>> FAQ / LOAN AGAINST PROPERTY

Q. What are the eligibility criteria for availing loan against property?
A.A person in the age group of 21 to 55 including Non Residents Indians (NRIs) can avail loan against property: a)if they are salaried individuals with minimum service of 3 years and b)individuals engaged in business & self employed like Doctors, CAs etc. Further, the bank will check your eligibility in terms of your Income, Income tax return, repayment of past loans, assets & liabilities etc. Further, the loan will be sanctioned for 80% of the market value of the property and 50% on commercial given it has an approved map and registered.

Q. What is the minimum and maximum tenure for repayment of loan against property?
A. The tenure ranges from 12 months years to 15 years.

Q. For what purposes can loan against property is sanctioned?
A. The loan against property is sanctioned for the following purposes:
--> For construction of house/flat
--> For Business Development
--> For purchase of plots
--> For Child Education
--> For Medical Treatment
--> For Marriage Purpose
--> For undertaking expansion of existing units or for repairs and renovations.

Q. How many days will be required for disbursement of loan?
A. From the day of submitting your complete documents to our executive to loan disbursement by bank, it will take around 7 to 15 working days.

Q. Is there an option of prepayment of loan against property?
A. Yes you can prepay your loan against property with charges as applicable by some banks and some are not.

Q. From which month my EMI will be start deducting from my account?
A. The EMI will start from the next month of loan disbursal. For example, if your loan gets disbursed on 1st May, then your EMI will start from 1st June. Further, after six months of payment of EMI you can take top up on your loan against property.

Q. What type of Property should be considered as collateral?
A. Residential property, Commercial property, Industrial Property, Land, Plots, Shops, Laldora.

Q. What are the documents required in order to apply for a loan against property?
A. Documentation
-->  Last 3 Months Salary Slip (For Salaried)
-->  Last 3 Years ITR with computation of Income (For Self Employed)
-->  Last 1 year Bank statement (For Self Employed)
-->  Last 6 months Bank statement (For Salaried)
-->  Form-16 (For Salaried)
-->  Pan Card
--> Photograph
--> Co. Applicant Photograph+KYC
--> Co. Applicant ID Proof
--> Property Documents Chain
--> Mutation
--> Processing Fee Cheque