4. Loans against property

Now you can get loans against your immovable properties like home, plot of land and office space. Normally, the banks provide loans up to 50 percent to 60 percent of the market value of the property. Lending institutions while granting loan may undervalue the assets; so it is advisable to get third party valuation done in order to increase the amount of loan to be availed against the property. The interest rates charged on these loans is around 12 to 16 percent, which almost equivalent to the interest rates provided on personal loans. The processing time for these loans is up to 7 to 10 days.

Currently the State bank of India is providing loans against property which is up to 60 percent of the value of the property and it also provides loans from 25, 000 to 1 crore. It is recommended to take loans against property only if your cash requirement is more than 5 lakh.

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