Apply for Loan Against Property









    Loan Against Property Overview
    Creating an asset requires hard work & perseverance, may it be a House or a commercial property, the rewards for ownership are many: besides giving a comfort and identity of a life time a property can also be mortgaged to advance your dreams or in an emergency.
    A Loan against Property as the term implies is a method of securing finance, by mortgaging a property as collateral. The property is pledged to the Loan provider for the loan amount appended therefore a Loan against property comes in the secured loan category.
    Features
    Eligibility Criteria
    Steps and Process
    Fees and Charges
    Documents Required
    Features for a Loan against Property
    A Loan against property is available to all Salaried, Professional & self employed personnel; Funds received via a Loan against property can be used for Personal and business usage.
    Loan amounts that are granted for a Loan against Property start from 10 Lakhs up to 40 crores taking into account the value of the property and the income of the applicant.
    The repayment tenure allowed for a Loan against property is a maximum of 15 years; the tenure for a personal loan is allotted according to the loan amount sanctioned and the eligibility of the applicant to repay the EMI.
    The loan amount that can be sanctioned for a mortgage is from 50 up to 75% of the market value of the property depending on the type of the property.
    Criterion for Property that can be accepted as collateral:
    To be eligible for a mortgage the property should be self owned and registered under the name of the applicant if jointly owned by family members all owners will have to be included in the loan as co applicants.
    A property which is on power of attorney is not acceptable for availing a mortgage. The title deed of the property should be clear and the complete chain of ownership since inception of the property should be available.
    The property should have an approved sanction plan as per the Municipal Corporation or the valid authority. The property should be in an approved location and constructed as per the sanction plan without any alterations or extra construction.
    Types of properties which can be mortgaged for a Loan:
    Types of properties which can be mortgaged for a Loan:
    A commercial establishment such as Shop, School, Hospital, Hotel
    An industrial property
    A residential or commercial plot of land
    Advantages of a Loan Against Property
    Financial needs are part of daily life, whether it is fulfilling the mundane requirements, expanding your business or for an emergency: mortgaging your property is a good solution for securing funds conveniently.
    The rate of interest applicable for a mortgage is second only to a Home loan, being a secure loan attractive rates of interest are charged as compared to other available Loans. Mortgaging your property will not disturb your working or living environment so carry on using your property as required while securing funds needed.
    It may be worth the while securing a loan against property when the requirement is for increased loan amounts, as the tenure for repayment applied for a loan against property is up to 20 years. Hence the loan can be easily repaid, with a suitable EMI that is easily affordable to the applicant. Income of a family member as a co applicant can be clubbed together to get the requisite loan amount.
    The documentation required to process a Loan against property is simple and readily available at hand. With the required documentation completed the time taken to process a loan against property is 10 to 12 days. Thus funds are available in the quickest turnaround time when you need them.
    End usage for which a Loan Against Property is granted.
    For Expenses of a Wedding:
    A wedding in the family is the celebration of a lifetime, financial planning is necessary to cover expenditures and make sure all goes as planned. Mortgaging your property to arrange the finances required will help to solve your financial issues conveniently.
    Further Education
    A good education is the key to a bright future! Every parent hopes to secure their child’s future by giving them the opportunity to study from the best institution. With a loan against property get the finances needed to fulfil the dreams of your child.
    Business Expansion
    Funding is imperative to expand and look for further business opportunities, let there be no stops to getting ahead, fund your growth by unlocking the value of your assets. Funds will be granted at a reasonable rate of interest to further your business plans.
    Medical Emergency
    Emergency and illness always come announced, giving your loved ones the care and the best treatment comes at a cost: getting funds against you property is a quick process to help ease the stress and finance the costs at this hour of need.
    Why apply with
    Your loan Advisors
    Avail the expert assistance of our Advisors to update all documentation and completing the application process. Experience with us the confidence of your application process being followed up at all stages to cover all gaps and avoid delays.
    The decision to mortgage your property should be an informed one. Being aware of all the terms and conditions before finalising the loan is all important; we at Your Loan Advisors give an unbiased and transparent view of all the leading financers to help our customers make the right decision.
    Get the all the formalities completed and in the comfort of your office or home, we work diligently on behalf of our esteemed customers to make sure their Loan requirements are completed with the best and most suitable terms and conditions available!
    FAQ’S
  • What is a Loan against property?
  • A loan against property is a Loan issued by keeping a property as a security against a mortgage: the property involved could be a Land, Residential, Commercial or industrial establishment.

  • What is the amount that can be received as a Loan against property?
  • Funds that can be sanctioned as a loan depend on the value of the property and the income of the applicant/applicants.

  • Can an owner mortgage a rented property for a Loan?
  • A self owned property which has been rented can be mortgaged, if all the legal agreement and documentation is provided.

  • What is the time period for which a property can be mortgaged for a Loan?
  • The time period for which a property can be mortgaged or the repayment period for a Loan against property is from 1 year to 20 years.

  • Do all the original documents have to be submitted for a Loan against property?
  • Before releasing the loan amount the financer will check all original documents and receive them for safe keeping. A list of documents deposited with the Bank will be given to the customer.

  • Is the Loan against property and a Loan for construction the same?
  • A loan against property is given against a plot of land or a built up property, where as a Loan for construction is forwarded for the specific purpose of construction.

  • What is the difference between a Home Loan and Loan against property?
  • A home loan is issued to initiate payment for a property to be used for residential purposes, whereas a Loan against property is appended for a self owned and registered property.

  • What is a reverse mortgage?
  • A reverse mortgage is for senior citizens above the age of 60 years, who would like to benefit an additional income in their twilight years.

  • Can a Loan against property be granted to a retired person?
  • A retired person can avail a loan against property, with a co applicant who is a blood relative and is eligible to repay the EMI. The tenure for the loan may be restricted.

  • Is a CIBIL score important for a Loan against property?
  • The CIBIL score of the applicant and the co applicants will be taken into account when sanctioning a loan against property: it should be above the required benchmark.

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