Mumbai City

Loan Against Property Information

There are various banks that offers loan against property to people of various stages of life. These loans against property schemes are designed to help you purchase a new house or start a business or expand the existing business etc.


People apply for this loan because of a variety of reasons. Usually, this can help when you are stuck in a difficult financial situation, or you need the money to cover costs of medical treatment. On the other hand, this money can support some large project such as education or business improvement.


Just visit our Paisabazaar website or you can even download the app to apply for a LAP scheme. Follow a 5-step process to apply for your loan:

  • Enter your personal details
  • Provide your loan requirements
  • Submit your documents
  • Select loan schemes and click ‘Compare’
  • Select one loan scheme and click ‘Apply’

Benefits of Loan Against Property Schemes

Starting a new business or expanding your older one, requires a substantial financial investment n the part of the businessman. A loan against property will help accomplish your financial goals without having to worry about the finances. This is because your bank gives you the loan amount which is a maximum of 80% of your property value. Availing a loan against property would mean that you would repay your bank in equated monthly installments i.e. EMIs. This helps you to manage your finances better and in a more organized manner.

What you need to know in order to apply

Below are the important things you should keep in mind before applying for a Loan against Property in Mumbai:
 

  • Loan Tenure
  • Important Documents
  • Property Documents
  • Interest Rate
  • Additional Charges

Mumbai Interest Rates for Loan Against Property

Loan against property Interest Rates don’t get out of the distinct range. They are always between 12.00% and 15.75%.

 

 

 

 

Interest Rates that banks for loan against property in Mumbai offer are:

1. Allahabad Bank: Interest Rate is up to 15.95%
2. Punjab and Sind Bank: Interest rate is 11.8 onwards
3. Canara Bank: Interest rate is up to 12.3%

Loan against property schemes in Mumbai

Some of the banks that offer loan against property in Mumbai:

 


1. UCO Bank:
 

• Interest Rate goes up to 11.7%
• Maximum loan tenure is 7 years
• The biggest possible loan amounts is:

  • Rs 200 lacs for individuals
  • Rs 500 lacs for companies
     

2. Karnataka Bank:
 

• Interest Rate is 13.25%
• Maximum loan tenure is 15 years
• No pre-closure charges
 

3. IDBI Bank:
 

• Interest Rates is 10.95% onwards
• Maximum loan tenure is 15 years
• Processing fee is up to 1%
 

4. Andhra Bank:
 

• Interest Rate is 12.4%
• Maximum loan tenure is 10 years
• Third party security needed

If you are confused about the EMIs or your loan eligibility, then you can simply visit Paisabazaar website and use the free tools- Loan Against Property EMI calculator and Loan Against Property Eligibility Calculator.

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