Loan against property
provides by several banks in India. It helps the person to make available
necessary, funds. There are several types of loans provided in India. These
loans are education loan, gold loan, business loan home loan and personal loan.
Banks also introduce new loan name loan against property. In this loan, persons
need to deposit their property as assets to the bank and get the loan against
that property. Property can be of any type like home, a car, land, building
etc. Person can easily get a loan against property.
Person must maintain
their credit score, getting a loan against property.
Person having decent credit score can get a loan at the cheapest interest
rates. Person having poor credit score can get a loan at the highest rate of
interest. Person eligibility criteria must meet, before applying for a loan.
Banks also check your repaying capability. Several lenders in India provide
loans at the best rates. In any case, person does not repay the loan bank sells
their property to get the money back. Interest rate varies from one bank to
another bank. Person can do a detailed research on lenders that provide best
loan against property. Person can also compare all interest rates and
processing fee. Person can repay the loan in EMIs.
Following are the
eligibility criteria that person has to follow:
Salaried
Persons:
·
Minimum Income of the applicant: Rs.
12000 p.m.
·
Maximum age of applicant at the loan
maturity: 60 years
·
Minimum age of person: 21 years
Self-employed
persons:
·
Maximum age of person at the loan
maturity: 65 years
·
Minimum Yearly Income: Rs. 150000 p.a.
·
Minimum age of person: 21 years
Loan
amount:
Person can take loan
amount according to the value of the property. The higher the
property value more the person gets the loan. Banks provide a loan amount up to
Rs 25000 to Rs 1.5 crore.
Tenure
Period:
Tenure period depends
upon the loan amount. Person can also select the period in which person has to
repay the loan. Salaried/ self employed person can take a loan at the lowest
interest rates.
Repayment
Capacity:
Banks only provide
loans to the person, after checking the repaying capacity of the person. In
this loan, person has to deposit their property as collateral to the bank. In
any case, person fails to pay off the loan; banks sell their assets to get the
money back. Loan against property is one of the best deals among all loans.
Person needs to repay the loan in time. Person can also take a loan at the best
rates.
