'Loan Against Property', is also known as mortgage loan. This is one of the types of a secured loan as collateral is involved. This means if you need this loan, you will have to hold your property as mortgage with the bank. Any property whether it is commercial or residential, can be used in order to get a loan against property. The main highlight of the loan against property is that you can get 40-65%* of the property's value as the loan amount. Hence if you happen to have more than one property under your name, you can keep the costlier property as collateral. This will help you get a higher loan amount. The lender will evaluate your property and finalize the market value for it. On the basis of that value, you will get the loan amount.
A loan against property has often been confused with personal loans. The reason being they happen to have features that are distinctly similar to each other. But this is not true. Thus, in order to clear all the confusion between these two loan products, we have created a table below. This table will explain the main differences and help you understand how different they indeed are.
The borrower needs to present the loan against property documents required in order to get a loan. Banks will offer loans to borrowers who fulfill the loan against property eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow to get a loan against property from any bank. The common and generic factors in a loan against property process are listed below:
The eligibility criteria for a loan against property also changes as per the applicant's profession. The details of the same are given below:
The list of documents for availing loan against property changes whether you're a salaried applicant or a self-employed professional/ businessman. The Loan Against Property process can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria. The list of required documents differs from bank to bank. But we have created a generic list of required documents below just for you:
No income proof needed for approval.*
The borrower has an option to choose for two types of loan against property interest rate while applying i.e. Fixed Interest Rate and Adjustable Interest Rate. If you opt for fixed interest rate, the mortgage loan interest rates stays fixed throughout the loan tenure. The fixed interest rate changes from bank to bank but it's always between 8.50% - 12%* per annum. If you opt for adjustable loan against property interest rates, the interest rate does not stay fixed or static. The loan against property interest rates changes from time to time as per prevailing market conditions. This type of loan against property interest rates is beneficial for those who want to keep the loan for a short duration.
Ruloans is one of India's leading financial loan distributor. With our presence all over India, you can apply for a loan against property in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune and many more. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for loan against property with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.
We have developed an efficient, smooth and easy process for our customers to get a loan against property. Our easy to use online procedure allows consumers to upload their documents quickly. Our highly proficient Loan Calculator also guides the customers to embark on a hassle free process.
We value our customers and always look to offer them benefits of our expertise. Applying for a mortgage property with us gives you a chance to avail the best offers and deals from our partnered banks and NBFCs.
By using Loan Against Property Calculator you can compare loan against property interest rate, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging any fees.
Ruloans understands the value of your documents and keeping them safe and secure. Hence be rest assured as your loan applications are processed electronically with complete privacy and transparency.
Yes, there can be a co-applicant when you apply for a loan against property. The co-applicant can be your spouse. But if the given property is owned by multiple people, all owners automatically become co-applicants.
Loan against property can be repaid in the form of EMI (Equated Monthly Installments).
Yes, you can repay the loan ahead of schedule. Banks do not charge any prepayment fee if you repay the loan quicker.
The loan repayment period starts after six months of disbursing the loan amount.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org
Submit the income documents only for disbursement of loan amount once approved. *