OD Limit Against Property?

Question

Q.

OD Limit Against Property?

Beena Pandey

✔In Progress

👁1376
Views

May 20, 2022

Comment

1
Answers

Documentation

Share

Avni · Answer 1 · 2022-05-20T20:59:15+00:00

Hey there, OD limit against property or Overdraft limit against property is also known as a loan against property. Last year when I was searching for banks to take a personal loan for my sister’s marriage, I got to know about this concept. I realised that it is a concept everyone is aware of but we don’t really understand it. And I’m glad someone asked this question because I would like to share all that I understand about this with everyone. Get Home Loans at as low as 6.5% interest from the leading banks of India via NoBroker and fulfil the dream of owning a home. The OD limit Against Property plan is a secured personal loan that you can get by offering your home as collateral. Personal loans are also referred to as mortgage loans. The interest rates on a loan against property range from 8% to 25% per year. With OD limit Against Property, you can borrow up to Rs.25 crore for a term of up to 20 years. Best OD limit Against Property Schemes

Bank	Interest Rate	Loan Amount	Tenure
State Bank of India	8.45% p.a.- 10.00% p.a.	Up to 7.5 crore	3-15 years
HDFC Bank	8.00% p.a. - 8.95% p.a.	Up to 65% of the value of the property	Up to 15 years
IDFC First	7.5% p.a. onwards	Up to Rs.7 crore	Up to 20 years
Axis Bank	7.90% p.a. -9.30% p.a.	Rs.5 lakh – Rs.5 crore	Up to 20 years
Kotak Mahindra Bank	9.5% p.a. onwards	Rs.10 lakh – Rs.5 crore	Up to 15 years

Factors affecting OD limit Against Property interest rate

The duration of the loan impacts the interest rate charged by the bank. The greater the interest rate, the shorter the repayment period.
Credit Score - If you want to get a loan against your house at a cheaper interest rate, you'll need a credit score of 700 or higher.
The interest rate charged by the lender is determined by the market value and the type of property.
The bank's interest rate is determined by the applicant's age, occupation, income, and other factors.

OD limit Against Property HDFC Bank Key Features:

This lending program is available to salary or self-employed Indian residents.
Flexible financing terms of up to 15 years are available.
The process of documentation is simple and quick.
The borrower can use his or her home or business as collateral to secure the loan.
Options for simple monthly instalment payments.

Similar is the OD limit against property PNB. You can check it out on the website of PNB. I believe I was able to comprehend everything I knew about the OD limit against property in words. Do tell me if you found this helpful. Read More: What is Overdraft Loan? What is Overdraft Facility in SBI Home Loan?

OD Limit Against Property?

Leave an answer

Recently Published Questions

Flat 25% on Painting | Top Quality Paints | Professional Tools | Verified Partners

Revive Your Space with Expert Cleaning!

OD Limit Against Property?

Leave an answer

Related Questions

Recently Published Questions

Flat 25% on Painting | Top Quality Paints | Professional Tools | Verified Partners

Revive Your Space with Expert Cleaning!