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Loan Against Property- Select The Bank

About Loan Against Property

There is something called loan against security and then there is something called loan against property. Both of these are basically the type of loans which are sanctioned in lieu of some collateral. We have sufficient information on loan against security at Money Super Bazaar. But what is the loan against property? That is what we will try to answer here and focus on the mortgage loan against property.

Loan against property is a popular kind of loan through out the world and the story with respect to loan against property India is no different. A mortgage loan against property is the loan which you can borrow from banks or financers against your property as the collateral. The property could be an asset like a piece of land, a shop, house etc. Some might argue that why do you need to a loan against property instead of a loan against security or a personal loan. Actually, most often the mortgage loan against property is taken when the loan amount required is considerably high and the funds can not be raised by other type of loans. Also, the loan against property interest rates is generally less than the other types of loans in comparison. There could be some variations in loan against property interest rates from bank to bank because of some special schemes and discounts which are at lender’s discretion.

The process to avail a mortgage loan against property is pretty straight forward. As part of the process, the lender accesses and evaluates the property being mortgaged. The next steps are verification of documents, checking the credit history and reports, loan sanction and finally disbursement of your mortgage loan against property. The loan against property India process is also similar. The only thing we would like to mention here is that in the loan against property India checks, the name of the report which gives a customers credit history is called the CIBIL report.

For availing a loan against property India also has many options. Almost every bank in India offers the loan against property. One of the best parameters to judge the best one and to take a decision could be the loan against property interest rates. You could see several type of loan calculators where based on the loan against property interest rates, you can compare the best loan against property India lenders in the business. Just for information, the loan against property interest rates could vary from 12% to 16%, but again that is something to be confirmed by the customer with the lender before taking a decision.

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