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Written by Site Administrator
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Wednesday, 28 October 2009 10:50 |
If you have some fixed assets of your own such as Gold, insurance policies, property documents, etc, than Loan against such property is the best option for you. The rate of interest is much lower with flexible payment options. This type of loan is ideal for short term loans.
However, you must be careful to pay the complete amount by the end of the loan term. Failing to pay amount in spite of reminders from the bank at the end of your loan tenure may result in the bank auctioning your property in open market to recover costs.
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Written by Site Administrator
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Wednesday, 28 October 2009 11:02 |
In case of loan against gold, you are not allowed to do prepayments in the first three months. After this time you can prepay or preclose your loan at any time during your tenure.
There are not charges for prepayment or preclosure of loan against gold.
If you want to preclose, all you need to do is repay the outstanding amount along with the interest till that date. Once you preclose, your gold will be returned to you.
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Loan Against Gold/Property
