Loan Against Property: Basic Information
There are various situations in life when you just need some extra cash. These situations come undetected, and they can be very serious. That’s why banks in India are offering you these loan schemes. Loan against property is a loan designed to help you in emergencies. You can use this money to solve your problem, and you can repay it later.
This loan is based on your property. You will have to use mortgage of your property as a security, and the loan money usually amounts up to 70% of its value. This is a secured loan, which means that you can lose your property if you fail to repay the loan.
How can a Loan Against Property help your financial situation
The process of getting the money is easy and fast. You will get the results soon after the application is submitted. This is a great thing to know because you know that you have an option in urgent situations. Banks understand what emergencies are, and that’s why they are offering this loan scheme.
Probably the best thing about Pune loan against property is the fact that you will both get the money and keep your property. When you apply, the property will be used as a security and you won’t be under obligation to leave. However, you are under obligation to repay the loan within a deadline.
Loan Against Property details that you need to know
Almost every bank in India can offer you their loan scheme. They have some differences, so you will have to inform yourself further. You can visit the website of the bank or you can go to the nearest branch. When you find out all the details, you will be able to choose the right solution. Below are the documents required to process your loan:
- Address proof
- ID proof
- Income Proof
- Property documents
Interest Rates for Loan Against Property in Pune
Loan against property Interest Rates differ from bank to bank. Interest Rates that you can find in Pune are:
1. Canara Bank: Interest Rate is floating and it amounts 12.4%
2. UCO Bank: Interest Rate is 11.7%
3. Central Bank of India: Interest Rate is 13.2%
Banks in Pune and their Loan Schemes
Some of the banks for loan against property in Pune that offers interesting schemes:
1. Bank of Baroda:
- Maximum amount is Rs 3 crore
- Loan tenure goes up to seven years
- Interest Rate is 13.5%
2. Axis Bank:
- Interest Rate goes from 12.75% to 13.50%
- The loan amount ranges from Rs 2 lacs to Rs 500 lacs
- You can take a tenure 15 years long
3. Kotak Bank:
- Floating Interest Rate can go up to 15.50%
- Maximum duration of the tenure is 12 years
- Amount moves from Rs 10 lakh to Rs 3 crore
4. HDFC Bank:
- Interest Rate is between 11.30% and 12.18%
- The biggest possible tenure is 9 years
- Processing fee is 1%
Apply for a Loan Against Property in Patna from Paisabazaar website in just 2 minute. Keep the scanned copies of your documents ready and fill in the online application form. Submit your requirements and the website will show you a list of loan schemes. Select the best loan scheme as per your requirement and click ‘Apply’.