LOAN AGAINST PROPERTY
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About Loan Against Property
Do you know that your home holds the key to your future? Whether you want to expand your business, or you need funds for your personal use, our Loan Against Property will cover all your financial needs. We offer an array of attractive options based on your specific needs along with flexible property loan tenure and attractive interest rates.
Our loan on property has unrestricted usage and can be used to avail a Loan against property, mortgage loan against property, business loan against property, and much more.
Silent Features:
Loans against fully constructed, freehold residential and commercial properties for:
- Business Needs
- Marriage, medical expenses and other personal needs
- Transferring your outstanding loan availed from another Bank / Financial Institution
- Longer tenure, smaller EMIs.
- Attractive interest rates.
- Easy and hassle free documentation.
- Simple repayments through monthly installments.
- Integrated branch network for availing and servicing the loan anywhere in India.
Loan Against Property Eligibility
- Segment – Working in MNC / Public Ltd. Co/ Large Pvt. Ltd. Co./State Govt/ Central Govt. / PSU
- Age – Minimum- 23 Years and Maximum- 65 Years or age of retirement – which ever is earlier at loan maturity
- Income per annum – Rs 2,40,000
- Occupational Stability – Minimum 3 Years
Eligibility Criteria :
- Property Value
- Repayment Capacity
- Assets
- Liabilities
- Age
- Legal & Technical Clearance of Property Title
The above criteria are subject to change from time to time
Documents Required :
Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:
- Proof of both identity and residence (any 1)
- Valid Passport
- Voter ID Card
- Aadhaar Card
- Valid Driving Licence
- Proof of income
- PAN Card
- Last 3 months’ Salary Slips
- Last 6 months’ Bank Statements, showing salary credits
- Latest Form-16 and IT returns
- Other documents
- Employment Contract / Appointment Letter in case current employment is less than 1 year old.
- Last 6 months’ Bank Statements showing repayment of any ongoing loans.
- Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across.
- Cheque for processing fee
- Declaration and documents clearly stating the end use of the loan
- Own Contribution Proof
- Property related documents
- Title Deeds including the previous chain of the property documents
- Proof of no encumbrances on the property
- Approved plan if applicable
Loan Against Property FAQs
There are times when everyone needs a little extra funds. Whether it is for personal or business needs, with Loan Against Property, you get immediate access to money by using either your home or any other property as security. From expanding your business to buying machinery with Loan Against Property, you will never have to compromise.
Loan against Property can be taken for following purposes:
- Expanding your business
- Getting your son/daughter married
- Sending your son/daughter for higher studies abroad
- Funding your dream vacation
- Funding medical treatments
You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.
This criteria will vary from one bank to another. However, from all the host of factors, the common factors that all banks look at are:
- Your income, savings, debt obligations
- Cost/value of the property mortgaged
- Your repayment track record for other loans, credit cards, etc.
Interest rates on loan against property range from 12 per cent to 15.75 per cent, and the loan tenure can be up to 15 years.
