Chandigarh City

Loan against property schemes

Starting a new business or planning to expand the existing one, requires a huge financial investment. But instead of investing money from your savings or revenue you can avail a loan against property, thereby keeping your money in place for other investments. Applying for a loan against property is just a 2-minute process, if not less. The interest rate for loan against property in Chandigarh is not too high either, starting at just 9.65%. The bank gives you the loan amount by accepting collateral against the loan amount. If you ever fail to repay your loan, then the bank has the rights to repossess your collateral to recover the loan.

Like all the other loans, you have to submit the required documentation for a Chandigarh loan against property when you apply for one. You can simply visit our Paisabazaar.com website and fill the online loan application form with your personal details and loan requirements.

How can you benefit from loan against property

A loan against property will help you take the next step towards meeting your financial goal. The bank will give you the loan amount, by considering a mortgage for your loan. This is because your bank gives you the loan amount maximum of 70% to 80% of your collateral value. Some of the benefits of a loan against property are:
 

  • Easy Money: The bank pays you the loan amount to make you financially ready and you do not have to worry about managing your finances.
  • Credit History: Repaying the bank on time will make your credit history look good, which will present you as a more trustworthy borrower for any of your future loans
  • Balance in Savings: Since you do not have to make the entire payment at once, your savings will remain intact. This will ensure that you continue to remain financially strong while you also get to invest to meet your financial goals.

Loan against property details that you need to be aware of

Every scheme that you can find in India is unique. That’s because banks have different loan programs that affect the loan you are applying for. Your own details and needs are also having an influence on the loan. The structure of the loan changes along with the amount that you need and tenure period.

Chandigarh Interest Rate for loan against property

As you already know, each bank has its own loan scheme. Because of this, Chandigarh loan against property schemes also differs from one bank to another. Some of the examples for loan against property Interest Rates are:

1. Jammu and Kashmir Bank: Interest Rate is 12.4% onwards
2. Punjab National Bank: Interest Rate begins 11.05% onwards
3. State Bank of Patiala: Interest Rate is 14.5% onwards
 

Banks in Chandigarh that can provide you with a good scheme

The banks for loan against property in Chandigarh can offer you some interesting schemes:

1. Canara Bank:

• Interest Rate is 12.35%
• The loan tenure can go up to 10 years
• Processing fee is only 1% of the loan amount

2. Punjab and Sind Bank:

• Interest Rate begins at 9.75%
• Maximum loan tenure is 7 years
• Processing fee amounts 1%

3. Oriental Bank of Commerce:

• Interest Rate is 11.8%
• Maximum loan tenure is 7 years
• Processing fee is up to 0.50%

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