Loan Against Property Details
Vishakhapatnam loan against property is a secured loan. The amount that you get is based on the value of your property. On the other hand, your property is a security for this loan. This means that if you fail to repay the loan, the bank has every right to use your home for loan cost coverage.
When you find yourself in an hour of need, loan against property can give you desired help. This loan is made for emergencies. The whole application process is swift and simple, and it will give you the money in no time. People use it for various purposes, but it is a proven thing for emergencies.
Why you should apply for this loan
There are different purposes where a loan against property loan can be useful. One of them is your new business. This loan is perfect to support your growing business and to create better income. You can also use it to support the education of your children, especially if they study abroad
Don’t think that personal loan and loan against property similar. These are two completely different options. A personal loan is not the best option for emergencies. The whole application process is a bit slow, so you can’t use it when you urgently need the money. Interest Rates and monthly rates are also higher than Interest Rates of loan against property. This is enough to understand the benefits of loan against property.
Things about Loan Against Property that you need to know
There are no two same loan schemes in India. Each scheme is unique because each bank has different loan policy. Your needs and your possibilities are also affecting the shape of the loan. Below applying for a loan against property in Vishakhapatnam, you must keep the scanned copies of your property documents, ID proof, address proof, and passport sized pictures ready. You can apply for your loan scheme at Paisabazaar in just 2 minutes. Simply enter your details and choose the loan scheme as per your requirements.
Interest Rates in Vishakhapatnam
Loan against property Interest Rates can differ from bank to bank. It can also differ from scheme to scheme. Here are some examples of the Interest Rates that you can find in banks for loan against property in Vishakhapatnam:
1. Indian Overseas Bank: Interest Rate goes from 12.9% to 13.4%
2. Union Bank of India: Interest Rate goes to 12.4%
3. OBC Bank: Interest Rate is 11.95% onwards
Banks in Vishakhapatnam and Loan Against Property Schemes
Various banks offer loans against property in Vishakhapatnam:
1. Vijaya Bank:
- Interest Rate is 12.15% onwards
- You can take loan tenure up to seven years
Processing fee is 0.55%
2. Central Bank of India:
- Interest Rate is 13.20%
- Maximum loan amount is 1 crore
Processing fee is 0.50%
3. City Union Bank:
- Interest Rate is 14.5% onwards
- Maximum loan tenure is 5 years
Margin for this loan is 60%
4. Punjab National Bank:
- Interest Rate can go up to 15%
The biggest possible amount is:
- Rs. 5 lac for individuals
Rs 500 lac for companies
- Processing fee is just 0.90% of the loan that you take