Introduction to Loan Against Property
Bad times can come while we are unprepared and so to be able to handle such situations, you can take recourse to loan against property. This loan is affordable and can help you in your hour of need. The application process is simple, and you will get the loan amount sanctioned in a short time provided all your documents are in place.
Patna loan against property is based on property. The money that you’ll get as loan will range from 40% to 70% of the value of your property. Also, the bank will sell or auction your property to cover the loan expense if you fail to repay it.
How can a Loan Against Property improve your financial situation
The biggest advantage of the loan against property is the possibility to get the money and keep your property. Yes, when you apply you won’t be under any obligation to leave your property.
However, it is really important that you take this process seriously. A good planning of the budget is essential because it can eliminate possibilities of failure. Be sure that your financial state can bear the Patna loan against property and then apply.
Things to know when you decide to apply
Every bank has its own loan scheme. Of course, they are all different. Even the documents needed for the application are different. This means that you will have to do a small online research to see which option suits your needs. You can use the free tools by Paisabazaar- Loan Against Property EMI Calculator and Loan Against Property Eligibility Calculator. You have to submit scanned copies of your Income Proofs, Property documents, ID proofs, Address proofs and passport-sized photographs to apply for a loan against property in Patna.
Patna Interest Rates for Loan Against Property
Loan against property Interest Rates differ from bank to bank. Interest Rates that you can find in Patna are:
1. Andhra Bank: Interest Rate can rise up to 13%
2. Citibank: Interest Rate ranges from 10.5% to 11.6%
3. Bank of India: Interest Rate is between 11.2% and 11.7%
Banks in Patna that have good Loans Against Property
Some of the banks for a loan against property in Patna can offer you a good scheme. You should pay attention to these schemes because it will present you fine examples of schemes that you can find in Patna.
1. Vijaya Bank:
- Floating Interest Rate is 12.15%
- Maximum loan tenure is seven years
Processing fee is only 0.55%
2. HDFC Bank:
- Interest Rate is going from 11.30% to 12.18%
- Maximum tenure period is 9 years
Processing charges are 1%
3. UCO Bank:
- Floating Interest Rate amounts 11.7%
- You can take tenure up to seven years long
You can take a loan up to:
- Rs 200 lacs as an individual
Rs 500 lacs as a company
4. IDBI Bank:
- Interest Rates range from 11.25% to 12.25%
- Maximum tenure that you can take for this loan is 15 years
Processing fee is 1% of the whole loan value
Below is a 5-step process to apply for a Loan Against Property in just 2 minutes:
- Log in to the Loan Against Property application page and fill in the required details.
- Select the loan schemes you feel meets your requirements and add to compare cart.
- Compare your loan schemes based on interest rate, loan tenure, additional charges etc
- Choose your loan scheme
- Click ‘Apply’