Loan Against Property in Pune

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What is Loan Against Property


A loan against property is exactly how the name implies; it is a loan given against the property held by the borrower. A “LAP” as it is also know can be availed from any Bank/NBFC by keeping the property as mortgage until the loan has been repaid in full to the Bank/NBFC. A loan given against property is a secured loan. This is because the property is held as a security until such a time that the loan has been repaid. The Bank/NBFC will first send their valuator who will check and analyze the property. After the analysis, the bank derives the current value of the property and accordingly decides an amount that can be given for the loan. The loan amount ranges between 40-60%* in general. Hence you can apply for a loan against property in Pune by mortgaging your personal or commercial space.

For what purposes you can use Loan Against Property funds?


There are many reasons why an individual can avail a loan against property in Pune. Although, one does not need to disclose any reason to the Bank/NBFC regarding why is the loan required. A loan against property in Pune can be used to fund medical, education, vacation expenses and many more.

What are the differences between Loan Against Property and Personal Loan?


Loan against property in Pune shares similar traits with Personal Loans in Pune. The similarity is such that many get confused between a Personal loan and loan against property in Pune. There are many differences and hence to wipe out all confusion, we have listed the differences below; A Personal Loan is an unsecured loan whereas a Loan Against Property in Pune is a secured loan. In Personal loans, you don’t need to keep any collateral to get a loan from the Bank/NBFC. In LAP, you need to keep your property collateral with the Bank/NBFC. Personal loan is unsecured in nature and hence the rate of interest is always higher. In LAP, the rate of interest is lower than personal loans. This leads to the individual repaying higher EMI’s to the bank for a personal loan when compared to an individual repaying lower EMI’s to the bank against a LAP in Pune. In Personal Loans, Banks and NBFC approve the personal loan only after analyzing the applicant’s financial history. In LAP, the Bank and NBFC will not only check the applicant’s financial history but also evaluate the current market price of the property. The tenure for a personal loan is between 5-7 years* and for a LAP it can go up to 15 years*.

What are the features of Loan Against Property?


  • Loan against property in Pune is a type of secured loan. A borrower has to mortgage the residential or commercial property for loan against property.
  • This is a long tenure loan as the repayment period is as long as 15 years. Banks and NBFCs in Pune offer higher loan amount for longer tenure with enchanting interest rates as compared to other loan plans.
  • The process of obtaining Loan Against Property in Pune is very quick and hassle free. Some banks approve the loan as quick as within three days*.
  • You can use your collateral property while repaying the Loan Against Property in Pune, unlike gold where the gold ornaments remain with the banks or NBFCs and you don’t get them back until the loan is paid in full.
  • Borrower can avail loans from Rs. 5 lakh onwards against property, if they apply for LAP in Pune. The minimum amount Rs. 10-15 lakh*.
  • You can get Loan Against Property in Pune by keeping residential as well as commercial properties as mortgage.
  • The interest rates on this loan are decided considering various aspects of applicant’s profile. Like applicant’s monthly salary, income details of self employees or businessmen, amount taken as loan etc. As this is a type of secured loan, banks and NBFC’s offer lower rate of interest for LAP in Pune.
  • The borrower is also supposed to pay all the hidden and extra charges such as processing fee and administrative fee for Loan Against Property in Pune. The borrower also has to pay the bank for property valuation and its processing fee. Many banks ask to pay 1% of loan amount sanctioned under LAP in Pune.
  • Mortgage loans prove to be the best way to debt consolidation. That mean you can pay of your multiple debts by bringing them under a singular debt in Pune.
  • If the property is owned by partners or directors of a company, it can be taken in the name of that firm.

What are the Eligibility Criteria to avail a Loan Against Property?


An individual needs to fulfill a list of eligibility set by the Bank/NBFC. Such criteria are basic and many Banks and NBFC’s have different requirements that they expect the individual to possess. Only when they fulfill such criteria, they can avail a loan against property in Pune.

    The criteria include

  • The individual must be a citizen of India
  • Individual’s professional stability and Income history.
  • Good credit history
  • Property must be under the applicant’s name.
  • Loan can be taken as co-applicants if the property is registered under multiple names.

The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:

  • Salaried Applicant
  • The applicant should be a permanent employee with the government or a reputed company.
  • The applicant should be an employee with the existing company or government for minimum 3 months.
  • The minimum age to avail Loan Against Property transfer without top up for salaried applicant is around 24 to 25 years.
  • The applicant should currently be employed with existing organization.
  • The applicant should also have a good credit score.
  • Professional Applicant/ Self-Employed Applicant
  • This category is further divided into two:

    Self-Employed Professional: Doctor, architect, chartered accountant, etc.

    Self-Employed Non-Professional: Trader, commission agent, contractor etc.
  • The minimum age to avail LAP transfer without top up for professional applicant is 25 years and the maximum age has to be 65 years.
  • The applicant should be involved in his/her business for 3 years.
  • The applicant should be filing income tax returns regularly.
  • The property which is being mortgaged also has to be eligible to be kept as collateral in the bank or NBFCs. The property eligibility criteria are given below:
  • The property which will be kept as collateral should not be involved in any legal tangles.
  • The property should have clear titles registered in the name of the applicant.
  • The market value of the given property should be higher as the loan amount you'll get will totally depend on the current value of property.
  • The property which will be kept as collateral should not be involved in any legal matters.

What are the Documents Required to avail a Loan Against Property?


There is a set of documents that are needed to avail a Loan against property in Pune. This list is different as per different lenders. There are different requirements for salaried employees, self employed business persons and self employed professionals. Although the list is different as per different lenders, but there is a generic list of documents that are needed by all the lenders. Below we have mentioned this list of documents;

  • Documents Required for Salaried Applicant:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Salary slips of last 3 months from application date.
  • Form-16 issued by current employer.
  • Bank statements of last 6 months from application date.
  • Copy of details of all existing loans.
  • A cheque covering the administrative costs/processing fees incurred by the bank in processing the application
  • Property papers with OC and CC.
  • Documents Required for Self-Employed Businesspersons:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • IT Returns of the three years preceding the one in which loan is applied for.
  • Copy of details of all existing loans.
  • Property papers with OC and CC.
  • Documents required for self-employed professionals:
  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Proof of educational qualification which includes certificates, degrees, diplomas, and other academic credentials.
  • Business proof (registration of business)
  • Copy of challans proving that Advance Income Tax has been paid.
  • Copy of details of all existing loans.
  • Bank statements of last 6 months from application date.
  • Property papers with OC and CC.

Why Choose Ruloans To Apply For Loan Against Property?


We at Ruloans believe in “much more than money”. Our mantra has always been to help our customers borrow in the right way. Ruloans has been in the loan distribution industry from a very long time and has a team full of experienced professionals that have in depth knowledge about the loan industry. With this experience we help our customers all over the India by guiding them with the loan process. We also have developed a loan calculator algorithm which guides the customers and helps them understand the amount they would need to repay the Bank/NBFC.

Hassle free process

We at Ruloans believe in making the process user friendly and hassle free. On our website you can easily complete filling the application form and also upload your documents. Apart from this, you can use our highly proficient loan calculator which guides the customers and gives them an understanding regarding the loan amount.

Benefits of applying with us

Ruloans is the fastest growing financial distributor in India. With our experience and expertise in the loan industry you as a customer can benefit a lot. The benefits can be with regards to the best offers and deals that our partnered banks and NBFC offer.

Compare your loan options

Our highly proficient loan calculator helps the customer to understand what rate of interest will be feasible and how much of EMI will they have to shell out of their pocket each month to repay the loan. With this, they can also finalize on their choice of lender.

Free expert guidance and advice

All of these services are provided to our customers without charging a dime. We offer our expertise to every customer and guide them with the loan process.

Privacy policy

We believe in privacy and always highlight on customer data protection. All the customer loan applications are processed electronically and sent only to the lender of your choice. We ensure data safety to the highest level possible.

How to Apply For a Loan Against Property on Ruloans?


  • Applying for a loan against property on Ruloans involves few easy steps:
  • Step 1:Go to the ‘LAP’ page on our website and click on ‘Check Your Eligibility’ box.
  • Step 2:Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3:Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4:From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5:Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions


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