Loan Against Property Introduction
Are you in need of some extra cash? Do you want to improve your business and gain more money? Loan against property can be used for this. We never know when something bad can happen, and that’s why it is important to have a backup plan. This loan is a perfect solution that can provide you with the needed money.
It is a secured loan, which means that you will have to use your property as a security. Any type of property can be used. The amount that you get depends on your property. Banks usually offer money up to 60% and 70% of your property’s value.
How can a Loan Against Property improve your financial situation
This loan will give you a good amount of money to get back on your feet. You can use it to improve your education on to support your business. The application for this loan is very simple, and you can be sure that you’ll get the results in a short time notice.
The banks in India understand the clients and that’s why they made this process as easy as possible. This means that if you need to get some fast money, loan against property is the right thing for you.
Loan Against Property features that you should be aware of
Almost every bank in India is offering this loan. These schemes are different, and even the documents required to process the loan are different from bank to bank. To find the best one, you will have to do some online research.
Check all the banks for a loan against property in Gwalior and see what they have to offer. You can get more information about the documents on the website of the bank that you choose. Before you apply for the loan against property, you should analyze your budget to avoid any failure of timely repayment.
Interest Rates in banks of Gwalior
Loan against property Interest Rates differ from bank to bank, but there is a strict range that is common for whole India. This range goes from 12.00% to 15.75%, and every bank respects it.
Some of the Interest Rate examples in Gwalior are:
1.UCO Bank: This bank offers an Interest Rate that goes up to 11.7%
2.Karur Vysya Bank: Floating Interest Rate can go up to 12.9%
3.IDBI Bank: Interest Rate is between 11.25% and 12.25%
Loan Against Property Schemes in Gwalior
Many banks are offering loan against property schemes in Gwalior. You can check them all, and some of the most popular ones are:
1. Punjab National Bank:
- Interest Rate goes all the way to 15%
The amount that you can take goes up to:
- Rs. 5 lac if you are an individual
Rs 500 lac if you are taking the loan in the name of your company
Processing fee is only 0.90% of the loan amount
2. Union Bank of India:
- Interest Rate can range up to 12.40%
- You can take loan tenure of 10 years
No pre-payment fees
3. State Bank of Hyderabad:
- Interest Rate ranges from 13% to 13.25%
- Maximum possible tenure is 10 years
- Margin is 25% of the loan amount
Below is the 5-step process for applying for a loan against property in Gwalior:
- Log in to our loan against property page
- Fill the online application form
- Submit your documents online
- Choose a loan scheme
- Click ‘Apply’