The high-tech city of Bangalore in India is popular among the youth and working professionals. Many choose to move to and settle in the city for education and better career prospects. As a resident, if you are in need of urgent funds, you can avail of sizeable funding by leveraging your property.
A loan against property is a secured loan taken against an immovable property – residential or commercial. The funds obtained can then be used for various purposes, such as expanding a business, purchasing a home, financing a marriage in the family or child’s education, paying for medical bills, and so on. If you too are considering taking a loan in Bangalore, here are its top benefits you should be aware of.
Top Benefits of Taking a Loan Against Property in Bangalore
You can get a loan amount as high as Rs. 5 Crore or more with a mortgage loan. The amount offered to you will of course depend on the property being mortgaged and your financial, income, and credit profile.
Competitive Rates of Interest
Property loans are offered at competitive interest rates, starting at 8.35%. However, it also depends on the type of interest you choose i.e. a fixed rate or a floating rate. You can always compare loan against property interest rates offered by different lending institutions in the city before settling for the best deal.
Property loans are typically a long-term commitment. With the high cost of living in a city like Bangalore, repaying a high-value loan may seem like a burden. But by choosing a longer tenor (up to 18 years), you can ensure ample time to pay off the full amount in small instalments (EMI).
The terms to apply for a loan against property in Bangalore are quite simple. Lenders offer loans to salaried individuals between the ages of 23 and 60, so anybody in this age group is eligible to apply. However, keep in mind that in addition to your employment status and age, factors like your credit score and income also will be taken into account when determining your loan against property eligibility criteria.
No End-usage Restrictions
You are free to use the loan amount as you wish. The lender has no say on what purpose you are using the money for. Because of its high value, a loan against property in Bangalore could be ideal for individuals looking to start a business in the long term.
Balance Transfer Facility
You can transfer your existing loan to a new lender in Bangalore for better interest rates with the exclusive Balance Transfer facility.
Flexi Loan Facility
With this feature, you can borrow money as many times as you want from a pre-sanctioned credit limit and pay interest only on the used amount.
Property loans in Bangalore come with tax benefits. Under Section 24 and Section 37 of the Income Tax Act in India, you can avail of tax benefits on the interest paid for the loan amount.
Applying for a mortgage loan in Bangalore involves simple documentation. The procedure is usually fast, and it takes no more than 72 hours for the amount to get disbursed.
Take Advantage of a Loan Against Property EMI Calculator
Although property loans offer high-value amounts for a flexible period, it is always a good idea to choose a principal amount that you will be comfortable paying off. Do not go overboard, or else it might take a toll on your monthly finances. Use an online calculator to get a clear understanding of how much needs to be paid.
A loan against property EMI calculator works by taking into account three factors – the principal, rate of interest, and tenor – to give you an estimate of the payable monthly EMIs. That way, you get an idea of how much you will need to keep aside apart from your usual expenses and plan your finances accordingly. Moreover, since an online calculator is an automated tool, you can rest assured that the result shown is accurate and free of errors.
Apply Online for a Loan Against Property in Bangalore
The easiest and fastest way to apply for a loan is through an online application form.
- Visit the lender’s website and access the application page
- Fill in your personal, employment, and property details
- Submit all supporting documents required for the claim
- Get all information and documents verified by the lender’s representative
- Get the property evaluated for a hassle-free sanction
- Await approval and finally, get the amount credited to your account
A loan against property in Bangalore can see you through your financial woes. All you need to do is reach out to a lender who understands your budget and appetite and offers attractive rates that cater to your needs.
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