Bengaluru (also called Bangalore) is the capital of India's southern Karnataka state and the centre of India's high technology industry. It's also known for its parks and nightlife and is a booming centre for biotechnology, manufacturing, aviation, and space technology. It’s an area where many Indians desire to own properties. A major way that people fulfil this dream is through a loan against property in Bangalore.
A loan against property is a secured loan that financial institutions provide against fully constructed, freehold residential and commercial properties. It's also called a mortgage loan. A mortgage loan can be used for personal and business needs, other than for speculative purposes, such as marriage, medical expenses, and child's education, etc.
A mortgage loan allows loan providers to offer loans against property at a competitive interest rate. It's a long-term commitment with a tenor of up to 20 years. There are several benefits that a mortgage loan in Bangalore offers.
As a salaried resident, you must be 21 years and 60 years of age and as a self-employed resident, you must be 50 years and 70 years of age, to avail of a loan against property in Bangalore. The eligibility for a loan against property is simple: you must own residential or commercial property. Other factors, such as income, fixed expenses, current credit history, nature and value of the property being approved, etc., are also important in determining eligibility.
A loan against property in Bangalore gives you the freedom to spend the loan amount for any purpose you wish. You can use it to expand your business (buy new machinery, etc.), consolidate high-cost debts, fund a child’s education domestically or overseas, or even buy another property. Because of the larger loan size and the longer tenor, a loan against property in Bangalore is ideal for a substantial medium to long-term expense.
You don’t need much documentation to access mortgage loans in Bangalore. You only need to have a legal means of repayment and then, the loan is approved within 72 hours.
Borrow as many times as you need from a pre-sanctioned credit limit with a single application. What’s more, you pay interest only on the amount utilized. You can also opt to pay back with interest-only EMIs for the first four years.
Generally, interest rates on loan against property can range from 7-10% while interest rates on personal loans can range from 15-22%. Of course, each lender will fix the exact interest rate on your loan considering your credit profile, prevailing market rates, and other internal policy regulations.
To get a mortgage loan in Bangalore, you need to have the following:
For Self-employed Residents:
For Salaried Individuals:
Your loan eligibility depends on your repayment capacity. This is usually determined by the financial institution you want to borrow from. They look at things, such as your age, income, qualifications, the number of dependents, assets, liabilities, spouse’s income, property value, savings history, stability, profession, or business before deciding whether or not you’re eligible.
To access initial eligibility for mortgage loans in Bangalore, the below documents are required:
Loan Against Property
Loan Against Property Interest Rates
Loan Against Property Eligibility Criteria
Loan Against Property EMI Calculator
Loan Against Property Tax Benefits
Pradhan Mantri Rozgar Yojana
Vidyalakshmi Education Loan
Padho Pardesh Scheme
Loan Against Property in Delhi
Loan Against Property in Coimbatore
Loan Against Property in Hyderabad
Loan Against Property in Pune
Loan Against Property in Gurgaon
Last update on 11-Mar-2021
Hassle free loan without additional documents
Get additional top-up loan with Loan against property balance transfer
Now calculate your monthly instalments, EMI and rate of interest with LAP Calculator
Know about the fee and charges for Loan Against Property