Loan Against Property: An Introduction
Loan against property is designed by Indian banks and it can serve you in your time of needs. You can get the money in a short time notice to deal with an emergency. However, you can also use this money to support your business or to invest in some other project.
Loan against property in Bhopal is a secured loan. The security is your property, apartment, house or just a piece of land. The loan can amount up to 70% of the value of your property. You will have to return this money later when the repayment starts.
Why you Should Consider Taking this Loan
Indian banks understand that when the hour of need arrives their clients cannot wait. That’s why the bank will respond immediately. You will get a feedback as soon as you apply. This will give you time to plan your next move.
The good thing is that most of the banks will allow you a pre-closure without any charges. The whole process of applying is really simple, and Interest Rates that you can get are attractive. The processing rates usually depend on the amount of money that you take, so pay attention to that.
One of the advantages of this loan is that you will keep your property and get the money. Yes, your property is a security for the loan, but in the great majority of cases, this security is not used. With a nicely organized budget, everything will go smoothly.
Details to have on Mind When Applying for the Loan
Below are some of the important details that you should keep in mind while applying for a loan against property scheme:
- Repayment tenure: The interest rates are also based on the loan repayment tenure. Longer loan tenure will help you have lower interest rates at the installments.
- Disciplined Savings: Bhopal loan against property helps you to maintain a disciplined saving habit by reducing the financial burden. You can invest your personal savings by investing to grow your funds while the bank pays for your financial goals.
- Credit History: A timely payment of your loan installments will only increase your credit score. A good credit score will make you a more reliable borrower.
Bhopal Interest Rates
Loan against property Interest Rates differs from bank to bank. However, they usually start from 9.6%.
Some of the Interest Rate examples are:
1. Axis Bank: Interest Rate starts from 11.6%
2. State Bank of India: Interest Rate is 11.6% onwards
3. Union Bank of India: Interest Rate is from12.3%
Banks in Bhopal that Can Provide You with Fair Loan Scheme
There is a good number of banks for a loan against property in Bhopal. Each one of them will offer you a unique loan scheme. Some of them are:
1. ICICI Bank:
• Interest Rate is 11.45%
• Maximum loan tenure is 15 years
• The bank is offering loans against both commercial and residential property
2. IDBI Bank:
• Interest Rates is 10.95% onwards
• Maximum loan tenure is 15 years
• Processing fee is only 1% of the loan amount
3. Federal Bank:
• Interest Rate is from 12.22%
• Processing fee is 0.50%
• Maximum loan tenure 10 years
3. Dena Bank:
• Interest Rate is 11.4%
• Processing fee is 1%
Maximum loan tenure is 10 years If you have decided about the loan amount, then you can visit our Paisabazaar.com website. Simply fill in our online loan against property application and choose your loan scheme. Select the best loan in Bhopal which meets your requirements and click ‘Apply’.