Loan against property in India are easily avaialable

Almost all banks are providing loan against property, sometimes referred to as home equity loan. It issues loans by keeping property/land may be residential or commercial as mortgage. Some banks also provide option of choosing between an EMI based loan or an overdraft and with this you can save money by paying interest only on the amount utilized.

Banks such as SBI, bank of Baroda, Andhra bank, corporation bank, bank of India, HSBC, ICICI, HDFC, canara bank, PNB, Citibank, ING VYSYA, union bank of India, Allahabad bank, UCO bank, central bank of India, Deutsche bank of India, vijaya bank offer loan against property at attractive interest rate, and these loans have long repayment period for easy repayment and can be pre paid after 180 days of loan approval charging 2-4% pre payment penalty.

Loan against property is charged at 10-14% interest rate, and it may be opted as fixed or floating interest rate. The difference between the two is that in fixed plan, interest remains same for entire term of loan repayment while floating interest rate keeps changing with market influences. Banks provides facility of changing over from one fixed to floating and vice versa and then EMI is calculated on its basis.