Mysore City

What you need to know about Loan Against Property

You never know when bad things will happen. Every day, people are facing unexpected things. These things can be serious and they can jeopardize your safety. For these types of situations, you can use loan against property. It will provide you with enough cash to get back on your feet.

When you apply for the loan, you will get the desired amount of money. The loan is based on your property, which means that your property is used as a security for the loan. You have to repay the loan within a given deadline. The loan usually amounts from 40% to 60% of your property value, which is enough to deal with any kind of problem that you are having.

How can this Loan Benefit you

The loan can help you to get back on the track if you are having problems in your life. It is also a chance to boost your business or to create other benefits. After you apply, the possibilities are endless.

You can count on this loan schemes in your hour of need. The application is simple and swift, and you can get the money in no time.

The banks of India understand the clients, and that’s why this loan is available to every citizen. To apply, you will need to submit documents required to process the loan. As soon as bank officials check the documents, you can get the money.

Loan Against Property Features

Banks in India can give you a different loan against property schemes. You need to do some research to see which loan scheme suits you the best. The same goes for the documents that you must submit. The list of documents is different for each bank, so you will have to check this on the website of your bank, too. You should also do a detailed research about the loan scheme before applying for this loan. Check the interest rates of similar loan scheme provided by other bank. You can also visit our Paisabazaar website and compare loan against property schemes from different banks.

Interest Rates in Mysore

Loan against property Interest Rates differ from bank to bank and from loan scheme to loan scheme. There are many banks in India that offer loan schemes, and each one of them has its own Interest Rate policy. However, they are all affordable.

We can see some Interest Rates in following examples:

1. Karnataka Bank: Interest Rate is 13.15% onwards
2. ICICI Bank: Interest Rate is 11.35% onwards
3. Punjab National Bank: Interest Rate is up to 12%

Banks in Mysore in which you can apply

Various banks for loan against property in Mysore can offer interesting schemes:

1. HDFC Bank:

  • Interest Rate starts from 11.35%
  • Maximum loan tenure is 9 years
  • Processing fee is 1%

2. Union Bank of India:

  • Interest Rate starts from 12.30%
  • Maximum loan tenure is 10 years
  • No pre payment charges

3. Axis Bank:

  • Interest Rate is 11.60%
  • Maximum loan tenure is 5 crores
  • Maximum loan tenure is 15 years

3. Corporation Bank:

  • Interest rate is 11.9%
  • Maximum loan tenure is 10 years
  • Processing fee is 1%

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