Loan against property is a secured loan as you need to secure a collateral to get the loan. Get access to cash by pledging your residential or commercial property as collateral. When the property is mortgaged, a fixed percentage of the current market value of the property (about 60-70%) is given to a borrower as a loan.
Loan against property is better than personal loans as the interest rate is much lower. It is also better than gold loans as you can still use the property even though you pledge it to the bank. You can still live and just keep the property as a collateral while you enjoy the benefits of the loan. Loan against property is highly preferred which is why all banks and independent financial institutions offer it at attractive interest rates.
Overview Of RBL Bank Loan Against Property
RBL bank is one of the oldest private sector banks in India. The bank offers convenient loan repayment options for both residential as well as commercial banks. All you need to do is submit the property as a collateral. RBL bank is known for their minimal documentation process and speedy loan approvals. The bank also offers attractive interest rates for loans against property, while the first three years can be a fixed rate.
Why Pick RBL Bank Loan Against Property?
RBL loan against property is a popular choice for many because:
1. Quick Loan Processing – RBL bank follows a quick and easy loan processing method to get your loan approved faster.
2. Faster Loan Disbursal – Get the money disbursed into your bank account faster with quick loan disbursals.
3. Transparent Loan Structure – RBL Bank follows a very transparent loan structure and ensures that there are no hidden fees or charges levied to you. The loan process is also very clear and concise to avoid any complicated terms.
4. Attractive Interest Rates – RBL bank offers attractive interest rates to attract customers.
5. Doorstep Facility – RBL bank offers doorstep facility for loan against property that makes it convenient to avail the loan.
6. Collaterals are accepted for both residential as well as commercial properties.
7. Enjoy fixed interest rate for the first three years.
Features of RBL Bank Loan Against Property
RBL Bank offers the following features:
1. Loan against property available for both salaried as well as self employed individuals.
2. Attractive Interest Rates – Get the benefit of competitive interest rates with RBL bank.
3. Hassle-free Documentation – Get your loan approved from RBL bank in the most hassle-free manner without any complicated document submission or hidden fees.
Get a fixed interest rate for the first three years
Benefits of Applying RBL Bank Loan Against Property on Letzbank.com
Letzbank is a one-stop destination for all loan needs and here are the benefits of applying for HDFC bank loan against property on Letzbank:
♿ Variety of Loans – At Letzbank, we collate loan offerings from all the major banks and present them at one page to you. This is a much hassle free method to make comparisons between loans and make a selection on which loan suits your needs.
♿ Free Services– There is no charge to apply for a loan via Letzbank website. In fact, we have made the loan application procedure easier and quicker by collaborating directly with the banks.
♿ Instant Quotes – Letzbank.com gets you instant access to car loan quotes from a bank of your choice within seconds.
♿ Online Form Application –Submit the car loan application from the comfort of your home at Letzbank.com website and let us handle the application process for you.
RBL Bank Loan Against Property Eligibility and Documents Required
All salaried as well as self employed individuals and professionals are eligible to avail this loan. The documents required are as follows:
♿ Duly filled up application form.
♿ Only Indian residents can avail this loan.
♿ Minimum income for salaried – Rs. 1.5 lakh p.a.
♿ Minimum net profit for self-employed and professionals – Rs. 1.5 lakh as per latest ITR.
♿ Minimum and maximum age for salaried – 23 years to 60 years.
♿ Minimum and maximum age for self employed and professionals – 23 years to 65 years.
♿ Address proof – any govt. ID.
♿ Identity proof – any govt. ID.
♿ Bank statements for the past six months.
♿ Salary slip of past six months for salaried and certified financial statements for the past 3 years.
♿ Form 16 for the past two years for salaried.
♿ Copies of all property documents that will be kept as collateral for the loan.
RBL Bank Loan Against Property Interest Rates
It is best to check with the bank directly regarding their updated interest rate for loan against property. Get interest rate of 12.25% for upto Rs. 5 crores at Letzbank website.
RBL Bank Loan Against Property EMI Calculator
Calculate your loan EMI by using Letzbank’s EMI calculator: https://www.letzbank.com/emi-calculator. All you need to do is enter the amount of the total loan, duration of the loan as well as the rate of interest and Letzbank EMI calculator will determine the monthly EMI in just a matter of seconds.