One’s land and housing properties are his/her greatest assets. A real estate property can actually make a person’s dreams come true regarding financial goals. This is possible by taking a loan against property. In India, especially Bangalore or Bengaluru, many people opt for this kind of loan. Bangalore is a metropolitan city, which has many industries and employment opportunities. However, due to growing need for funds to meet different expenses, residents of this city sometimes prefer to take property loan in Bangalore.
As a platform to connect with loan against property provider in Bangalore, loanbaba assists you to compare top banks such as SBI, ICICI, Axis and more. You can get all information about mortgage loan schemes in Bangalore and loan against property interest rates in Bangalore.
So what is loan against property/mortgage loan, and who can take it?
- This loan can be availed by both self-employed and salaried individuals. But, the condition is, the property must be owned by the applicant.
- It can be either commercial or residential property, whose title is clear, all the legal documents in place.
- The income of the applicant and other eligibility factors will be taken into consideration, before a bank or NBFC approves the loan.
Features of Loan against Property in Bangalore
- Being a secured loan, the loan against property is easily approved by financial institutions.
- One can expect highest loan amount, which comes to up to 70% of the property’s market value. Maximum loan amount is up to Rs. 5 crores.
- As there is a collateral submitted, the interest rates are also on the lower end as compared to unsecured loans
- Tenure can extend up to many years, sometimes 15 years or more
- One can even foreclose this loan as per the terms and conditions laid out by the lender
Why Take Property Loan in Bangalore from Loanbaba.com?
Loanbaba.com is a website, which gives one option to compare, select and apply with banks and NBFCs for different loans. The website also has option for individuals to compare loan against property, Bangalore and get the best loan scheme as suitable to their interest. The website offers:
- Free to use property loan EMI and eligibility calculator
- Free and easy to reach customer service on email, toll free number etc
- Online application that takes less than 2 minutes
- Paperless loan against property for Bangalore customers
- Fast loan approval and disbursal by banks and NBFCs