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Loans Against Property - A Lucrative Prospect

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Loans Against Property - A Lucrative Prospect

What is a loan taken against property? Simply it is the money borrowed from the

bank while giving it some kind of assurance which is in this case any tangible item

like a land, or a commercial property, or a built up property or even a residential

object like a house. Even people who live in flats in cooperative societies can take

advantage of the useful features of this loan. The only thing that they require to

do is to submit a NOC (No Objection Certificate) from the co operative society in

which they are living in.

When the user applies for this kind of a loan, the first thing that the bank does is

figure out the net market worth of the property which the user is deeming as an

assurance for the bank. Then the bank also checks the credit history of the

applicant. This is natural as the loan is a venture for the bank and it has to make

sure that this venture leads to profit and not loss. Hence persons who have a bad

credit history with multiple cases of defaulting are not suitable for giving a loan

to. The total amount that the user takes as the loan normally falls in the price

band of 75 percent of the total market worth of the product. This amount is

required to be paid in monthly installments until the total amount of the loan has

been recovered.

The prospect of taking a loan against any type of property is a fantastic one.

Anybody who is in need of money for various purposes can avail of this

opportunity. Hence a person can take these types of loans against home when

they want to improve and increase their individual businesses. They can also take

this loan when they want to send their children aboard for higher studies for a

better future and also when they want their children to have a family of their own

by forming the immortal bond of marriage.


The process and the formalities for taking a loan against property is extremely

hassle free and simple. For people who are engaged in jobs all the documents

that they have to give are a set containing a residence proof, an identity proof, a

from 16 for the previous years and also a passbook which shows his earnings as

being credited for the last six months. For human beings who are into business

they need a residence proof, an identity proof, a passbook and also a financial

statement which is certified and has the tenure of the last 2 years.


Hence the bank lends a helping hand to people who need money and also give

that help as a true friend. There are also many interesting features about loans

against property. India is now a growing economy and hence has its population on

an higher spending track which is balanced by a higher level of income. However

when people require that extra amount of money, they can always go for loans

against home as compared to other loans these have a much lower rate of

interest. These loans also have a much larger time period for paying off the loan.

Then there are also various kinds of plans from which the customer can choose


The Indian market for these loans is a big one and has many major players

offering loans against property. India has banks like SBI of the State bank of India,

ICICI, Kotak Mahindra and HDFC offering various types of loans against home.

Hence these loans are very useful and are given by many banks in useful formats.

Therefore a loan taken against property in India is quite useful and should be

taken whenever the customer needs money. The bank is always there to lend a

helping hand.