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Loan Against Property

Owning a home is an individual's greatest aspiration and Home Loan, the largest debt commitment. In the contemporary world, making this dream come true is way easier. Thanks to the availability of a variety of Home Loan options.

Home Loan is a secured loan offered by banks and other financial institutions for

  • Purchasing a property within a residential development which is currently under-construction
  • Purchasing a ready property from a builder or its current owner
  • Purchasing a plot in a private development, from a current owner or from a government development authority
  • Construction of house on a plot one already owns
  • Purchasing a plot as well as financing the construction of the home on it.
The lender uses the property one intends to purchase to secure the loan and thus mitigates the risk associated with the extending of loan to the borrower. In case of non- repayment of the loan amount, the lender preserves the right to legally auction off the mortgaged property and thus, retrieve the outstanding loan amount.

Loan amount  % of Cost of Property
Up to Rs. 25 lacs  90.00%
More than Rs. 25 lacs & up to Rs. 75 lacs  80.00%
Above Rs. 75 lacs  75.00%

Home Loan involves huge amount of money and this makes the Home Loan interest rate, a matter of concern for those who decide to seek a Home Loan. Home Loan Balance Transfer is a viable option available to those who are running a home loan and wish to transfer the loan to some other bank due to any reason.The customer generally need not pay any penalty to the existing lender and this makes the transfer cost inexpensive.

You can balance transfer your home loan in these scenarios:

  • If you realize that you are paying a higher interest rate than the prevailing market rate. In such a situation, balance transfer will reduce the interest cost burden.
  • If you are unhappy with the service standard of your existing lender
  • If you wish to switch from a floating rate to a fixed rate of interest
  • If you wish to opt for a Home Loan overdraft facility and the existing lender does not offer this facility.
Home Loan Balance Transfer application is often treated as a new home loan application and can be opted on an existing home loan only after a pre-determined time period as mentioned on the original loan agreement. Once the Home Loan transfer is completed, the borrower owes the loan amount to the new lender instead of the original one.

Loan Against Property is a secured loan offered by banks and other financial institutions against a property owned by the borrower. The property offered as collateral could either be a commercial property or a residential property but in spite of being mortgaged, the property can be used by the lender. The types of properties which can be mortgaged to avail Loan Against Property are Residential property - plot or built up; Commercial property - like office, shop, hotel, hospital, education institution etc.; Industrial property - plot or built up, and warehouse.

Unlike unsecured loans, Loan Against Property is offered at comparatively lower rates of interest and the loan amount is determined by the current market value of the property. Banks and other financial institutions generally fund 60-70% of the property's market value. Loan Against Property can be used for the business expansion, child?s marriage, funding medical treatments, sending your child for higher studies abroad or funding your dream vacation.
Mymoneymantra has a network of 50+ Banks/NBFCs which specializes in providing Loan Against Property at the lowest interest rates.

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