Loan Against Property: Basic Information
Loan against property is a loan made to help you in your hour of need. You never know as financial emergencies come at any point – planned or unplanned.
Loan against property in Dehradun is secured loan against your property. You can mortgage your house, apartment or any other property that you possess. When you finish with the repayment, your property will be safe again.
The money that you’ll get with this loan usually amounts between 40% and 70% of the property value.
How can Loan Against Property Improve Your Budget
You are financially strong by availing a loan against property. Your bank pays you the required loan amount to help you meet your financial goals. Since you are financially ready, you are ready to go ahead. Your savings can remain put while ensuring that you are financially strong. A loan against property will bring financial discipline to your life. A monthly mode of repayment will aid you in organizing your finances better, without having to stress about your financial health at any given point.
Things to Keep in Mind when Applying for a Loan Against Property
Every bank in India has its own loan against property scheme. They are all different, which means that you must look around to find the one that is good enough.
Documents required to process the loan are also different for every scheme. Below are some important documents required for applying for a loan against property:
- Income Proof
- ID Proof
- Address Proof
- Passport copies
- PAN Card
- 6 Passport-Sized Photographs
Interest Rates in banks of Dehradun
Loan against property Interest Rate has a distinct range. A good example of these Interest Rates can be found in banks for loan against property in Dehradun:
1. State Bank of India: Interest Rate is 10.5%
2. HDFC Bank: Interest Rate begins from 11.05%
3. Central Bank of India: Interest Rate is 12.2% onwards
Banks in Dehradun where you can apply for the loan
Various banks offer good loan against property schemes in Dehradun:
1. Bank of India:
• Interest Rate starts from 9.65%
• Loan tenure goes up to 12 years
• Third party needed for the application
2. Indian Overseas Bank:
• Interest Rates is 12% onwards
• Maximum loan tenure is 7 years
• Small prepayment charges for individual borrowers
3. Canara Bank:
• Interest Rate is 12.35%
• Maximum loan tenure is 10 years
• Procession charges amount 1%
4. Karnataka Bank:
• Interest Rate begins from 13.2%
• Maximum loan tenure is 15 years
• Maximum loan amount is 5 crores
You can apply for your loan against property at our Paisabazaar.com website in less than 2 minutes. Simply fill in our online application form and provide the required details. The website will show you a list of loan schemes. Choose the most suitable one and click ‘Apply’.