Switching your interest rate from a higher floating rate to a lower floating rate will attract a 0.5% charge on the outstanding principal.Bounced cheques will attract a fee of Rs.500 per instance.If there are any overdue instalments, you’ll be charged a penal interest of 24% p.a., which equals to 2% per month.The loan can be sanctioned in five days.A 20% to 30% margin is granted for a loan to purchase a commercial property.A 40% to 50% margin is granted for a loan against your commercial or residential property.Only select self-employed professionals are eligible for this loan: Salaried individuals, self-employed individuals, and self-employed professionals can apply for this loan.The minimum loan amount that can be borrowed through Asset Power (Loan Against Property), Lease Rental Discounting, Reverse Mortgage Loan as well as Overdraft Facility Against Property is Rs.5 lakh and the maximum is Rs.5 crore, and the maximum tenure is set at 20 years for Loan Against Property, 9 years for Lease Rental Discounting, 10 years for Overdraft Facility Against Property, and 20 years for Reverse Mortgage Loan.You can transfer your existing loan to Axis Bank as well.There are three variants available-Asset Power, Dropline Overdraft Against Property/Commercial OD against Property, and Lease Rental Discounting.You can borrow the Axis Bank Loan Against Property against residential and commercial property or for the purchase of a commercial property.Any delays in payments will attract a penal interest of 2% p.a.You’ll be charged Rs.250 for every bounced cheque, ECS, or SI dishonours.The interest rates on your loan are charged using the daily reducing balance method.Your monthly income has to be a minimum of Rs.25,000 (Rs.3 lakh annually).The minimum and maximum tenor of the loan is 5 years and 15 years respectively.The minimum amount that you can borrow through SBI Loans Against Property is Rs.10 lakh, and the maximum is Rs.7.5 crore subject to the location of the property.Even NRIs who have properties in their own name or an immediate family member’s name can borrow this loan. Employed, professional, and self-employed individuals are eligible for this loan.Your rental income may also be taken into account for loan eligibility.The SBI Loans Against Property scheme can be borrowed against residential as well as select commercial properties.No prepayment charges if the loan is paid after 36 months.No prepayment charges if 25% of the loan is paid after six months and within 36 months.Loans prepaid within the first six months will attract a charge of 2% plus taxes and other charges.The pre-payment charges for loans sanctioned with a company/firm/sole proprietorship or HUF as an applicant are as follows: This amount is exclusive of any applicable taxes. You will be charged up to Rs.500 for an increase or decrease in your loan term.Any delays in interest or EMI payments will attract an additional interest of up to 24% p.a.The overall cost for comparison is 7.6% APRC representative.Up to 60% of the mortgaged property’s market valueġ.60% above 1-year MCLR rate to 2.50% above 1-year MCLR rate A valuation fee of £255 and a CHAPS fee of £30 are also payable. The total amount payable would be £442,749.36 made up of the loan amount of £200,000 plus interest of £242,749.36. The overall cost for comparison is 7.7% APR representative.Ī mortgage of £200,000 payable over 25 years initially on a fixed rate for 3 years at 6.67% and then our variable rate of 7.74% for the remaining 23 years would require 36 monthly payments of £1,367.82 and 264 payments of £1,490.56. The total amount payable would be £444,327.48 made up of the loan amount of £200,000.00 plus interest of £244,327.48. A mortgage of £200,000 payable over 25 years initially on a fixed rate of 6.87% for 3 years and then our variable rate of 7.74% for the remaining 23 years would require 36 monthly payments of £1,392.81 and 264 payments of £1,493.13.
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