A loan given against a certain percentage of the property's current market value is called as a Loan given against property. An individual can take a loan against property by mortgaging his personal or commercial properties. These properties must be under the individual's name. Since there is collateral involved, this is called as a secured loan.
Anyone right from a salaried employee, professionals and self employed individuals can avail a loan against property. The property being kept as collateral must be under the name of the applicant. Also, you can get around 40-60% of the property value derived by the bank as the loan amount.
Minimum Age of the applicant - 25
Amount (Min) - 1,00,000
Annual Percentage (Min and Max) - 10.99% - 21.25%*
Tenure - 1-15 years*
1. Advantages of taking a secured loan - http://blog.ruloans.com/advantages-of-taking-a-secured-loan/
2. Tackle Your Financial Emergencies With A Loan Against Property - http://blog.ruloans.com/tackle-your-financial-emergencies-with-a-loan-against-property/
3. Eligibility criteria to avail a loan against property - http://blog.ruloans.com/eligibility-criteria-to-avail-a-loan-against-property/
4. Documents checklist for loan against property - http://blog.ruloans.com/documents-checklist-for-loan-against-property/
5. A guide to understanding loan against property - http://blog.ruloans.com/a-guide-to-understanding-loan-against-property/
Yes, there can be a co-applicant for the loan against property. The co-applicant is your spouse. But if the given property is owned by multiple people, all the owners become co-applicant automatically.
Loan against property can be repaid in the form of EMI (Equated Monthly Installments).
Yes, you can repay the loan ahead of schedule. Banks do not charge any prepayment fee if you repay the loan quicker.
The loan repayment period starts after six months of disbursing the loan amount.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at support@ruloans.com