Noteworthy Features of Loan against Property
The minimum amount that can be from Lease Rental Discounting is Rs 50 lakh and there is no maximum limit on the same.
The borrower is at liberty to choose from fixed or floating rate of interest according to oneâ€™s requirements. There is flexibility in choosing the interest.
The tenure of the repayment offered by various lenders is 10 - 15 years. Although, the same can be restricted to the balance Lease Period of the Property.
The rate of interest on LEASE RENTAL DISCOUNTING is generally lower as compared to personal loan. The loan ranges from 11 % - 14 %.
Availing this type of loan will help the borrower get greater funds to meet his important requirements, without losing the ownership. By taking LEASE RENTAL DISCOUNTING, one can make the best possible use of his/her own property.
A couple of banks offer an OD facility as an added feature to LEASE RENTAL DISCOUNTING.