Interest Rates On Loan Against Property
| Sr No. | Banks | ROI in % p.a. |
|---|---|---|
| 1 | Bank of Baroda | 8.05 |
| 2 | HDFC Bank | 8.25 |
| 3 | ICICI Bank | 8.35 |
| 4 | Bank of Maharashtra | 8.55 |
Keeping this in consideration, which type of loan is cheapest?
To know
| Car Loan Lender | Interest Rate (in per annum) |
|---|---|
| ICICI Bank | 9.30% – 12.85% |
| HDFC Bank | 7.70% – 13.55% |
| Bank of India | 7.35% – 7.95% |
| IDBI Bank | 8.10% – 8.70% |
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Self Occupied Residential Property (50 Lakhs & Above) | 8.75 to 9.75 |
| Non – Self Occupied Residential Property (Upto 49.99 Lakhs) | 9.20 to 10.40 |
| Non – Self Occupied Residential Property (50 Lakhs & Above) | 9.05 to 10.25 |
Correspondingly, how can I get a loan against my property?
Loan against Property: Documents required
- Salaried individuals.
- Latest Salary Slips.
- Bank account statements of the previous 3 months.
- PAN card/Aadhaar card.
- Address proof.
- Copy of the documents of the property to be mortgaged.
- IT returns.
- Self-employed individuals.
Can I take loan on my father property?
The bank or any financial institution will not give any home loan to you as the property is in the name of your father. … You can avail only personal loan. In that case the rate of interest is bit high. As the property is in the name of your father and after his demise , his property will be devolve upon his legal heirs.
Which bank is best for property loan?
Loan Against Property Rate Trends of Top Banks
| Bank Name | Current Rate | Previous Rate |
|---|---|---|
| SBI | 8.05% | 8.80% |
| DBS Bank | 8.15% | 11.90% |
| ICICI Bank | 8.35% | 8.60% |
| HDFC | 8.75% | 8.35% |
What is the cheapest way to borrow money?
Depending on your needs the cheapest way to borrow money will most likely be a personal loan or a credit card. These aren’t the only ways of getting hold of money, however. You can also use a bank current account overdraft or borrow against the value of your house.
What is the EMI for 20 lakhs personal loan?
Formula of Calculation of EMI
| Loan amount | Interest Rate | EMI per month |
|---|---|---|
| 5 Lakh | 8.35% | Rs. 6,159 |
| 10 Lakh | 8.50% | Rs. 9,847 |
| 15 Lakh | 8.60% | Rs. 13,112 |
| 20 Lakh | 8.70% | Rs. 17,610 |
What are the 4 types of loans?
- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
- Credit Card Loans: …
- Home Loans: …
- Car Loans: …
- Two-Wheeler Loans: …
- Small Business Loans: …
- Payday Loans: …
- Cash Advances:
Is loan against property a good idea?
Yes, a loan against property is a good idea if you are in urgent need of money for a financial emergency.
What are the 3 types of mortgages?
You can also sign up for a Bankrate account to crunch the numbers with recommended mortgage and refinance calculators.
- Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. …
- Jumbo mortgages. …
- Government-insured mortgages. …
- Fixed-rate mortgages. …
- Adjustable-rate mortgages.
How much loan can I get if my salary is 20000?
Consider –
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
What documents are required for loan against property?
Financial
| Aadhaar Card | Driving License | Voter ID |
|---|---|---|
| GOI Issued Photo ID | Govt Employee ID | Electricity Bill |
| Gas Bill | Telephone Bill (Land line) | Property Tax Receipt |
What are the documents required for a lap loan against property?
Address proof (any one of the following):
Utility bill (telephone, electricity, water, gas) – less than 2 months old. Letter from a recognized public authority verifying the customer’s residence address. Bank passbook or Bank account statement. Voter’s ID.
Can I get loan against property without income proof?
Keep the following list of documents handy to avail a mortgage loan against property without income proof: Duly filled application form. Proof of identity like PAN Card, Voter ID Card, Aadhaar Card, Driving License, etc. Proof of address like Aadhaar Card, Voter ID Card, Ration Card, Passport, Utility Bills, etc.