Loan Against Property Open Plots
Loan Against Property Open Plots - Overview
Loan Against Property (Open Plots) is a secure loan where a person can mortgage a self-owned open plot to borrow a loan against it. A person can mortgage a self-owned plot and borrow a loan against it for any personal or business purposes such as weddings, children’s education, medical exigency, setting up or expanding a business, etc. Borrowing Loan against Property (Open Plots) is a good option for people who own an open-plot as they can obtain a loan against it easily and at a relatively lower rate of interests.
Maximum loan amount one can obtain through Loan against Property (Open Plots) is Rs. 30 Crores. The amount disbursed by the bank depends on the value of the open plot against which you are borrowing a loan. The value of the open plot is ascertained by the bank itself or through an agency appointed by the bank. The loan amount disbursed by the bank also depends on the repayment capacity of the borrower.
Rate of Interest:
The rate of interest at which the banks lends loan against property (open plots) ranges between 9.65% per annum upto 13.75% per annum.Tenure:
Loan against property (open plots) can be borrowed for loan tenure of 240 months however, it depends on the choice of the customers if they wish to borrow loan against property for shorter or longer loan tenure.
Processing fee charged by the bank to process your loan varies from bank to bank. Some banks charge a fixed processing fee, whereas others charge a minimum percentage of the loan amount that is disbursed to the borrower by the bank. A one-time processing fee directly gets deducted from the disbursed amount.
It is important to know about the fore-closure charges before signing the loan agreement. Fore-closure charges are penalty that the bank levies if the person decides to close the loan before the end of the loan tenure. You should choose from banks that offer you loan with NIL fore-closure charges, as it will help you fore-close your loan without any additional charges. Fore-Closure charges levied, varies from bank to bank; some banks do not charge fore-closure charges, some banks charge upto 2% fore-closure charges on the outstanding amount, whereas, the others charge Fore-closure charge as per NHB norms.
The documentation charges are charged as applicable.
You can apply for Loan against Property (Open Plots) at Letzbank and can get benefitted from following:
1. SEARCH – Loans from leading banks >COMPARE- Best Loan Offers >APPLY – Online
2. Know your Credit Score for Free
3. Know your Eligibility to apply for Loan Against Property (Open Plots) absolutely Free by making use of Eligibility Calculator
4. Know your EMI, ROI, and Loan tenure by making use of EMI calculator. Also view various loan stages throughout the loan tenure to ensure that you make a well informed decision.
5. Make use of Document Locker to e-save your critical documents. Once you upload the documents you can come back to apply for any loan again without having the need to upload your critical documents again and again.
6. Enjoy the benefit of waiver on service fee when you apply for Loan Against Property (Open Plot) online through Letzbank.