Basic Facts About Loan Against Property
Planning to expand your business? But looks like it is getting difficult to manage money in a lump sum. A Loan against property is the best financial solution for you, where the bank pays you the money and you repay in installments during the loan tenure. The loan against property is designed to help you need a large sum of money to meet a major financial goal. Like all other loans, you have to submit the documents required to process the loan when you apply for one.
Why You Should Consider Applying for This Loan?
Below are some of the important features of a loan against property in Ahmedabad:
- Loan tenure: The tenure of the loan repayment that you choose has an impact on the interest rates of your EMIs. A longer loan tenure would mean lower interest rates on your EMIs.
- Higher credit score: If you have a good credit history, then this would help you to get your loan approved at a lower interest rate.
Timely repayment: Since a loan against property is a secured loan, therefore, to avoid repossession of your property by the bank, it is important that you pay your monthly installments on time.
Interest Rates in banks of Ahmedabad
Loan against property Interest Rates varies from bank to bank. Each bank has its own loan program, and you will need to do some research before you apply. Good examples of loans against property in Ahmedabad can be found in following banks:
- IDBI Bank: Interest Rate is 10.95%
- ICICI Bank: Interest Rate starts from 10.6%
- State Bank of Bikaner and Jaipur: Interest Rate is 9.55% onwards
Banks in Ahmedabad that Provide with Good Education Loan Schemes
A search for the loan against property schemes in Ahmedabad is not an easy thing. Many banks can provide you with a good loan scheme. You can start your search from following banks:
• Interest Rate is 12.15% onwards
• Maximum loan tenure is 7 years
• Processing fee is 0.55%
Union Bank of India:
• Interest Rate is 12.3% onwards
• Maximum loan tenure is 12 years
• No pre-payment charges
Punjab National Bank:
• Interest Rate is 9.40%
• You can take up to:
- Rs. 5 lac for personal needs
For business needs – Rs 500 lac
• Interest Rate begins from 12.22%
• Maximum loan tenure is 10 years
• Processing fee is only 0.50%
Apply for a loan against property in Ahmedabad at our Paisabazaar.com website in less than a minute. You just need to submit your personal details, loan requirements, and documents online. The website will show you a list of loan schemes. Choose the best loan scheme based on your requirements and click ‘Apply’.