Pune is the second largest city in Maharashtra. Since the 1950s, it has had a traditional economic base as most of the old industries still continue to grow. The city is majorly known for its manufacturing and automobile industries. The Interest Rates on Loan Against Property are quite low in comparison to other loan available.

With its economy booming at a fast pace owing to IT,education and manufacturing leading NBFCs are offering lucrative mortgage loan to cater to diverse financial needs of the borrowers.

But before you apply for the loan here are some things you must bear in mind -

1. Ensure the property you pledge as collateral for the loan is free from any litigation. It must not have any existing loan on it too. Lenders can offer up to 60-70% of the property value as loan amount therefore it will be good to have no previous financial obligations on the pledged asset.
2. NBFCs offer high value loan up to Rs. 3.5 crores for flexible tenure of 2 to 20 years at affordable rate of interest. Though, it must be understood that the loan terms depend on your individual application and loan terms of the lender.
3. Lenders do not scrutinize the usage of the loan and it can be used to cater to personal and business financial obligations such as wedding, higher studies, to scale business operations, expand business to new city and much more.
4. Lenders understand your need for the loan and thus offer easy repayment terms to pay it off. For instance, Flexi Hybrid feature of the loan lets you borrow as per your needs from the loan amount sanctioned. Interest is charged on these daily withdrawals. This helps to lower the EMIs by up to 45% and better manage your finances.
5. You can use the EMI calculator available at the lender’s official website to know the loan repayments in advance and build your repayment calendar accordingly.