Ranchi City

What is a Loan Against Property

Loan against property is designed to help you in your time of need. The application process is very simple, which means that you will get your money in a short time notice. The banks in India offer this loan to people who need an urgent financial boost. It is available for everyone, and you can get the money fast.

The security for this loan is your property. This means that the money can amount up to 70% of the value of property. This is a fair amount of money that can help you to solve any problem. However, loan against property is a secured loan, which means that bank will take your property if you fail to repay the loan.

How can you benefit from taking this loan

The banks for a loan against property in Ranchi understand their clients and that’s why the application for the loan is so simple. Also, this loan is available to every citizen of India and there are no criteria for the applicants. You will get bank’s feedback as soon as you submit your application. Taking a loan against property in Ranchi is a fast way of getting the needed money.

The biggest advantage of the loan is the fact that you will keep your property. It is a rare thing that someone loses the house because of repayment failure. However, this doesn’t mean that you shouldn’t be serious and careful. Follow the repayment rules and everything will be all right.

Things that you should know before applying for the loan

Every bank in India has a loan against property scheme. Each one of them is different and even the documents required to process the loan are different, too. You need to do some research so you can get the details. Visit the Paisabazaar website to use our free online tools- Loan Against Property EMI Calculator and Loan Against Property Eligibility Calculator. Below are the documents required to apply for a Loan Against Property at our website:

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

Interest Rate for Loan Against Property

Loan against property Interest Rates don’t get out of the distinct range that is between 12.00% and 16.00%. Below are the interest rates by some of the good banks in India:

1. Allahabad Bank: Interest Rate goes from 14.95% to 15.20%
2. ICICI Bank: Interest Rate moves within the range – 11.50% to 13.75%
3. Punjab National Bank: Interest Rate is in range from 11.25% to 15%

Banks in Ranchi and their Loan Against Property Schemes

Various banks offer loans against property in Ranchi. As you already know, each bank has its own loan program. You need to check them all in order to apply for the best one. Here are some examples that will serve you as guidelines:

1. IDBI Bank:

  • Interest Rate goes up to 12.25%
  • The longest tenure duration is 15 years
  • There is a 1% processing fee

2. Central Bank of India:

  • Interest Rate goes up to 13.2%
  • Maximum tenure duration is 10 years
  • You can take an amount that ranges between Rs 1 lakh and Rs 100 lakh

3. State Bank of Patiala:

  • Interest Rate  goes up to14.95%
  • Maximum tenure duration is 10 years
  • 0.25% processing fee is required

4. HDFC Bank:

  • Interest Rate ranges between 11.30% and 12.18%
  • Your tenure can last up to 9 years
  • There is a 1% of processing fees

If you want to apply for a loan against property in Ranchi, you need to check Paisabazaar.com. This website offers you a safe and efficient way of online applying. It is a fast method that will surely impress you.

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