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For what purpose can I avail a Loan against Property ?

You can avail of Loan against Property against Residential & Commercial Property for either your personal or business activities other than speculative or non prohibitive activities.

Who can avail a Loan Against Property ?

Individuals: 1. Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector company in India. 2. Professionals: Professionals i.e. allopathic doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers. 3. Self Employed: Individuals like traders, distributors, manufacturers, service providers etc. Non-Individual Entities: 1. Proprietorship Firms 2. Partnership Firms 2. Private Limited Companies 3. Public Limited companies

How much finance can I avail against the property value ?

The loan amount is based on your repayment capacity. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouseâ€™s income, assets, liabilities, stability and continuity of occupation and savings history. After assessment of eligibility, banks usually finance upto 60% of the value of residential property and upto 55% of commercial property.

For how long a period can i get the loan ?

Generally banks grant Loan against property from minimum 3 years to maximum 15 yrs. The term for the loan will be restricted to the retirement age or 60 yrs at loan maturity for salaried customers and 65 years for self employed customers.

Who can be co-applicants for the loan ?

You can include your spouse as a co-applicant for the Loan. His / her income can be added to enhance the loan amount. However all co-owners of the property should necessarily be the co-applicant.

What security will I have to provide ?

The security for the loan will be the first mortgage of the property to be financed, generally by way of deposit of title deeds and/or such other collateral security. The title to the property should be clear, marketable and free from encumbrance which means that there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.

Loan Against Property

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For what purpose can I avail a Loan against Property ?

Who can avail a Loan Against Property ?

How much finance can I avail against the property value ?

For how long a period can i get the loan ?

Who can be co-applicants for the loan ?

What security will I have to provide ?

How will the rate of interest be calculated ?

Do I have the option of pre-paying the entire loan amount ?

How do I apply for the loan ?

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