• Loans from Rs. 2 Lacs onwards depending on your needs.
• Borrow up to 50% of market value of the property.
• Flexibility to choose between an EMI based loan or an Overdraft - We also offer to you overdraft against your self-occupied residential or commercial property and you save money by paying interest only on the amount utilized!
• High tenure loans for ease of repayment.
• Attractive interest rates.
• Simple and speedy processing.
• Specially designed products for Self Employed.

Loan Documentation:

The following is the list of acceptable proofs of documents :

AGE

• Passport Copy
• Photo Driving License with DOB
• Voters ID Card
• PAN Card
• Photo Ration Card With DOB
• School/College Leaving Certificate

ADDRESS:

• Passport Copy
• Photo Driving License with DOB
• Photo Ration Card With DOB
• Electricity Bill
• Telephone Bill
• Credit Card St. With CC Copy
• Bank Statement
• Employer Certificate/ID
• Rent/Lease Agreement

PROPERTY OWNERSHIP

• Electricity Bill
• Water Bill
• Property Registry

IDENTITY

• Passport Copy
• Photo Driving License with DOB
• Voters ID Card
• PAN Card
• Photo Ration Card With DOB
• Govt ID Card

SIGNATURE

• Passport Copy
• Photo Driving License with DOB
• PAN Card
• Banker’s Verification

Q1.  What is a loan against property?
Ans. Banks offer loan to the customers on the basis of any property which they own. Customers are required to pledge their property to the lender in order to take a loan against property.

Q2.  Against which properties can I take a loan?
Ans. You can take loan against any property as long as its title is clear and there is a marketable value associated with it. It can be a residential property, commercial property, built-up property or even land.

Q3.  How loan against property works?
Ans. You have to pledge your property to the lender. On the basis of the market value of your property, the bank will arrive at your loan eligibility. This way you can raise money without having to sell your property in the market. The loan is required to be repaid in monthly instalments along with the applicable rate of interest.

Q4.  Who can avail loan against property?
Ans. The foremost requirement is that you must be the owner of the property against which a loan is to be taken. You also need to be at least 18 years of age and should have some tangible source of income to repay the loan.

Q5.  Can I avail a loan against my ancestral property which is in the name of my grandfather?
Ans. Yes, but you will have to show the documents supporting your entitlement of the property. If property has not been partitioned, other legal heirs may also be required to apply jointly with you for a loan against property.

Q6.  For what purposes can I use loans against property?
Ans. Loans taken against property can be used for any purpose. Generally, people take these loans to:
•  Expand their business
•  Marry their child
•  Arrange money for higher studies
•  Go abroad on vacations
•  Meet medical treatment expenses
•  Improve/Renovate home

Q7.  How much value of the property can be received as a loan?
Ans. It depends upon banks lending policy and the location of the property. Generally, banks do not offer more than 75 percent of the value of your property.

Q8.  Can I avail a loan against property for the second time?
Ans. Yes, you can do so. In that case, a second charge is created on the same property in favour of the lender.

Q9.  What happens if I fail to repay loan?
Ans. The bank may take action for the repossession of your property to recover its outstanding loan amount. To allow recovery of the loan amount, courts can order foreclosure (sale in the open market to recover dues) of your property. Once your property is foreclosed, you lose all the rights in your property.

Q10.  Is there any tax rebate available on loan against property?
Ans. No, there is no such rebate available for the borrowers.

Q11.  In what manner banks accept repayments?
Ans. Normally, you are required to give post dated cheques to the bank for the entire duration of the loan. Some banks also provide the facility of Electronic Clearance System under which your monthly instalment is deducted from your bank account directly by the lender on an agreed date every month.

Q12.  What documents are required for taking a loan against property?
Ans. All documents relating to the ownership of the property to be pledged is the common requirement for all categories of borrowers.
For salaried class people, following documents are required:
•  Proof of Residence
•  Proof of Identity
•  Latest Bank Statement/Passbook (where salary/income is credited for past 6 months)
•  Latest Salary Slips
•  Form 16 for the previous years

If you are self-employed, then following documents are needed:
•  Certified Financial Statement for the last 2 years.
•  Proof of Residence
•  Proof of Identity
•  Latest Bank Statement/Passbook

Q13.  I live in co-operative society apartments. Can I get loan against my apartment?
Ans. Yes, but you will have to submit a no-objection certificate issued by the co-operative society of which you are a member.

Q14.  How a loan against property is better than other forms of loan?
Ans. A loan against property involves less rate of interest than personal loans or unsecured loans available in the market. This loan also provides you a longer repayment period and a variety of plans to choose from.