About Loan against Property:-
Loan against Property overcomes your need like business requirements, child marriage, child overseas education and to start any business venture. In this you should have your own property that bank will pledge.
Loan Consideration:-
Loan amount depend on some factors it can be valuation of the property, age, geographical area, value, constructed or unconstructed, self occupied or rented etc. After consider all above parameters the loan amount will be approx 50-75% of property’s market value. Thereafter we check the repayment capacity of the customer as per his income. Loan amount will be sanction on the basis of value of the property & income of the customer. Sancion time is around one week to three weeks.
Eligibility:-
Its depends on the income, property market value, existing any obligation, credit history repayment capacity etc. We can club spouse & child income also as co-applicant to enhance our loan.
Interest Rate:-
Loan against Property is a secured loan because your property got mortgage. It usually involves lower interest rates starting at as low as 9.65% per annum. It depends on which property you are mortgage like residential or commercial.
Tenure:-
You can avail a maximum loan term as per your eligibility. But if you take maximum long term it may little bit costly. So, loan term should be as per your repayment capacity and all.
Repayment:-
You can plan your repayment in advance and have a strategy in place to repay your borrowed amount. If you want to pay off your debt, you have to make some tough choices. The first of them is which debt repayment option you will choose. There are pros and cons of each option and the one that’s best for you depends on your debt, your income, your monthly expenses, the importance of your credit rating, and how much of the debt you want to pay off.
Processing Fee:-
Fee to process your loan is little bit higher than other loan like lona home. It is approximately 2% plus taxes of the loan amount. It is non refundable fee charged by the bank.
Tax Benefits:-
Under the Section 37 (1) of the Income Tax Act, you can get tax benefits on the interest paid for your Loan Against Property.Under Section 24
Under Section 24, you can get loan against property tax benefits on the interest paid on your loan if the funds are used for financing your new home. The maximum benefit that you can avail under this section is Rs. 2 lakh.
Best Services: Chandigarh, Mohali, Panchkula, Kharar, Zirkpur