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Loans against Equity

Last updated: February 7 2007
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  • konicka
    started a topic Loans against Equity

    Loans against Equity

    I own a property and was wondering if I can get a laon against the equity ( market value) of the property to re-invest in another ? Any information on this is appreciated.

    Thanks.
    Regards.

    Konicka

  • Pinnacle
    replied
    Loan against property

    You can get a loan of upto 70% of the market value if its residential and upto 60% of Market value if its a commercial property.

    Tenure can be max 15 yrs depending on the bldg condition and the age of the applicant. Before the recent hike in interest rate, the rate for loan agains property was in the region of 11 - 12.5%

    ICICI Bank and UTI bank are 2 institutions that i know of, offer this product

    However there are no tax sops available on the interest paid by you

    Let me know if you need any more info
    Ram

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