Residents of Pune can apply for Loan Against Property at affordable interest rates. Loan against property in Pune can be availed from several banks and NBFCs through their wide branch network in the city. With the help of loan against property, people can access funds almost immediately by placing their residential or commercial property as collateral. The papers of the property pledged remains with the bank unless the loan is paid. The loan amount can be used for both personal and business requirements.
Loan Against Property in Pune – Features
- High loan amount:Depending on the lender’s policies, you can avail up to 80% of the market value of the underlying property.
- Extended loan tenure:Loan against property comes with relatively loan repayment period extending usually up to 15 years, ensuring the monthly installment is affordable.
- Multipurpose loan option:In case of loan against property, there is no restriction on the use of the loan amount. It can be used for multiple purposes including financing business, meeting healthcare expenses, etc.
- Low rate of interest: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.
Loan Against Property in Pune – Benefits
- Lower interest rate:Loan against property is a secured loan, reducing the potential risk of default for lenders. This further allows lenders to give the loan at a lower when compared to a personal loan.
- Easier to get:Since loan against property is a secured loan, lenders are more eager to give these loans.
- Longer repayment period: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.
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Loan Against Property in Pune – Interest Rates
Starting from 9% per annum, the interest rate on loan against property in Pune is reasonable and comes with minimal processing and administrative charges, which may vary from one lender to another. Other factors that influence loan against property interest rate includes the applicant’s credit score, age, repayment capacity, loan amount, etc.
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Loan Against Property in Pune – Documents Required
The basic documents required by the bank for loan against property in Pune are:
- Proof of Identity
- Proof of Residence
- Proof of Age
- Proof of Signature
- Proof of Income
- Documents of the property to be mortgaged
Note: If required, the bank may ask for additional documents from an individual.
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Loan Against Property in Pune – Eligibility Criteria
- Should be an Indian resident
- 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
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Why apply for Loan Against Property in Pune through Paisabazaar.com?
- View and compare eligible LAP offers from top banks/NBFCs in India
- Apply for loan against property online from anywhere around the globe
- Track the loan against property application status
- Get quick approval on your loan against property application
How to Apply for a Personal Loan in Pune?
If you wish to apply for a loan against property in Pune at Paisabazaar.com, follow the process given below:
- Click here and provide a few basic details
- View and compare a few eligible offers will appear
- Compare eligible LAP offers from various banks and NBFCs
- Select the desired lender or call the customer care of Paisabazaar for assistance
- Once you have selected the lender, the lender’s executive will contact you to take the process forward.