Loan Against Property: Basic details that you should know
Some situation can come when we are unprepared. Usually, we need some extra money when something like this happens. In the state of emergency, loan against property can be the best solution. Banks in India have made various loan schemes that can help you to get back in the saddle.
You can simply visit our Paisabazaar website and apply for a loan against property as per your requirements. The website will show you a list of loan schemes you just need select the best one.
Why can this loan help you with your financial issues
A loan against property helps you to meet any major financial goal. Below are the benefits of a loan against property in Nagpur:
- Savings Intact: With a loan against property you can meet your financial goal, while you still keep your savings intact.
- Financial Balance: Repaying your loan in monthly equated installments helps you to manage your finances better. This will ensure that you do not end up paying the while amount at once but repay the bank in small installments.
- Good Credit History: A timely repayment of your EMIs will increase your credit score. This will present you a more trustworthy borrower for all your future loans.
Information that will help you with the application procedure
Each bank in India has its own loan scheme, and they are all different. You must do a detailed research about the loan schemes and thoroughly understand your budget so as to avoid any failure of repayments. You can also visit the Paisabazaar website to know more about loan against property or speak to our financial expert for any other guidance.
There is a strict documentation process to avail a loan against property. Below are the documents required to get your loan approved:
- Income Proof
- Address Proof
- Passport-sized photographs
- ID Proof
Interest Rates that you can find in Nagpur banks
Loan against property Interest Rate is different for every loan scheme that you can find in India. However, there is a strict range that goes from 12.00% to 15.75%.
Some of the examples for variety of Interest Rates can be seen in banks for loan against property in Nagpur:
1. Dena Bank: Interest Rate begins from 11.1%
2. Indian Bank: Interest Rate is up to 13.9%
3. State Bank of India: Interest Rates starts from 12.45%
Nagpur banks that can provide you with Loan Against Property scheme
When you begin your search for Nagpur loans against property, you will see that every scheme is different. Your own needs and possibilities are shaping it, and the policy of bank, too. Here are some of the loan scheme examples:
1. State Bank of Hyderabad:
- Interest Rate is 13% onwards
- Maximum loan tenure is 10 years
Margin amounts 25%
2. Federal Bank:
- Interest Rate starts from 12.15%
- Maximum loan tenure is 15 years
Processing charges are only 0.50%
3. Dena Bank:
- Interest Rates is 11.1%
- Maximum loan amount is 5 crores
Maximum tenure that you can take is 15 years
4. IDBI Bank:
- Maximum interest rate is 10.95%
- Maximum tenure duration is 15 years
- Processing fee is only 1%
You can use our free online online tools- Loan Against Property EMI Calculator Loan and Loan Against Property Eligibility Calculator. You can even call our customer care in case of any query.