Loan Against Property in Chennai Apply 04433044488
Home Loan is a loan that is provided to peoples by banks or NBFCs to purchase a home. This payment has to be repayment by people to the loan lenders through monthly installments also known as EMI. However, loan against property is where you will collect the money from bank by mortgaging your property. Every bank your property will act as a security deposit for the money that is rendered by the bank. And the repayment of the loan money the original loan documents of the property will be under banks custody. In case if the people fails to monthly installments the loan money, banks will move legal procedure to own loan property.
Loan will be approved by banks only up to 40% -60% of the property value, some banks might even approval loan up to 70% of the property value. Low Interest rates on loan against property are higher than home loans. Here are some of the major difference between home loan and loan against property:
Loan against property in Chennai is used to big loan for people loan against the security of existing property. For example , home loan helps in procedure a property whereas loan against property will help people to get loan approved on the basis of existing property.
Rate of interest on home loans is compare to other banks provide lower than ‘loan against property’. This is due to the purpose of bank approve loan against property and the modify of the primary loan.
Tenure of Loan:
Home loans can be approved up to 30 years check the age and eligibility of the loan person whereas loan against property is offered only up to the tenure of 15 years by almost all banks and NBFCs.
In case of home loan some banks will waive off repayment charges as be RBI security policies however this charge is applied on prepayment of loan against property.
All terms and conditions policies and process of home loan are relaxed and it is simple to get a home loan as compared to loan against property. There is many of documentations and the procedure is quite time considering for loan against property. It is easy procedure to approved a home loan approval within 15 days but loan against property takes longer time as banks and NBFCs has they need to verify client details and property details.
Nature of Property:
Home loan is offered only for residential purposes like construction or buying a house. However, loan against property can be used for commercial, residential and industrial properties.
Home loans & Mortgage Loan ( Land Purchase Loan, Plot Purchase Loan, Site construction Loan, Land for Plot Purchase & Construction, Flat Purchase Loan, Loan Against Property ). Quick loan approval Apply 04433044488 Instant Approval Nationalized Bank and low interest rates available from home loan in Chennai.
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