Loan Against Property

Vikram Sharma

Last modified:Aug 30,2019 05:11:32 pm

Loan against Property is provided by different banks and non-banking finance companies. Loan against Property comes under personal loans. Loan against Property is given or disbursed against the mortgage of the property. More details on Loan against Property is given in the content below.

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Overview on Loan against Property 

With number of financing services provided by banks and NBFCs, Loan against Property is is one of the major loan provided under personal loan category. The loan acquired can be used for any personal needs and the loan is approved against pledging of the property owned. The loan is approved for certain percentage of the market value, mostly 40% to 60% of the commercial property value. Loan against Property is a better option of loan as the rate of interest is low. The repayment of loan is also very convenient in Loan against Property. Loan against Property is offered for different types of properties and details for the same are explained below.

What are the Documents Required for Loan against Property in case of Salaried Applicants?

In order to avail Loan against property, both banks and NBFCs require certain documents as proof for loan approval as nothing gets done without paper works. Documents required to obtain Loan against property for salaried and self employed applicants varies slightly. The documents which are required in case of salaried applicants are given below.
  • Proof for photo identity: Any one of the following documents - Passport, PAN Card, Voters ID, Driving License
  • Any one of the following as Residence Address Proof - Passport, Ration Card, Utility Bill
  • Any one of the following as Residence Ownership Proof - Property Documents, Maintenance Bill, Electricity Bill
  • Income Proof - Latest 3 months salary slip and Form 16
  • Job Continuity proof
  • Last one year Bank statement

What are the Documents Required for Loan against Property in case of Self Employed Applicants?

For the self employed applicants, there will be separate set of documents required as proof. For self employed businessmen and self employed professions, most of needed documents are the same. But for self employed professions, he/she should submit the below list of documents along with certificates that prove their educational qualifications. Following are the documents required.
  • Proof for photo identity: Any one of the following documents - Passport, PAN Card, Voters ID, Driving License
  • Any one of the following as Residence Address Proof - Passport, Ration Card, Utility Bill
  • Any one of the following as Residence Ownership Proof - Property Documents, Maintenance Bill, Electricity Bill
  • Office Address Proof and Ownership Proof
  • Business Existence Proof
  • Last one year Bank statement

What are the Types of Properties that can be Pledged for Loan against Property?

Loan against property with the name by itself has the complete meaning. One is provided with loan against their property which is pledged. It is also called Mortgage loans.There are different type of property that can be pledged in order to avail the Loan. The list of property that can be pledged for Loan against property are given below.
  • Self Occupied Residential Property
  • Rented Residential Property
  • Vacant Residential Property
  • Self Occupied Residential Property
  • Self Occupied Commercial Property
  • Residential Plots
  • Rented Commercial Property

Who are Eligible to Obtain Loan against Property?

Loan against Property by different loan providers has different eligibility criteria. The following are the one who are eligible to apply for the loan against property. 
  • Salaried individuals
  • Self Employed Individuals
  • Proprietorships
  • Partnerships
  • Limited Liability Partnerships
  • Private Limited Companies
  • Limited Companies

State Bank of India Loan against Property 

Personal purpose loan against mortgage of your residential and/or select commercial property. A multi-purpose loan to meet the funds on various expenditures like education, marriage, healthcare etc. A simple undertaking in the application itself and no documentary evidence for end use of the fund to be insisted upon. Employees, professionals and Self employed individuals who are IT assesses and NRIs who own residential property or commercial property in his/her own name or in the name of spouse/children/parent/sibling. The advantage of SBI Loan against Property is listed below:
  • Complete transparency in operations
  • Personal loan to individual owners of residential home/flat and select commercial properties
  • Access this loan from our wide network of branches
  • Interest rates are levied on a daily reducing balance method
  • Lowest processing charges.
  • Rental income in select cases also considered for loan eligibility.
  • No prepayment penalties. You can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.

ICICI Bank Loan against Property 

Loan against property provided by ICICI is the perfect way to unlock the hidden value of your property. This multi-purpose loan puts funds at your disposal to use as per your wish. And the best part is that the loan is available at a reasonable rate which makes it easy to repay comfortably over as many as 15 years. Loan Against Property can be used for many purposes such as for the expansion of your business, children's marriage, for higher studies, funding a dream vacation, etc. Funds can be availed for number of purposes like Starting a new business, Long term working capital, Funding children's higher education, Repaying your high interest debts, etc. The features of Loan against property by ICICI are 
  • Attractive interest rates
  • Tenure upto 15 years
  • Faster processing
  • Loan against commercial / residential property

Tata Capital Loan against Property

Your property is one of your greatest assets. It also holds the key to make your dreams come true. Tata Capital's Loans against Property gives you the power to use your residential, commercial or alternate property to fund your dreams. So you don't have to wait to turn them into reality. The advantages are listed below
  • Loan amount ranging from Rs. 5 lakh
  • Flexible loan tenure
  • Easy repayment options
  • Quick and easy processing
  • Floating and fixed interest rates

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