Loan Against Property

Apply for “Loan against Property” or “Mortgage loan” to meet your business or personal needs. With this loan you can now fulfill any of your personal or working capital requirements of your existing/new business. This will take 8 to 20 working days depends on the strength of the profile, this loan can be repaid up to 15 years Flexible Rate of interest.

Advantages and details
  • Loan against Residential or Commercial properties
  • Maximum loan eligibility, Maximum Loan Tenure at attractive interest rates.
  • Door step service, easy documentation & speedy approvals.
  • Loan for purchase of commercial property.
  • Loan against rents received from commercial property.
  • Takeover of Existing loan with additional finance.

Eligibility

Following constitution borrowers are eligible
  • Individuals/Proprietorship concerns.
  • Partnership firms.
  • Private Limited Companies.
  • Closely held Public Ltd Companies (not listed on any stock exchange).
Salaried Individual
  • Any individual employed permanently in any Public sector Undertaking, Government undertaking, Multi National Company, Listed public limited company or well-known private limited company can apply.
  • Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should be lower than retirement age.
Self Employed Professional/Non Professionals
  • Doctors, Charted Accountants, Cost Accountants, Architects, Engineers, Company Secretary, CFA's can apply.
  • Any individual filling Income Tax returns can apply.
  • Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should not exceed of 70 years.

For Salaried Applicants

  • Proof of identification(any one of the following):
  1. PAN card
  2. Passport
  3. Driving License
  4. Voter’s ID
  5. Employee ID
  6. Bank passbook
  7. Ration card
  • Address proof (any one of the following):
  1. Passport
  2. Utility bill (telephone, electricity, water, gas) – less than 2 months old.
  3. Letter from a recognized public authority verifying the customer’s residence address.
  4. Bank passbook or Bank account statement
  5. Voter’s ID
  6. Ration card
  • Residence ownership proof (any one of the following):
  1. Property documents
  2. Maintenance bill
  3. Electricity bill
  • Proof of income (any one of the following):
  1. Payslip (Last 2 months)
  2. Increment or Promotion letter
  3. IT returns (for 3 years)
  4. Form 16
  5. Certified letter from Employer
  • Proof of job continuity (any one of the following):
  1. Current job appointment letter (if more than 2 years have been spent in the same job)
  2. Current employment certificate
  3. Experience certificate (including previous job certificate or appointment and relieving letter)
  • Bank statement : Last 6 months bank statements of salary account
  • Existing loans : In case of any existing loan, need to submit sanction letter, payment track record.
  • Copies of all property documents : Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill.
  • Advance processing cheque : to process loan documents for sanction.

For self-employed Individual/Businessman

  • Proof of Identification
  • Address Proof
  • Residence ownership proof (any one of the following) :
  1. Property documents
  2. Electricity bill
  3. Maintenance bill
  • Office address and ownership proof (any one of the following):
  1. Property documents
  2. Electricity bill
  3. Maintenance bill
  • Proof of business existence (any one of the following):
  1. Sales deed / agreement (executed)
  2. Saral copy (3 years old)
  3. Copy of tax registration
  4. Company registration license
  • Proof of Income (any one of the following):
  1. Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant.
  2. Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable.
  • Bank statement : Latest 1 year bank statement (both savings and current)
  • Copies of all property documents : Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
  • Advance processing cheque : to process loan documents for sanction
  • Passport size, coloured photograph
  • Existing loans : In case of any existing loan, need to submit sanction letter, payment track record
Process
  • The loan against property goes through the following stages
  • Application for Loan
  • Processing of Application
  • Loan Documentation.
  • Initiation for Verification / Valuation of property
  • Credit Sanctioning of the Loan
  • Disbursement of Loan