Navi Mumbai City

What you need to know about Loan Against Property

Loan against property is a made to will help you when you need some financial boost. People never know when hard times can hit them, and that’s why everyone can apply for the loan. This is a fair amount of money that will cover all your expenses.

 

This loan against property in Navi Mumbai is a secured loan, and the security is your property. This means that the bank will consider a collateral before providing you the loan amount. Also, the bank has the right to repossess your property if you fail to repay.

Advantages of Loan Against Property

When you apply for it, you will get the loan money in no time. This is a good thing to know because it can help you if you are in an urgent situation. You can also use the money to support your business or to invest it in something that will bring you income.

 

The application process is one of the fastest in India. You need to deliver the required documents, and when bank checks them you will have your loan. Banks for a loan against property in Navi Mumbai understand that people in emergencies need help, and that’s why this loan is available to everyone.

Details that will help you to easily apply for the loan

Almost every bank in India can offer you this loan scheme. Each one of them is different and the documents required for application are different, too. It is wiser to apply for your loan against property after doing a detailed research about the loan schemes. There are a few factors that you should consider before applying for this loan:
 
  • Loan tenure: A loan tenure decides your interest rate. A smaller loan tenure has higher interest rate and a longer loan tenure will have lower interest rate.
  • Interest rate: The interest rate is a major factor that needs to be considered before applying for a loan against property. It is a rate at which you repay the bank.
  • Good credit history: If you maintain a good credit history with higher credit score, then you are likely to get your loan approved easily at a lower interest rate.

Navi Mumbai Loan Against Property schemes and their Interest Rates

Interest Rates differ from bank to bank, but they don’t get out of the distinct range. Loan against property Interest Rates that you can find in banks of Navi Mumbai are:

 

1. Punjab National Bank: Interest Rate begins at 11.25%
2. Union Bank of India: Interest rate is 12.2%
3. Axis Bank: Interest rate starts from 11.60%

Some banks in which you can apply

There is a great number of quality loan against property schemes in Navi Mumbai:

 

1. Karnataka Bank:
 

  • Interest Rate is 13.15 %
  • Maximum loan tenure is 15 years
  • No pre-closure charges
     
2. IDBI Bank:
 
  • Interest Rates is 10.95%
  • Maximum loan tenure is 15 years
  • Processing fee is 1%
     
3. Oriental Bank of Commerce:
 
  • Interest Rate begins at 11.65%
  • Maximum loan tenure is 10 years
  • Processing fee is 0.50%
     
4. Vijaya Bank:
 
  • Interest Rate begins at 12.15%
  • Maximum loan tenure is 10 years
  • Processing fee is 0.55%

If you are looking for a quick and hassle free process to apply for your loan scheme, then simply visit Paisabazaar website and fill in the required details. You can also use the online free tools- Loan EMI Calculator and Loan Eligibility Calculator.

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