Loan against Property can be taken for following purposes:
Expanding your business
Getting your son/daughter married
Sending your son/daughter for higher studies abroad
Funding your dream vacation
Funding medical treatments
You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.
These criteria will vary from one bank to another. However, from all the host a factor, the common factors that all banks look at are: Your income, savings, debt obligations Cost/value of the property mortgaged Your repayment track record for other loans, credit cards, etc. What are the normal interest rates and tenure for repayment offered for a loan against property? Interest rates on loan against property range from 12 per cent to 15.75 per cent, and the loan tenure can be up to 15 years.