Loan Against Property: Definition and Basic information
People apply for this loan for various reasons. Usually, they found themselves in an unpleasant financial situation and they need some fast money to cover the expenses. On the other hand, this money can also be used as an investment. It is a good amount that can boost your business or improve your education.
How can you benefit from this loan
- ID Proof
- Address Proof
- Income Proof
Things to know for the application process
- Interest rate: It is very important to consider the interest rate of the loan schemes before even applying for it. An interest rate is the rate at which you have to repay the bank.
- Loan tenure: With a longer loan tenure you get lower interest rate and with a shorter loan tenure you get higher interest rate. It is very important to choose the loan tenure very wisely.
- Credit history: A loan scheme impacts the credit history, based on this the future loans are approved. If you repay your loans on-time, then it increases your credit score and presents you as a better borrower for all your future loans.
Interest Rates in Lucknow
Here are some examples of the Interest Rates that banks for loan against property in Lucknow offer:
1. Kotak Bank: Interest Rate is 11% onwards
2. HDFC Bank: Interest rate is 11.35%
3. Oriental Bank of Commerce: Interest Rate begins at 11.65%
Banks in Lucknow that provide with this loan scheme
1. Allahabad Bank:
- Interest Rate starts from 14.95%
- Maximum loan tenure is 9 years
Maximum loan tenure is 2 crores
- Interest Rates starts from 10.95%
- Maximum loan tenure is 15 years
Processing fee is up to 1% of the loan amount
- Interest Rate begins from 13%
- Maximum loan tenure is 10 years
Loan margin is 25% of the loan
- Interest rate is 12.35% onwards
- Loan tenure is up to 10 years
- Processing fee is 1%
If you have the loan amount you want to apply for, then log in to the Paisabazaar official website and provide your personal details and loan requirements. You can also use the free online tools- Loan Against Property EMI Calculator and Loan Against Property Eligibility Calculator.