A Short Overview of Loan Against Property
A loan against property is a scheme that will help you to overcome difficult periods. The banks of India are offering various schemes that can suit your needs.
People usually use this loan in urgent situations. On the other hand, this money can be invested in some big projects. You can use it to cover your education expenses, or to support the growing business. It can help you to gain even bigger profit and income.
How can a Loan Against Property help you with your financial issues
Below are the benefits of a loan against property:
- Keep your savings intact: Plan for your big ticket expense, while you still keep a balance in your savings. While the bank pays you the loan amount, you can keep your money in your account and invest it to grow your funds.
- Financial Discipline: A monthly repayment mode adds more discipline to your finances. Since you repay your bank in small installments every month, this adds more balance to your account.
- Higher Credit Score: A timely repayment of your installments will give you a good score. A higher credit score will help you get your loans at lower interest rates in future.
Some things that will help you with the Loan Application
You should know that many banks for a loan against property in Kolkata are offering this loan scheme. Each scheme is different, so you will have to do a little research and choose the best one.
As you already know, different banks are offering different loan schemes. Loan schemes also depend on your needs and possibilities. It is wiser to apply for a loan against property after doing a detailed analysis of your finances. Below are the important documents required for applying for loan against property:
- PAN Card
- Income Proof
- Address Proof
- ID Proof
- Age Proof
- Passport-Sized Photographs
A Loan Against Property Interest Rates that you can get in Kolkata banks
Interest Rates differ from bank to bank, but they don’t get out of the distinct range. let us look at some of the banks with their loan against property interest rates:
Loan against property Interest Rates that you can find in Kolkata are:
1. State Bank of Hyderabad: Interest Rate begins at 12.95%
2. Allahabad Bank: Interest Rate starts from 14.95%
3. Bank of India: Interest Rate is 9.7% onwards
Kolkata banks and their Loan Against Property Schemes
You can find quality loan against property schemes in Kolkata:
1. Central Bank of India:
- Interest Rate is 12.2%
- Maximum loan tenure is 10 years
The amount that you can take is from Rs 1 lakh to Rs 100 lakh
2. Punjab and Sind Bank:
- Interest rate is 11.8% onwards
- Maximum loan tenure is 7 years
Processing fees is up to 1%
3. HDFC Bank:
- Interest Rate begins at 11.85%
- Maximum tenure is 9 years
Processing fees is up to 1%
4. Kotak Bank:
- Interest Rate is 11% onwards
- Maximum loan tenure is 12 years
- Processing fee is up to 1.5%
Planning to apply for a loan against property in Kolkata? Apply at Paisabazaar.com in less than a minute. Simply log in to the loan against property page with your details and requirements. The website will show you a list of loan schemes that match your requirements. Choose the best loan scheme and click ‘Apply’.