Loan against property is a loan that is given by Banks and NBFCs to any person that owns a property. The reason why you might have not heard a lot about this loan is that people only opt for this when they require a huge loan amount.
In India, the majority of Banks and NBFCs provide loans against property to any person that owns a property. This property can be anything from residential to commercial or industrial. It is also considered to be a secured loan that means there will be an asset that will be kept as collateral.
Because of this being a secured kind of loan, it is highly possible to get a lower loan against property interest rate. Yes, the interest rates are lower than most of other loan types because of the secured factor.
There are some eligibility for loan against property:
Yes, we must keep you aware of the loan against property eligibility established by Indian banks and NBFCs. These criteria must be fulfilled by a person if they wish to apply for a loan against property.
Individual’s age — 18 years+ Indian citizen Owner of a property (residential, commercial, industrial) Things Banks check when you apply for a loan against property
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