You can use your property as security to take a loan against it, which in return can be used for accomplishing a number of tasks, including planning a trip, buying a new property, expanding the business, children’s education and many more. Banks generally charge lower interest rates when you take a loan against your properties. Banks charge different loan against property interest rates for different types of properties. Additionally, loan against property interest rates may also range from 12% to 15%.A
Banks may charge a minimum of 1 to 2% of the total loan amount as processing fees.
The loan against property gives you the liberty of using a higher amount. You can use the money for buying another bigger house, medical emergency etc. On top of that, the rate interest for the loan against property is affordable.
It also provides a hassle-free disbursal of loans. They are simple and need minimal documentation. It all goes well, you can even get the money disbursed in less than 72 years. At times, lenders also provide doorstep service for document pick up.
The loan against property gives a tenor ranging between 2 to 20 years to repay the loan, hence it is pretty flexible. You also have the entitlement to make part prepayment and foreclosure without charges.
You can also easily access your loan details and information through digital customer portal of the lender. It is very convenient to keep a check on your account.