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Cover Your Expenses with Low-Interest Rate on Loan Against Property

By Alisha Antil

A low rate of interest is the only factor that customers look for when finding a loan. Hence, financial institutions also compete with each other for offering attractive interest rates. You can avail loans under two categories – secured and unsecured. The interest rates of these are considerably different.   

Unsecured or collateral-free loans don’t require the customer to pledge an asset with the lender. However, these loans come with considerably higher interest rates. On the other hand, Interest Rate on Loan Against Property is considerably lower owing to its secured nature.

The primary reason loans against property have a comparatively low interest rate is because you have to provide an asset as collateral. The repayment tenure for the loan is longer compared to unsecured loans. It gives the flexibility of repayment. Also, the features and benefits of loan against property help you cover the expenses better.

NBFCs offer a considerably low loan against property interest rate. You can cover your expenses through the payment tenure with ease while saving more. So, the EMI amount is small. A loan against property India makes it flexible to channelise your expenditure and meet the loan repayment liability.

What Benefits Do You get from a Loan Against Property?

Following are the benefits of availing a loan against property to meet all your financial requirements.  

  • Flexible long repayment tenure – The mortgage loan offers repayment tenure of up to 20 years. This extended period helps plan finances in the long run. It spreads the liability and makes the repayment affordable.
  • Flexi Hybrid featureThe Loan against Property comes with a unique Flexi Hybrid feature. Herein, you can pay interest-only EMIs on the utilised amount. You can settle the principal at the loan tenure.
  • Low Interest Rate – Loan against property interest rate is considerably low compared to unsecured loans. It can range from 9 - 14%. Low-interest rate means low EMIs. The interest charge on the loan amount is calculated by fixed as well as floating rate method.
  • Part-Prepayment and Foreclosure Option – You also get an option to part-prepay and foreclose your account with minimal processing fees.

Additional Read: 5 Factors that Impact your Loan Against Property Interest Rate

What is the Eligibility for Availing a Loan Against Property?

The eligibility criteria and documents required for salaried employees and self-employed people are different. Take a look at theloan against property eligibility criteria below.

For Salaried Employees –

  • Applicant should be aging from 33 to 58 years.
  • Should be an employee a private firm, public firm or even an MNC.
  • Should be an Indian citizen.

For Self-Employed –

  • Age has to be between 27 and 70 years.
  • A self-employed person having a regular income.
  • Should be an Indian citizen.

What are the Loan Against Property Documents Required?  

For Salaried Employees –

> Bank A/C statements of last 3 months.

> Aadhaar or PAN card.

> Residential proof.

> Salary slips.

> Copy of property documents.

>Income tax returns.

 Documents Required for Self-Employed –

> Bank account statements of 6 months.

> Aadhaar or PAN card.

> Residential proof.

> Property documents.

 

If you meet the eligibility criteria, you can apply for a Loan Against Property. Now loan approvals, with loan against property interest rate low, take as less as 72 hours. Grab your chance to avail finances that do not become a burden on your expenses.

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