We all know how useful loan against property is for getting easy cash to grow your business or realize your other dreams. Here is one more reason for you to look at availing loan against property in March 2015 in case you need money.
Banks are offering exciting discounts on mortgage loans to meet their year-end disbursement targets and also passing on the benefit of recent repo rate cut by the RBI.
Banks are keen to grow their loan base as the financial year draws to a close. As banks compete with each other to get customers, they are willing to offer lower interest rates and processing fee discounts like never before. Some of the key offers available in the season are:
- Loan against property starting at 11.50% per annum compared to card rates of over 13% from leading banks
- Overdraft facility at 11.60% – 12.0% vs. normal rates of over 13%
- Tenure Upto 18 years from NBFC’s and Upto 15 years from banks
- Lowest EMI of Rs. 2199 per month per lakh
- Processing fee discounts of Upto 75%, with offers available at 0.25% compared to cards rates of over 1%
Best part in 2015 is that there are no prepayments or foreclosure charges on floating rate loans sanctioned to individuals.
What Purpose can loan against property money be used for?
- Growing your business
- Renovation of your home
- Children’s education and marriage
- Medical treatments
- Vacation and entertainment
- Buying another property
- Repaying higher cost personal loans and credit card loans
What are the key features of loan against property?
- Loan available against any registered freehold commercial property or loan against personal property
- Loan tenure Upto 15 years; can extend to 18 years on some cases
- Easy and fast processing – typically 7-10 days
- You can get Upto 75% of market value of residential property and Upto 55% of market value of commercial property
- Low interest rates starting at 11.50% in offer period, else 13% plus
Compare the Loan against Property Interest Rates?
How to take the best loan against property at lowest interest rates, lowest EMI and lowest processing fee? Simply logon to MyLoanCare.in and you can check out the latest offers or speak with a loan advisor. No charges.
Documents Required for Loan against Property :-
- Residence and identity proof of the person who is taking the loan
- Last 6 month salary slip for salaried people and business proof and certificate for businessmen
- Last 6 months bank statement
- Completely filled loan application form and a passport size photograph
- Property title documents
MyLoanCare.in brings the loan against property and enables the loan borrowers to unlock the value of their property. You can mortgage any commercial, residential, or any other property to complete your financial requirements.