LOAN AGAINST PROPERTY

Its turn of your property to work for you

You may have a villa but when you need money that will be just a structure. A property will be a real asset when it yields return at the time of need. The term 'loan against property' refers to a scenario wherein the borrower takes a loan from a bank or financial institution where the security for the loan is a property that is owned by the borrower. The interest rate is lower than other loan interest rates because the property element makes it a type of secured loan. Loan against property is similar to other loans like home loan, personal loan, etc., but it is available for those who own a property which is not already mortgaged and the person should also be willing to give the property as a security for the loan.

Loan Against Property Eligibility Criteria:

Some of the eligibility criteria for Loan Against Property are as follows:

  • Income
  • Age (min. 21 years)
  • Property Valuation
  • Existing Liabilities (if any)
  • Current Work Experience
  • Financial Documents
  • Number of Dependants

Loan Against Property - Valve For a Residential Property

  • Self Occupied – 65% of Property Value
  • Vacant - 55% of Property Value
  • Rented - 55% of Property Value

Loan Against Property - Valve For a Residential Property

  • Loan Against Property - Value For a Commercial Property
  • Self Occupied – 50% of Property Value
  • Vacant - 40% of Property Value
  • Rented - 40% of Property Value
This may vary from Bank to Bank by 5 - 10% of the above mentioned percentages.

Know Your Growth