How to take loan against your property – Loan against property is available at an initial interest rate of 7.9 percent. At the same time, the maximum amount is being offered up to Rs 10 crore. Banks are offering loans for a maximum tenure of 20 years.
For small money needs, we have options like credit cards, personal loans, but when the needs are big like children’s marriage, study abroad expenses or need money to pursue business then these loan options work. Banks do not come, for a large amount, loan against your property (loan against property) offers. These loans are secured loans so their interest rates (interest rates) is not high and the loan amount is released based on the value of the property of the people and their own income. If you also have debt (loan) and you want to take a loan from the bank by mortgaging the property, then we tell you the terms and conditions related to Loan Against Property. This report has been written on the basis of the blog of Bank of Baroda.
What are the features of Loan Against Property
According to Bank of Baroda, a maximum loan of up to Rs 10 crore can be raised through Loan Against Property. And the loan can be repaid with a tenor of up to 15 years, the loan amount and the tenure of the loan depends on the value of the property and the age of the customer. According to Bank of Baroda, this product is the best way to maximize the value of any person’s property. Because you can use the property to meet your needs with the amount received as loan and get back the ownership of your property once again by paying back the loan.
What are the conditions of LAP
Loan Against Property is offered only to the owner of a property. For this, along with the application, the applicant has to submit all the documents related to his property in the bank. Along with this, receipts for payment of tax, water tax etc., all necessary no objection certificates are required to be submitted. Banks do not offer loans against all properties. Along with all the property papers, the applicant’s income papers are also sought. The loan amount is sanctioned based on the market value of the property and the income of the applicant.
What is the interest rates on LAP
According to BankBazaar.com, loan against property is available at an initial interest rate of 7.9 percent. At the same time, loan is available up to Rs 10 crore. Banks are offering loans for a maximum tenure of 20 years. Axis Bank is offering loans ranging from Rs 5 lakh to Rs 5 crore in the range of 7.9 per cent to 9.3 per cent. State Bank of India is offering loan at 8.45 percent, HDFC 8 percent, Kotak Mahindra Bank 9.5 percent starting rate,
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