Before applying for this facility, every candidate must know the loan against property interest rate and additional charges. This will help them reap maximum benefits from this loan and manage their financial goals in the long run.
Read on to know more about a Loan Against Property interest rates and additional fees.
Type of interest rates in a Loan Against Property
Financial institutions provide loan against property at fixed and floating interest rates. In a fixed interest rate, the monthly instalments remain unaffected by the market fluctuations. However, for a floating interest rate, the EMIs change with fluctuations in the market.
Borrowers can use a loan against property EMI calculator to know their EMIs and manage their expenses accordingly.
Additional fees levied on Loan Against Property
Borrowers opting for a Loan Against Property have to pay some additional charges to financial institutions other than the EMIs. These additional fees are as follows:
Processing fees
Part prepayment fees
Foreclosure charges
Penal interest fees
EMI bouncing charges
Loan rescheduling fees
Statement charges
Nevertheless, borrowers can easily skip these additional costs by managing their loans online. Several lending partners offer an online portal using which candidates can easily manage their financial activities, such as checking loan against property eligibility criteria, applying for new loans, etc.
The loan against property interest charges and additional fees are different for different lenders. Individuals should compare the points mentioned above before they apply for a loan against property.
Also Read: Tips To Get An Affordable Loan Against Property Interest Rate
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