Apply For Loan Against Property - Interest Rate, Eligibility

By Author: Financeseva
Total Articles: 37
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Does loan provide to property without map?

No, generally lenders won’t provide loan to property without map as it consists higher risk if applicant fails to repay EMI or principal amount, they can’t able to auction the property easily.

What is the difference between loan against property & personal loan?

Personal loan funded totally based on your income & credit history wherein loan against property require property valuation whether its in good condition & approved so that banks & nbfc can able to do funding.

For what purpose I can avail loan against property?

Applicant who are looking for loan to fulfill their financial needs & don’t know how to get a loan then, if they have any residential or commercial can easily get loan against pledging their property & able to utilize the funds for personal needs like chalder higher education & marriage, existing high debt pay off or setting up new business.

How much loan amount I can get on loan against property if my salary is 30000?

As a salaried you can avail up to 1Cr & as a self-employed you can ...
... avail up to 3.5Cr.

Which banks is good for property loan government or private?

Both government & private are good to get loan in their respective terms like some bank offer lowest interest rates wherein higher processing fee.

How much banks charge as a foreclosure for loan against property?

Generally, banks charge in-between 1% - 4% of your outstanding balance as a foreclosure at the time of paying off.

Is I am eligible for Loan against Property?

Make sure your age is in-between 25 – 60 years at the time of apply for a property loan. If you are an salaried individual you should have a minimum 3 years of work experience or if you run your own business then it must exist from at least 3 years.

Is there any payment required to process loan applications?

Yes, some banks charge fee to process loan applications known as processing fee which come around 1% - 2% of total loan amount.

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