This video answers some viewer questions on loan against property
Edited highlights
0:11 This video tries to answer some viewer questions that have come to us on loan against property
1:35 Ratan Parija asks if he can apply for loan against property for land. There is no house or structure
1:57 Not all banks give loan against property when it comes to land
2:07 But the land has to be well demarcated and there should be boundary walls, plot should be identifiable and ownership spot on
2:25 AVS.MMN asks what is the minimum time to repay loan against property?
2:32 Most of the banks don't define a minimum period of repayment for loans against property
2:46 But the maximum period varies from bank to bank and can vary between 7-10 years
3:06 RBI doesn't allow banks to charge for foreclosure
3:12 A smart thing is to go a maximum period of the loan for comfortable EMIs and then try and repay the loan as soon as possible
4:01 Peacemaker asks which bank provides the lowest interest rate for loan against property
4:09 These days banks are charging on the the basis of marginal cost of lending rate (MCLR)
4:54 Banks also take into account risk related elements such as nature of the loan, tenure, borrower profile and type of security on offer
5:13 Banks also take into account risk related elements such as nature of the loan, tenure, borrower profile and type of security on offer
5:38 You can also do online comparison
5:42 Remember, you can always negotiate the interest rate for loan against property
6:00 This is more so in case it is a bank where you have an existing relationship
