The loan against property scheme of the bank is popular because of its numerous customer-friendly features and benefits. Listed below are some of these features and benefits:
- A higher amount of loan is available for longer tenure which means you face lesser burden in paying the monthly instalments as compared to conventional loans.
- The property loan from State Bank of Mysore is available at lower interest rate than most other loans.
- Bank accepts any kind of property as security, including commercial, residential and even leased-out property.
- It is a good tool for debt consolidation.
- You can also take this loan to buy other property.
- Loan amount can be used for both personal needs and business purposes.
- Loan from State Bank of Mysore is favoured as the documentation and approval process is customer friendly and fast.
- EMI on property loan is very less as compared to other regular loans and can calculated using a loan against property EMI calculator by anyone looking for such a loan.
- The loan is extended to the borrower based on market value of the property. This also ensures that the bank is protected from any kind of cyclical fluctuations in the market of real estate and drop in prices.