Current Interest Rate on Loan Against Property

1 min read
30 October 2023

The current interest rates on loans against property have been fluctuating in recent times. As of October 2023, these rates range from 8% to 12% per annum, depending on various factors.

Factors influencing the interest rate include the borrower's credit score, loan amount, property value, and the lender's policies. Those with a strong credit history can secure loans at lower interest rates, often closer to the 8% mark, while riskier profiles might face higher rates.

Lenders may offer fixed or floating interest rates. Fixed rates remain constant throughout the loan tenure while floating rates can change with market fluctuations. Borrowers should choose the option that aligns with their financial strategy.

Before applying for a loan against property, it's essential to compare offers from various financial institutions to find the best interest rate that suits your financial needs and preferences. Be mindful of additional fees and charges associated with these loans to make an informed decision.

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moneymarche 2
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