. United Bank of India: Interest Rate is 9.7% onwards
3. Punjab and Sind Bank: Interest Rate begins from 9.75%

Loan against property options in Delhi banks

Different banks in Delhi can provide you with the loan against property schemes. Some of them are:

 

 

 

1. Citibank:

• You can take up to Rs. 5 crore.
• Maximum Loan tenure is of 15 years
• Loan amount will be 70% of the property value

2. Dena Bank:

• Loan against property Interest Rates is 11.15%
• Processing fee is 1%
• Maximum loan tenure is 7 years

3. Corporation Bank:

• Interest Rate begins from 11.80%
• Maximum loan tenure is 10 years

4. Oriental Bank of Commerce:

• Interest rate begins from 11.8%
• Maximum loan tenure is 7 years
• Loan Margin is 5%
 
Below is 5-step process to apply for your loan against property online at Paisabazaar.com website:

  • Log in to online loan against property page
  • Simply fill in your personal details and loan requirements
  • Submit your documents online
  • Choose your loan scheme based on your requirements
  • Click ‘Apply’

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