Property Loan, also known as a mortgage loan or home loan, is a type of loan where you pledge a property as collateral to borrow money. This loan is typically used to purchase a property, such as a house or land

• Application and Approval: You apply for a property loan with a lender (bank or financial institution). They assess your creditworthiness, income, and the property's value.

• Loan Disbursement: Once approved, the lender disburses the loan amount directly to the seller or in installments as per the construction progress.

• Repayment: You repay the loan in monthly installments over a fixed tenure, usually 15-30 years.

• Interest: You pay interest on the loan amount, which can be fixed or floating.

Types of Property Loans:

• Home Loans: Used to purchase a residential property.

• Land Loans: Used to purchase land.

• Construction Loans: Used to construct a new property.

• Home Improvement Loans: Used to renovate or extend an existing property.

Advantages of Property Loans:

• Large Loan Amounts: You can borrow significant amounts to purchase or construct a property.

• Longer Tenure: The longer repayment tenure makes monthly installments affordable.

• Tax Benefits: In many countries, interest payments on home loans are tax-deductible.

• Asset Creation: Owning a property is a valuable asset that can appreciate over time.

* INTEREST RATE *

• Documents Required For Property Loan  ☞ Click Here