Loan against property is a secured loan which is easily available to all the individuals whether self-employed or salaried, just by mortgaging their property in the name of bank or NBFC. The purpose of taking the loan can be personal needs like acquiring assets, marriage, urgent medical needs, expanding business, education, etc. You can the best loan against property interest in India at loanbaba.com. We allow you to compare rate of interest for loan against property across banks and NBFCs so that you can make an informed choice.
One can avail the loan by just mortgaging individual, commercial, residential or industrial property in the name of bank. The declaration regarding the end use of funds thus obtained needs to be made in the application form itself. Some of the offers you can check are SBI loan against property interest rates, HDFC loan against property interest rate, and rates from other leading financial institutes.
| Particulars of Interest Rate Loan against Property | Interest Rate and Other Charges Applicable |
|---|---|
| Interest Rate | 9.75% onwards |
| Type of Interest Rate | Fixed and floating rate |
| Processing Fees | 1% to 2% of the loan amount |
| Loan Amount | Rs. 1 lakh to Rs. 5 crores |
| Loan Tenure | 1 year to 15 years |
| Preferable Credit Score | 650 and above |
Following are the interest rate in loan against property by leading banks and NBFCs in India.
When it comes to property loan, the rates are affected by many factors such as borrower’s profile, income, property age, property value, repayment capacity of the borrower etc. However, the rates are highly influenced by property types. You can compare lowest bank loan against property interest rates on our website based on the property type.
If you have a property which can be mortgaged and you wish to avail a loan against property, you can go for checking out various mortgage loan offers of various banks. As a borrower you may wonder how to get lowest interest rate for loan against property. The answer lies in comparing the interest rate types and the resultant loan cost. You can compare loan against property interest rates by types at loanbaba. The main aspects of interest rate which need to be verified are mentioned below:
You can compare loan against property interest rates in India to understand, which is the most suitable for your needs. Here are some of the factors that will help you get better rates on property loan.
Below mentioned are two important points to consider about loan against property bank interest rates:
Below given are FAQs for property loan in India:
The tenure of the loan can decide the final amount you have to pay on the loan and not necessarily the rate of interest. However, the bank may sometimes lower the rate for a longer tenure and vice-versa depending on the loan scheme, amount, and other conditions.
Loan against property itself is a secured loan, given the bank retains the property documents as collateral. You may not be able to add other collateral to secure lower rate of interest. However, you can negotiate for to get the right rate with increasing your repayment capacity or credit score.
The accurate way of comparing rates on loan against property is by understanding which of type of rate and calculation is involved. Sometimes a lower rate may not mean the best offer. You need to consider other charges involved to get a final understanding of the best rates on the loan.
The rate of interest is generally calculated on daily reducing balance. The equated monthly instalment or monthly outgo is then lower as against the interest rate on annual reducing balance.
Yes, the property’s age may affect the rate of interest. In case of older property, the rate may be high, and vice-versa. However, if the property is eminent, and has a scope of deriving good income or value on selling, the rates may be lower in such cases.
Applying for loan against property at Loanbaba.com is simple, just follow the below mentioned steps.
Step 1: Apply for property loan at: https://www.loanbaba.com/loan-against-property
The application is sent electronically to Loanbaba team. The customer service representative gets in touch with the applicant directly.
