Mortgage loan or loan against property means the borrower takes a loan which is secured against his current residential or commercial property. The benefit of mortgage loan is that it considers the market value of the property as on date. As such, the borrower can get higher amounts of loan. Best is, the loan money can be used to meet financials requirements of any kind.
A. The word Loan Against Property means when you apply for a loan against already owned residential or commercial property & end use of the fund could be investment in business, renovation of property, extension of property, education expenses or a foreign trip etc…
A. In case of loan against property bank don’t issue the In-principle / Pre-Approval letter because you are taking a loan on existing property so after calculating eligibility based on income & property valuation bank will issue sanction letter.
A. Validity of sanction letter varies from 30 days to 90 days, depending upon bank to bank.
A. In Retail loans 7 working days once documentations are completed
A. Surly joint application can be processed but decision varies bank to bank.
A. Since this is a loan against property bank requires a mortgage of your existing residential or commercial property.
A. Processing fee in loan against property varies bank to bank, normally it’s start from 0.25% to 1.50% of loan amount.
A. EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
A. Surely Part-Payment & Prepayment in loan against property can be done at any stage. Normally bank gives an option for free part payment only up to 20% to 25% of loan amount once in a year and over & above that bank will charge 2.00% to 5.00% penalty. In case of complete prepayment of loan penalty will be charged from 2.00% to 5.00% which varies from product to product & bank to bank.
+91 6262-667799
102, 1st Floor, Trade Center, 18 South Tukoganj Indore - 452001 MP India
