Loan Against Property: Basic Details
Are you in need of some quick financial help? Do you want to invest that money in the education of your children? Well, loan against property can help you with this. This loan is designed to provide quick help to the users. You can use this loan for many purposes like start a new business or invest into an existing one.
Loan against property that you can apply for in Jaipur will provide you with required money. This loan is based on your property, which means that your house or apartment will act as a loan security. The amount of your loan will be based on your property which can be up to 70% of your property’s value.
Why can this Loan be a Great Thing for your Budget
Below are the important benefits of a loan against property:
- Savings Intact: You don’t have to make the complete payment at once, you can keep your savings intact while you still ensure that you are financially strong.
- Financial Discipline: Repaying your EMIs on-time will help you manage your finances better, without worrying much about financial well-being at any point.
- Credit Boost: Making your repayments on time will make you a more reliable borrower for any of your future loans.
Loan Against Property Features
Every bank that you can find in Jaipur will offer you a loan scheme. The most popular banks, such as Axis, IDBI, or Bank of India, have developed some great loan programs. You will need to submit documents required to process the loan, and documents are different for every bank. However, every bank will require you to submit:
- Property documents
- Income Proof
- Address Proof
- ID Proof
You can use our free online tools- Loan Against Property EMI Calculator and Loan Against Property Eligibility Calculator.
Interest Rates of loan against property in Jaipur
As you already know, each bank has its own loan policy. This means that Interest Rates for a loan against property also differ from bank to bank. They also depend on the loan amount that you take and information that you will submit to the bank.
Some of the loans against property in Jaipur are:
1. ICICI Bank: Interest Rate begins at 11.35%
2. Axis Bank: Interest Rate is 11.75% onwards
3. Dena Bank: Interest Rate is 11.15% onwards
4. Citibank: Interest Rate starts from 10.55
Banks in Jaipur and Loan Against Property Schemes
The banks for loan against property in Jaipur can offer you various schemes:
1. Bank of India:
- Interest Rate is 9.7% onwards
- Maximum loan tenure is 10 years
- Monthly income of Rs 1 lac is required for this loan
2. IDBI Bank:
- Interest Rates is 10.95%
- Maximum loan tenure is 15 years
- Processing fee is 1% of the whole amount
3. HDFC Bank:
- Interest Rate is 11.35% onwards
- Maximum loan tenure is 9 years
- Processing fee is only 1% of the loan amount
4. Central Bank of India:
- Interest Rate begins at 12.2%
- Maximum duration of the tenure is 10 years
- The loan amount is always between Rs 1 lakh and Rs 100 lakh
When you have decided the loan amount you wish to borrow you can visit our Paisabazaar.com website to apply for loan in less than a minute. When you decide to apply for a loan against property in Jaipur, you will need to submit some information:
- Personal details are essential
- Property details and its value
- Details of the loan that you want to take
- Information about your incomes and your budget