Loan Against Property Mumbai and Navi Mumbai Thane Kalyan Rates

Category: Finance

What is Loan against Property A loan against property is a loan against your house or a plot. It's cheaper than that of a personal loan or loans against security. The right of ownership of the property is still with the borrower, and if he/she is unable to repay the loan amount, he/she can sell the property to pay off the debts. In other words it actually means - a loan given or disbursed against the mortgage of property. Usually, banks and other lenders extend a loan against property as a security, for up to 50 per cent of the market-value of the property. However, the extent of the loan is also subject to your eligibility as per income norms. It is available for both salaried and self-employed persons and against commercial as well as residential property. Steps involved in the application process are: 1. Application 2. Processing 3. Documentation 4. Sanctioning of the loan 5. Valuation and legal check 6. Disbursement of loan