Property Loan, Property L

The Loan against property is given against existing property residential or commercial (Occupied, Vacant or Rented)
The loan received as loan against property can be used for
1. business expansion.
2. To start a new business.
3. To repay the existing high rate loans.
4. To consolidate multiple EMI’s in to one Emi loan.
5. To convert the cash credit limit into EMI base loan.
6. To renovate house or else.
The loan amounts in loan against property varies from bank to bank. Generally one can get loan ranging from Rs.500,000 to Rs.1,00,000,000.
The maximum loan amount can go up to 60% of residential property and 50% of commercial property.
Collateral offered should be freehold (few banks lend against leasehold or power of attorney basis also). The property in case of loan against property can also be offered of the individuals which can be of directors / partners.
Loan against property is given for a maximum period of 15 years.
The loan against property carries a feature of quick disbursal, within 7 days of the submission of the application form and required documents.
Option to choose between fixed and floating interest rates with the flexibility to change once every year without any penalty charges.