How to Get Approval for a Loan Against Property in India

You can use your property as security to take a loan against it, which in return can be used for accomplishing several tasks, including planning a trip, buying a new property, expanding the business, children’s education and many more. Usually, banks charge lower rates of interest on loan against property in india. Banks charge different interest rates for different types of properties. Additionally, interest rates may also range from 12% to 15%. Banks may charge a minimum of 1 to 2% of the total loan amount as processing fees.

  • The loan against property gives you the liberty of using a higher amount. You can use the money for buying another bigger house, medical emergency etc. On top of that, the rate of interest for the loan against property is affordable.
     

  • It also provides a hassle-free disbursal of loans. They are simple and need minimal documentation. If all goes well, you can even get the money disbursed in less than 72 years. At times, lenders also a doorstep service for document pick up.
     

  • The loan against property in india gives a tenure ranging between 2 to 20 years to repay the loan, hence it is flexible. You also have the entitlement to make part prepayment and foreclosure without charges.
     

  • You can also easily access your loan details and information through digital customer portal of the lender. It is very convenient to keep a check on your account.

 

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