Overview
Loan Against Property is the perfect way to unlock the hidden value of your property. With this loan, you can fully benefit from life’s little surprises you may have earlier passed over due to lack of funds. This multi-purpose loan puts funds at your disposal to use as you wish. What’s more, this loan is available at a reasonable rate and can be repaid comfortably over as many as 15 years. You can use the funds to expand your business, plan a dream wedding or even finance your child's education. A new home brings with it new hopes, joys and emotions. Our services are customized to provide you solutions for your unique concern.
Features & Our Assistance
• A Multi-purpose loan for expansion of business or to meet your personal needs. • Maximum loan amount against your income • Loan against Residential property, Commercial property, Industrial property, Open Plots • Loan up to 100% of property value. • Choice of Tenure up to 20 years* • Attractive Interest Rates. Our associations with leading Banks and NBFC’s helps you in availing best financial product available in market at lowest interest rates. • Simplified Documentation • Door step services • Lowest processing fees • No hidden charges • No Post loan hassles
Eligibility & Documents Required
Eligibility Criteria
Your eligibility depends upon your repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility
Documents required
1) Salaried
Duly filled application Identity proof: (Pan Card / Passport / Ration card / Voter Id Card) Passport size Photographs of all applicants Address Proof Latest form 16 and last 3 months salary slips Last 6 months bank statement of salary account Existing Loans Sanction letter/repayment track if any Copy of property papers Processing fee cheque
2) Sole Proprietorship / Partnership / Pvt Ltd Company
Duly filled application Identity proof : (Pan Card / Passport / Ration card / Voter Id Card ) Passport size photographs of all applicants Business Proof Latest Address Proof Last 2 years income tax return of directors / partner Last 12 months bank statement of main operating account of the firm Audited financials Certified copies of MOA /AOA / Partnership deed as applicable Professional qualification certificate , if applicable Existing loans sanction letters/Repayment track record , if any Copy of property papers Processing fee cheque
Frequently Asked Questions: FAQ
1) Who can avail a Loan against property?
Individuals Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector company in India. We also offer loans to salaried Non Resident Indians (NRIs) working with reputed companies in select countries. Professionals: Doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers. Self Employed: Individuals like traders, distributors, manufacturers, service providers etc Non-Individual Entities Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies.
2) How much finance can I avail against the property value?
You can borrow up to 100% of the market value of your property subject to your income eligibility.
3) Do I need a co-applicant?
Yes. All the co - owners of your property will have to sign up as co-applicants. For a sole property owner or applicant, one adult member in the family will need to sign up as a co- applicant. In case of partnership firm or a company, partners and promoter directors respectively need to be co-applicants.
4) What is the applicable rate of interest?
The rate of interest varies depending upon your loan amount, property type, income and financial institution. Currently Loan against property rates starting from 10.25%
5) Can I make part pre-payment?
Yes banks generally provide option of part prepayment. It varies from banks and generally it is up to 25% to 90% of the principal outstanding. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.