Loan against property in Delhi is offered by several banks and NBFCs through their large branch network in the capital city. Residents can avail the loan at attractive interest rates by keeping a residential or commercial property as collateral against the amount being lent. The papers of the property mortgaged and its legal ownership remains with the bank unless the entire loan is paid or cleared. The loan amount can be used for both personal and business requirements including debt consolidation, business expansion and medical emergency.
Loan Against Property in Delhi – Features
- Secured loan option:Loan against property is a secured loan as it is given against the value of an immovable asset, which in this case is a property.
- Multipurpose financing solution:One of the great features of loan against property is that it can be availed for multiple purposes. One can use it for both personal and business funding.
- Diverse collateral accepted:Loan against property is available on residential as well as commercial property including vacant plots of land.
- Low interest rates:The rate of interest given under loan against property is usually low as the property is mortgaged as security under the loan. This reduces the risk of default faced by the lender.
- Long loan tenure:The maximum loan tenure available under loan against property is up to the period of 15 years. You can choose the tenure as per your repayment ability.
- High loan value:the maximum amount that you can get against a mortgaged property ranges between 60% and 80% of the current market value of the property.
Loan Against Property in Delhi – Benefits
- Lower interest rate:As the loan is taken keeping the property as collateral, the rate of interest is generally lower when compared to personal loan. Loan against property interest rates generally starts from 9% per annum while in case of personal loan the interest rate starts from 11% p.a.
- Lower to no prepayment charges:You can close your loan against property by making prepayments towards your loan. Lenders generally don’t charge prepayment charges in case of loan against property.
- Easy to get:As these are secured loans, banks are more than willing to provide these loans. Therefore, you won’t find it very difficult to get the property loan.
- Longer tenure:These loans are generally available for longer tenure going up to 15 years while the tenure in case of personal loan is generally up to 7 years.
- Lower EMI:There is an inverse relationship between tenure and EMI. Longer the tenure lower will be the EMI and vice versa. As these are available for longer tenure, these become suitable for people who can’t afford paying higher EMIs. However, it is always advisable that a person should take loan for the shortest tenure as the interest burden will be lower in case of short tenure loan.
Check Also: Some Other Benefits of LAP
Loan Against Property in Delhi – Interest Rates
Starting from 9% per annum, the interest rate on loan against property in Delhi is reasonable and varies as per an individual’s credit score, age, repayment capacity, loan amount, etc. Apart from the interest rate there are other fees and charges applicable on loan against property include processing fees, foreclose charges, late payment fees, etc.
Loan Against Property in Delhi – Documents Required
The basic documents required by the bank for loan against property in Delhi are:
- Identity proof:Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof:Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card
- Date of birth proof:Passport, PAN Card, Aadhaar Card, Diving License, Birth Certificate, SSC Marksheet
- Signature proof:Passport, PAN Card, Banker’s Verification
- Income proof:Bank Account Statement, Salary Slips (last 3 months), ITR (last 3 months)
- Property documents as per lender’s policy
Note: If required, the bank may ask for additional documents from an individual.
Check Also: Loan Against Property Documents Required
Loan Against Property in Delhi – Eligibility Criteria
- Should be an Indian
- Should be at least 18 years old
- The minimum income should meet the criteria set by the bank
- Credit score should be 750 or above
Check Also: Loan Against Property Eligibility
Why apply for Loan Against Property in Delhi through Paisabazaar.com?
- Compare loan against property offers from top banks/NBFCs in India
- Apply for the loan against property from anywhere in the world
- Track the progress of the application
- Get instant approval on their loan against property application
How to Apply for Loan Against Property in Delhi?
To apply for a loan against property in Delhi, you don’t need to visit the lender as you can apply for it online at Paisabazaar.com. The process is easy and involves only a few steps:
- Click here and fill a form
- Compare eligible loan against property offers from various banks and NBFCs
- Select the desired bank or call the customer care of Paisabazaar for assistance
- After selecting the bank, fill another form to process your loan application
- Upload all the necessary documents or schedule documents pickup from your home or office
- After your documents are verified, bank’s executive will give you a verification call
- The amount will get disbursed to your account within 3-5 working days if the loan gets approved
Read Also: Mortgage Loan