Generally, the interest rate for loans against property is lower than the rates for a home loan. This is because the loan against property is considered a riskier investment. This is also because there is a high probability that the value of the property will decline.
Bajaj Housing Finance
Depending on the borrower’s eligibility, Bajaj Housing Finance offers a variety of home loan options. In fact, it was one of the first few HFCs to introduce repo rate linked home loans.
Bajaj Housing Finance offers the Loan Against Property, which is a secure loan, offering attractive interest rates. The Loan Against Property is also transparent in terms of charges. A loan against property is a secured loan, in which a borrower pledges his property as collateral. These loans are available for different purposes, such as a home renovation, or for education expenses for children.
This loan can be taken from various leading lenders. The loan against property interest rates are competitive, and you can also avail of a long repayment tenure.
Kotak Mahindra Bank
Getting a Kotak Mahindra Bank loan against property is a good option if you want to avail low interest rates. This type of loan is usually used by salaried and self-employed individuals. In addition to lower interest rates, the loan also offers flexibility and longer repayment terms.
The type of property on which you plan to take a loan is another factor. If the property is in an area prone to natural disasters, the principal amount will be lowered. The lender also considers whether or not the property is in a municipal area. Hence, a borrower can get a loan against a property if it has an approved building plan and map.
Kotak Bank Home Credit
Depending on the type of loan and the customer profile, Kotak Bank offers various loan options with attractive home credit interest rates. The bank’s rates vary depending on the monthly income of the customer and the duration of the loan.
Kotak Bank offers home loans for both nationals and NRIs. Home loans from Kotak are available with flexible tenures of up to 20 years. The loan amount is usually up to 90% of the property’s value.
Kotak Bank home loan interest rates are flexible, and the interest rates are also discounted for existing customers. The bank also offers a balance transfer facility, which enables the borrower to transfer his existing home loan to a new lender at a lower interest rate.
Whether you want to buy a home, renovate your existing property or need funds for personal reasons, Bajaj Finserv loan against property can be a great choice. This high value product can be financed for up to 18 years and is offered at competitive interest rates.
Bajaj Finserv has been providing loans to millions of customers. It offers a range of loans for personal as well as business purposes. It offers low cost loans with flexible repayment options. Aside from these, it also offers industry-first Flexi loan facility. This facility allows borrowers to change EMIs based on income increases. It also offers doorstep pickup services for documents.
Using an overdraft facility is a great way to save money on interest. However, the amount of money you’ll save depends on the type of overdraft you have and the interest rate that your bank charges on it.
Overdraft facility is provided by banks to help customers manage their cash flow in case of emergencies. Many people have issues with short-term cash flow, and an overdraft facility can help you overcome these problems.
Most overdraft facilities require collateral. This can include a home, stocks, bonds or insurance policies. The interest rate is also dependent on the type of collateral you choose.
A good overdraft facility can help you avoid costly pre-paid penalties. However, if you’re not sure if you’re eligible, it’s best to check with your bank.