Wizard Home launches mortgage loan facility
Wizard Home loans, a joint venture between GE Money and mortgage firm Wizard, on Wednesday launched the facility of giving loan against property.
By PTI |
NEW DELHI: Wizard Home loans, a joint venture between GE Money and mortgage firm Wizard, on Wednesday launched the facility of giving loan against property.
Under the facility named 'Challenger', a borrower can get a loan of up to 70 per cent of the market value of immovable property. The maximum amount of the loan could be Rs 2 crore.
The loan under the plan would bear an interest rate of 11.99 per cent. Interest rates offered by other companies are more than 12 per cent.
"The property cash product is designed to help customers increase their liquidity by granting loans against their existing property," said the company in release here. The loan would have a maximum repayment period of 15 years, it added.
The company is also providing easy repayment options through post-dated cheques and direct bank debit through the electronic credit system.
The company sees property cash as an innovative product that will enable easy availability of funds to meet cash expenses for one's business or to simply address unforeseen personal expenses.
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