Best Loan Against Property in India

Loan Against Property in India

Loan Against Property In India Apply Now

Loan against property means a loan in which property acts as security for the loan and it makes this loan as secured loan and if default takes place the property mortgaged can be attached to the bank and bank can recover its money due by selling or auction the property.

Who can avail Loan against Property in India?

Every Institution has their own eligibility criteria which describes about who can avail the loan against property from that particular institution. Although institutions have their own criteria’s but most of the basic criteria remain the same. To avail this loan the applicant should fulfill one of criteria listed below-

Salaried Individuals:

Any individual who is a permanent employee of any government / private sector entity in India.

Professionals:
  • Doctors

  • Architects

  • Chartered accountants

  • Cost accountants

  • Practicing company secretary

  • Management consultants

  • Lawyers etc.
Self Employed:
  • Traders

  • Distributors

  • Manufacturers

  • Service providers etc.

Other than Individual Entities:
  • Proprietorship Firms

  • Partnership Firms

  • Private Limited Companies

  • Public limited companies

What are the Documents required for Loan against Property?

Following documents will be required for Salaried Person


Photo Identity Proof: Any One from the following;
  • Pan card

  • Voter ID card

  • Passport

  • Driving license

Residence Address Proof: Any One from the following;
  • Passport

  • Ration Card

  • Electricity/ Water/ Landline phone Bill
Residence Ownership Proof: Any One from the following;
  • Property Documents

  • Electricity/ Water bill

  • Maintenance Bill
Income Proof:
  • Latest 3 months Salary Slips and Form 16.
Job Continuity Proof:

Any One from the following;

  • Current Employment Certificate

  • Current Job Appointment letter (if it is more than 2 years)

  • Experience Certificate (including your previous job certificate or appointment and relieving letter)
Bank Statement:
  • Latest 1 year statement where your salary is getting credited
Property Documents:
  • Property documents to be submitted based on the purchase of your dream home.
Copy of agreement executed / Sales Deed.
Following documents will be required for self employed Person

Photo Identity Proof:

Any One from the following;

  • Passport

  • Pan Card

  • Voters ID Card

  • Driving License
Residence Address Proof: Any One from the following;
  • Passport

  • Ration Card

  • Utility Bill
Residence Ownership Proof:

Any One from the following;

  • Property Documents

  • Maintenance Bill

  • Electricity Bill
Office Address Proof:

Any One from the following;

  • Property Documents (if any)

  • Maintenance Bill (if any)

  • Utility Bill
Office Ownership Proof (if any):

Any One from the following;

  • Property Documents

  • Maintenance Bill

  • Electricity Bill
Business Existence Proof:

Any One from the following;

  • 3 years old Saral Copy

  • Shop Establishment Act

  • Any Tax Registration Copy

  • Company Registration license
Income Proof:

Latest 3 years Income Tax Returs including Computatin of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,

Bank Statement:
  • Latest 1 year bank statement both current and savings.
Property Documents:

Property documents to be submitted based on the purchase of your dream Home.

  • Copy of agreement executed / Sales Deed.

  • Latest Maintenance Bill.

  • Passport size color photograph.
Interest Rates for Loan against Property

An individual wants to avail loan against property can choose out of two types of interest rates which are-

  • Fixed Rate – the interest rate which remains fixed for complete loan duration is known as fixed rate of interest. Generally, the rate of interest rate starts from 11% per annum.
  • Floating rate– The interest rate which varies with changing market conditions is known as floating rate of interest.
What are the features and benefits of Loan against Property?

Can serve the multiple needs – the borrower can avail this loan for any of the following purposes like:-

  • For business needs

  • For education needs

  • For medical needs

  • For property purchase

  • For marriage or any other personal or professional need.

Longer tenure – Generally this Loans can be avail for maximum tenure of 15 years which makes easy for borrower to clear the loan.

Hassle freee – As this loan is secured loan from banks point of view which makes easy for the lenders to provide this loan to applicant without any hassles, provided the applicant meet the criteria specified by that lender.

Property Type – Depending on lender to lender, any residential or commercial can ne used as security to avail this loan.

Loan against Property EMI Calculator

One can use the below mentioned formula for calculation of EMI for this loan Against property :-


EMI = [P x R (1+R) N]/ [(1+R) N-1]

Where,

  • P is the amount to borrow

  • R is the applicable rate of interest

  • N is the number of months for which the loan is to be availed

There is EMI calculator provided under the Tools in afinoz page which can also be used to calculate the EMI.

Why one should apply for loan against property using afinoz.com?
  • Time saving up to 90% Afinoz is an online platform from where you can apply online to multiple lenders at one easy click which reduces your current application time by 90%.
  • No charges of afinoz We don’t charge anything from our customer which makes us different from others.
  • Online verification and signing of KYC documents Afinoz provides e-verification and e-signing facility of your kyc documents like PAN card, Aadhar card, etc and makes the loan application simple, easy and hassle free.
  • Minimal human intervention, minimal frauds As the complete application is provided through online space hence reduces the human intervention which results into minimal chances of frauds.
  • Assured Cash Back and Incentives* We at Afinoz are provides free of cost services with additional benefit of cashback and incentive offers
  • Prompt support services Afinoz is always there to provide our valuable customers the all time available support service in case of any difficulty while using our services.
Documents repository services for future loan applications

Afinoz repository service provides the virtual space to save the documents which can also be used in future for any purpose.

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