Kanpur City

A brief explanation of loan against property

When you find yourself in the hour of need, and when you require for fast financial support, loan against property can be the answer. This scheme is specially designed to cover your back when you are stuck in a difficult financial situation.

The loan is a secured loan, and the security is your property. You can mortgage any type of property. The bank has full right to use it if you fail to repay the loan. The loan money that you will get can amount up to 60% and 70% of the value of property.

You can use Kanpur loan against property to support your business. It is a good way to finance the education of your children or to require some other benefits. All you have to do is return the money within the deadline and you have nothing to worry about.

Why benefits can you get from this loan

Below are the benefits of a loan against property:
  • Good credit history: A timely repayment of your EMIs will present you as a more trustworthy borrower by increasing your credit score. You will be able to get your loans approved very easily for future.
  • Financial Discipline: Paying your installments on will help you manage your monthly finances better.
  • Savings Intact: Since with a loan against property you do not have to make the entire payment at once. You can keep your savings intact while ensuring that you are financially strong.

What is there to know in order to apply for the loan

The schemes are different for each bank. Your needs and possibilities also affect the shape of your loan. Many offers make this very difficult. You will have more banks to check and more schemes to inspect.

How are the Interest Rates behaving?

Loan against property Interest Rate has a distinct range, which goes from 12.00% to 16%. Each bank respects that and builds their loan schemes according to it.

Some of the loans against property in Kanpur can be found in following banks:

1. Punjab National Bank: Interest rate is 9.75% onwards
2. ICICI Bank: Interest Rate begins at 11.35%
3. Kotak Bank: Interest Rate is 11%

Where to apply for the loan?

There are various banks for loan against property in Kanpur that can offer you a scheme:

1. Citibank:

• Maximum loan amount is Rs 5 crore
• Maximum loan tenure is 15 years
• Loan is based on 70% of property value

2. Allahabad Bank:

• Interest Rate is 14.95%
• Maximum loan tenure is 9 years
• Maximum loan tenure is 2 crores

3. Corporation Bank:

• Interest Rate is 11.95% onwards
• Maximum loan tenure is 10 years
• No margin for the loan

4. State Bank of Patiala:

• Interest rate is 14.95% onwards
• Maximum loan tenure is 10 years
• Processing fee is 0.25%

Below are the documents required for applying for a loan against property:
  • ID Proof
  • Address Proof
  • Income Proof
  • PAN Card Details
  • 6 Passport-sized photographs

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