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1 What is loan against property?
Loan against property belongs to that loan category where the borrower gives a guarantee by using his immovable property.The loan amount is usually around 40% to 60% ovalue of the property.
Loan against property can be availed against both commercial property as well as residential property for either business activities or personal activities.
2 Eligibility criteria for loan against property
Loan amount will be determined based on various factor. It is decided on the basis of age, income, educational qualification, partner/spouse’s income, savings etc.
Amount of loan cannot exceed 85% of the property cost.
3 Tenure of the loan
The tenure of loan is maximium 15years but it may vary from bank to bank.
4 Fees charged for loan against property
Processing fee vary from bank to bank.
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