Real investment done strategically can bring you good fortune. But yes, at times it is not possible to invest such a huge amount at a time. It is better to take a loan and then invest. Do you know how much can I borrow for investment property? Many of you might not so let me tell you how. The best is that your lender or bank will verify the property fully to ensure it is true and then only approve your loan. It will ensure that the property is legal, so yes, getting a loan for real estate investment will be a good idea.
What is loan against property?A loan against property is a type of loan that you can obtain by pledging your property as security or collateral. The interest rates of such loans usually range from 8.00% to even 25% p.a. I have a list of banks providing such loans and also their interest rates, loan amounts, and periods, so let me share it with you all.
| 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 |
Tata Capital |
10.10% p.a. onwards |
Rs.10 lakh – Rs.3 crore |
Up to 15 years |
Kotak Mahindra Bank |
9.5% p.a. onwards |
Rs.10 lakh – Rs.5 crore |
Up to 15 years |
Axis Bank |
7.90% p.a. -9.30% p.a. |
Rs.5 lakh – Rs.5 crore |
Up to 20 years |
How to get a loan for real estate investment?
Different banks have different rules to get a loan but in general, here is what you need to do-
Fill in a loan application form
Attach the necessary documents like property details, salary proof, identity proof and more
Pay processing fee
Let your property documents get verified and
Get the approval
Once these are done,
Your property documents will be verified by legal experts again
Site examination of the property will be done next
The final loan deal will be drafted
Sign the agreement
The loan will get disbursed next
It is hard to tell exactly how much can I borrow for investment property as it depends on several factors, but at least these details must have given you an idea about it.
Get your home loan approved with a low-interest rate through NoBroker
Read More:What is a commercial construction loan?
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Authors Of The Question
How much can I Borrow for Investment Property?
Tuhin
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1 Year
2023-05-26T10:12:16+00:00 2024-10-04T15:41:04+00:00Comment
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