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| Loan Against Property in Chennai |
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:
Purpose:
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.
Interest:
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 sanction 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.
Prepayment
Charges:
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.
Restrictions:
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.
Website : https://www.linkedin.com/in/home-loan
