A Loan Against Property is secured form of loan that can be used to meet personal short to medium term financial as well as business needs. It is a secured loan and require collateral as security or a guarantor to avail the loan. Loan Against Property can be best used for multiple purposes such as for education, home renovation, electronic purchase ,travel, for marriage, in case of medical emergencies, for business purpose or debt consolidation and household expenditures.
Interest Rate Range: 8.60% to 12.00% (Annual Rate)
Tenure ( Repayment Period): 1 Year to 15 Years
Processing Fee : 1% of the loan amount + Service Tax
For a loan amount of 10 lakh, Total cost of loan will be Rs 10000
List of Documents:
1) ID Proof
2) Minimum age - 21 years
3) Valid government issued identity proof
4) Valid Bank Account
5) Regular Source of Income
6) Valid Address Proof
Loan Against Property Eligibility Criteria:
Though Loan Against Property Eligibility criteria varies between Financial Institutions.To ensure the same, they consider numerous factors before providing Loan Against Propertys:
1) Application form
2) Company bank statements for six months
3) Income Tax Returns for 2 years
4) Balance sheet and P&L accounts for 2 years
5) KYC documents of the company including PAN Card, Registration of Incorporation, Partnership deed, Memorandum & Articles of Association.
6) KYC documents of the owners
7) A report as to how the business loan intends to be utilised
Disclaimer : Please note that the interest rates given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.