Ludhiana City

An Introduction to Loan Against Property

A loan against property is a loan made for people that need a financial boost in a short time notice. That’s why this loan is made to work fast and to give you the needed cash in short time notice.

It is a secured loan, and the bank considers collateral before providing a loan. This means that if you can’t repay the loan, the bank has the right to take your property in order cover the expenses of the loan. That’s why it is important that you apply for a loan against property after doing a detailed research on your finances.

Reasons to Apply for Loan Against Property

Loan against property is designed to help you when you need help. This money is enough to cover any of your expenses. On the other hand, you can use it to earn some money by improving your business. The banks of India understand the needs of their clients, and that’s why this loan is affordable to everyone.

However, the biggest advantage is that you can keep your property while using the money. Yes, you are not under any obligation to leave your house or apartment if you apply for the Ludhiana loan against property. You only have to be serious about repayment, and there’s nothing to worry about.

Information that will help you to Apply for the Loan

There are many loan schemes that you can apply to in India. Each bank has designed its own scheme, and you must do a small internet research in order to choose the right one. To successfully apply for a loan against property you have keep your documents ready. Below are the important documents required to apply for a loan against property:

  • Existing property documents
  • Address Proof
  • Income Proof
  • ID Proof
  • Passport-sized photographs

Ludhiana Interest Rates for Loan Against Property

As you know, numerous banks can offer you this loan scheme. Each one of them has own loan policy, so it is natural that loan against property Interest Rates differ, too. However, they are all affordable. Interest Rates for this loan are low because the tenure period is long. You can check this in following examples:

1. Vijaya Bank: Interest Rate is up to 12.15%
2. United Bank of India: Interest rate starts from 11.3%
3. Union Bank of India: Interest Rate starts from 12.2%
4. Federal Bank: Interest Rate begins from 12.15%

Banks in Ludhiana that offer Good Loan Against Property Schemes

The banks for loan against property in Ludhiana can offer various schemes:

1. Kotak Bank:

  • ‚ÄčInterest rate starts at 11% 
  • Maximum loan tenure is 15 years 
  • Processing fee is 1.5% of the loan amount

2. Indian Bank:

  • Maximum loan tenure is 7 years
  • Processing fee is 1.167%

3. Canara Bank:

  • Maximum interest rate is 12.3%
  • Maximum loan tenure is 7 years
  • Processing fee is 1%

4. Karnataka Bank:

  • Interest Rate can go up to 13.25%
  • No processing fee required
  • Maximum loan tenure is 15 years

Apply for loan against property in Ludhiana in just 5 minutes. Visit our Paisabazaar website and complete the loan application form. Our platform will show you a list of loan schemes which suits your requirements. You simply need to select a loan scheme which is a best fit to your needs and click ‘Apply’.

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