Quick & Hassle-Free Personal Loans
Get instant financial support for your personal needs with our easy personal loan solutions. Whether it’s a medical emergency, wedding expenses, travel plans, or debt consolidation, our personal loans help you manage expenses without stress.
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Loan Against Property Features
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Flexible Loan Eligibility
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Loans value from Rs.10 Lakh to Rs. 5 Crore
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Loans against commercial, residential or industrial property
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Loan for your business as well as personal needs
Features and Benefits of our Loan Against Property
- Secured Loan: The loan is secured against the value of your property. The property acts as collateral, reducing the risk for the lender.
- Loan Amount: The loan amount is determined based on the value of the property you pledge. Generally, you can get a higher loan amount.
- Flexible Tenure: The repayment period for a LAP is usually longer, often ranging from 5 to 20 years.
- Multipurpose: The loan amount can be used for a wide range of purposes without any restrictions.
- Improves Credit Scores: Successfully repaying a LAP can positively impact your credit score.
Eligibility Criteria for Loan against Property
- Nationality: You need to be a Citizen of India with documents to prove your claim.
- Occupation and Income: Details regarding occupation and income are required to prove stability.
- Credit History: Your three-digit Credit Score will be a deciding factor for eligibility.
- Banking Relationship: A healthy relationship with your lender may offer better terms.
- Market Value of Property: The market value of the property must be higher than the loan amount calculated.
- Title of Property: You must be the current owner and the property must not be mortgaged elsewhere.
Documents Required to Apply
- 1. Proof of identity/residence
- 2. Proof of income
- 3. Property related documents
- 4. Proof of Business (for self-employed)
- 5. Account statement for the last 6 months
Loan Against Property EMI Calculator
How is Loan Against Property EMI Calculated?
EMI is calculated using the following formula:
$EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]$
- P = Loan Principal amount
- r = Monthly interest rate (Annual rate / 12)
- n = Tenure in months
Fees and Charges
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.25% to 2% of Loan Amount |
| Loan Cancellation | Nil – 5% (according to Bank/NBFC) |
| Stamp Duty Charges | As per State Property Tax |
| Legal Fees | As per actuals |
| Penal Charges | Usually 2% per month |
| Foreclosure | Nil to 4% (according to Bank/NBFC) |
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.