{"id":1522,"date":"2018-05-07T12:17:01","date_gmt":"2018-05-07T06:47:01","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=1522"},"modified":"2018-05-07T12:17:01","modified_gmt":"2018-05-07T06:47:01","slug":"a-beginners-guide-for-loan-against-property","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/a-beginners-guide-for-loan-against-property\/","title":{"rendered":"A Beginner\u2019s Guide For Loan Against Property"},"content":{"rendered":"

A loan against property is a type of secured mortgage loan. Banks and NBFCs in India offer loan where a borrower has to keep his\/her property as mortgage to the lender is known as loan against property.<\/p>\n

Here we have answered some simple questions on loan against property:<\/p>\n

Q.<\/strong> Against what type of property one can get a loan against property?<\/p>\n

A.<\/strong> Banks and NBFCs in India offer loan against property to their customers for residential as well as commercial property. This includes flat, apartment, bungalow, shop, offices, commercial complex etc.<\/p>\n

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Q.<\/strong> How much loan one gets in loan against property?<\/p>\n

A.<\/strong> Banks and NBFCs offer 60% to 70% loan amount of the current value of the property that is being mortgaged.<\/p>\n

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Q.<\/strong> What is the interest rate in loan against property?<\/p>\n

A.<\/strong> The interest rate for loan against property in India starts from 10%*.<\/p>\n

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Q.<\/strong> What is the tenure of loan against property?<\/p>\n

A.<\/strong> The maximum tenure for loan against property in India is of 20 years*.<\/p>\n

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Q.<\/strong> What are the eligibility criteria to avail a loan against property?<\/p>\n

A.<\/strong> Banks and NBFCs have very specific eligibility criteria while processing a loan against property application. The criteria changes as per the profession of the loan borrower. Here are some of the main and generic eligibility criteria to get a loan against property in India:<\/p>\n