Mortgage loan or loan against property means the borrower takes a loan which is secured against his current residential or commercial property. The benefit of mortgage loan is that it considers the market value of the property as on date. As such, the borrower can get higher amounts of loan. Best is, the loan money can be used to meet financials requirements of any kind.
The word Loan Against Property means when you apply for a loan against already owned residential or commercial property & end use of the fund could be investment in business, renovation of property, extension of property, education expenses or a foreign trip etc…
In case of loan against property bank don’t issue the In-principle / Pre-Approval letter because you are taking a loan on existing property so after calculating eligibility based on income & property valuation bank will issue sanction letter.
Validity of sanction letter varies from 30 days to 90 days, depending upon bank to bank.
In Retail loans 7 working days once documentations are completed
Surly joint application can be processed but decision varies bank to bank.
Since this is a loan against property bank requires a mortgage of your existing residential or commercial property.
Processing fee in loan against property varies bank to bank, normally it’s start from 0.25% to 1.50% of loan amount.