Loan against property connotes a loan that is given or disbursed against the mortgage of home, as a certain percentage of market value of the property. Generally, the loan amount that is sanctioned ranges from 40% to 70% of the market value, with a minimum threshold limit of Rs 2 lakh. A loan against home works out to be much cheaper than personal loan. The rate is lower because the lending entity has a security in the form of the housing mortgage vis-à-vis a personal loan that is given without any security.
The tenure for repaying loan against home has an upper limit of 10 years. The loan can be taken for any purpose and the customer is not required to disclose the motive behind the loan, to the lending authority. The criteria for loan against home are same as that of a home loan. Part prepayment as well as full prepayment of the loan is generally allowed by most lending institutions, though with a charge. Loan against property is available in case of both residential and commercial property. Many housing finance companies allow individuals to take loan against home even if they have taken a housing loan from them.
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