Nashik City

Loan Against Property: Definition and Basic Information

We have all been in those difficult situations when only a great amount of money could get us back on the feet. Well, the banks in India have constructed such a loan scheme. You can apply for a loan against property when you find yourself in the hour of need, and this loan amount can help you.

The loan is secured. This means that the whole amount that you will get is based on the value of your property. This also means that you can lose that property if you fail to repay the loan on time. But don’t worry about this, it happens only in extreme and rare situations.

Loan Against Property Features and Advantages

The best advantage of a loan against property is that it helps you to use the money to meet your financial goals and also keep your savings intact. You can use your savings to invest into other funds to grow their value. A loan against property involves huge sum of money, therefore a timely repayment to the bank will increase your credit score.

The greatest thing about Nashik loan against property is that you will get the money, but still be able to live on your property. If you apply for the loan, there is no reason to leave. But, be sure that your budget can stand the loan.

Things that you need to know in order to apply

You can get a loan against property in every bank in India. It is not difficult to apply, and you can surely get the loan. You have to deliver document required to process the loan in order to apply for it.

Even the documents are different for each bank. You can find out the details on the website of your bank or you can visit the nearest bank branch. However, every bank in India will ask you to submit:

  • Income Proof
  • Address Proof
  • ID Proof
  • Passport-sized photographs

Banks in Nashik with good Interest Rates

Loan against property Interest Rates are different for each scheme. You must do a research on different loan against property schemes by various banks.

Let’s have a look at the interest rates provided by different banks:

1. State Bank of India: Interest Rate is 12.45%
2. Union Bank of India: Interest rate begins from 12.2%
3. Dena Bank: Interest Rate is 11.1% onwards

Loan Against Property Schemes in Nashik

Some of the banks where you can apply for loan against property in Nashik are:

1. Oriental Bank of Commerce:

  • Interest Rate is 11.65% onwards
  • Maximum loan tenure is 10 years
  • Processing fee is 0.50%

2. Vijaya Bank:

  • Interest rate begins from 12.15%
  • Maximum loan tenure is 10 years
  • Processing fee is 0.55%

3. Allahabad Bank:

  • Interest Rate begins from 14.95%
  • Maximum loan tenure is 9 years
  • Processing fee is 1.22%

Below is a 5-step process to apply for a loan against property at our Paisabazaar website:

  • Log in to the Paisabazaar page with your personal details and loan requirements
  • Submit the scanned copies of your documents
  • Select the loan schemes you wish to compare
  • Choose a loan scheme you wish to avail
  • Click ‘Apply’

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