SBI Loan Against Property - The Dreamscape

NOIDA, India - June 22, 2015 - PRLog -- Loan against property (LAP) goes by its name. It is exactly what its name implies. You can avail the loan by mortgaging your property. A certain percentage of property’s market value is given as the loan amount. It is a secured loan where the borrower provides his property as security.

Overdraft versus LAP

An individual may also opt for overdraft instead of LAP. Interest rate is charged for the period in which you withdraw the amount. But interest charged is generally higher. Moreover, the processing fee is charged annually. In case of LAP interest rate is usually lower as compared to other loan products and processing fee is also charged once. Overdraft facility is provided by banks only, financial institutes do not offer this facility whereas for LAP you can approach either bank or any financial institute.

Loan Tenure

Usually the loan tenure for LAP goes up to 15 years and it serves all your long term financial goals. Therefore, if you are looking for long term financing then LAP goes handy.

Loan Amount

Loan amount depends directly on the market value of property. Personal loans have a certain limit but if you are looking for larger amount of loan then LAP is the best choice.

Rate of Interest

As the property is being kept as mortgage, rate of interest levied is lower as compared to personal loans. To avail loan against property all you need is a property, it can either be a piece of land or a built house or an apartment. It could be rented or self occupied.

SBI Mortgage Loan is the lucrative option to go for. A salaried employee, self employed professional or self employed business men are eligible to access this loan. Low processing charges, nil hidden costs, hassle free documentation and nullified pre-payment penalties are few of the features to bank with ‘The Most Preferred Lender’.

For More Update :- http://sbi.unifiedloans.in/loan-against-property.html