Person can get a loan
against property only if a person provides collateral to the bank in the form
of commercial property, house or flat. Person can use this amount for any
personal purpose such as going for a vacation, for paying bills, house
extension, initiating new business, education, house improvement, business
expansion, marriage expenses, and purchase of goods, debt consolidation and
many more. A loan
against property means a loan given or disbursed against the credit of the
property. Person can avail loan against property as a certain percentage of the
property market value which is around 40% to 60%.
Person can get a loan
against property from several banks such as Fullerton, ICICI, Standard
Chartered, SBI, Axis, PNB, HDFC, DHFL, Reliance Capital, First Blue, India
Bulls and many more.
The various features of
loan against property are:
·
A person can use this loan for any
purpose or need whether it is professional or personal.
·
The Person can get a loan against
property on fully constructed property.
·
Person can get a loan at the cheapest
interest rates. Banks provide two types of interest rates such as fixed rates
and floating interest rates.
·
Person can get an amount of loan up to
60 to 65% of the market value. It depends upon the person property or flat.
·
The client can pay off the loan amount
through EMI
or monthly installments.
·
Person has to pay off the amount of loan
range from 10 to 15 years.
·
Loan against property is a secured loan.
·
The process of loan against property is
easy, convenient and hassle free.
·
The banks charge 13-18% of the rate
of interest on the loan against property amount, which totally depends on the
amount of loan and person's profile.
·
Person has to get minimum of Rs.10 Lakhs
for getting loan against property.
·
A person can get a loan up to Rs.10cr.
The tenure provided by
the bank is 10 years. The loan amount needs to be repaying in the form of EMIs.
In any case, person want to avail loan more than 25 lakh, person need to mention
the reason for getting a loan. The loan amount person can get against property
can range from 10 Lakhs to 3 crore. This amount is depending upon the property
person pledge. The amount of the loan also varies from bank to bank. The age
limit of person lies between 21 to 60 years.
