Property Loan

Loan against Property (Mortgage Loan) is a loan that can avail by individual by mortgaging his property. Bank typically lend up to 70% of the value of your property as loan against property. The ratio is higher for residential properties and lower for commercial properties (50-60%). Many small businessmen used to fund their working capital requirements using either the liquid unaccounted cash they had or borrowing cash from informal sources. Most of the people would like to opt for Loan against Property as a cost effective means of meeting their financial requirements. This heightened demand for mortgage loans would provide banks an opportunity to maintain or grow interest margin on loan against property.

The lowest mortgage interest rate is 8.7%. These rates can vary depending upon the value of the property, your occupation, and repayment capacity. Higher the loan amount, higher will be the rate of interest. Some of the basic purposes for which this loan is usually taken are for meeting their financial requirements like expanding business, acquiring assets, education needs, etc. The loan is granted against the mortgage of the residential/commercial/industrial property. The end use of the loan should be from the users allowed by the bank. The borrowers are required to declare the end use of the loan in its application form. Our Expert Loan Advisors will provide you complete details on Loan against Property rates, fees, and charges of all banks to take an informed decision. Zust Loan Team provides you doorstep services, transparency in the loan process, and quick disbursal of loan amount.

Eligibility Criteria:

• Individual with minimum age of 21 years and maximum age up to 65 years.
• Loan tenure is up to a period of 15 years depending upon your age.
• Rate of interest is 8.7% to 15.5% per annum.
• Bank typically gives mortgage loan for a LTV of 60-70%. The LTV ratio defers by type of property. The LTV ratio is higher for loans taken against the residential property while LTV ratio is lowest for loan against commercial property.
• For Industrial Property: 50-55%
• For Residential Property: 60-70%.
• For Commercial Property: 60-70%.
• CIBIL SCORE : Bank consider 650 and above credit score to be eligible for mortgage loan.
• EMI: EMI is the monthly amount or installment that you pay every month to the bank in order to repay your loan. EMI is composed of principal amount and interest.
• Processing Fees : Most banks charge processing fees of 0.5% to 1% of loan amount.
• Other Charges: Bank charge legal and technical fee from the borrower which are explained at the time of loan processing.

List of documents:

It is simple and easy to get personal loan. With proper documents, you can get the loan approved in two working days or just within 48 hours. Documentation will be simple as personal loan is an unsecured loan. Whether salaried or self-employed, anyone can get personal loan quickly.

Signed application form with photograph.

• ID proof (PAN card, Passport, Driving License, Aadhar Card, Voter ID card, Govt issued I-Card).
• Address proof (Passport, DL, Voter ID Card, Electricity/Telephone/Mobile Bill, Bank statement).
• Income proof.
• Age proof.
• Business track record (for self-employed).
• Copy of audited financial statements for the last 2 years (for self- employed).
• Property documents (past title chain – conveyance deed, sales deed, allotment letter, possession letter).
• For salaried individuals, salary slip, IT return and form 16
• For self-employed, income, Profit and Loss statement, and balance sheet details