Loan Against Property Features

Features and Benefits of our Loan Against Property

• Favourable Interest Rates: Since the loan is secured by the property, interest rates are typically lower compared to personal loans. Loan against property interest rates usually range between 12% and 15%, while personal loans may incur rates ranging from 15% to 25%.
• Flexible Prepayment Terms: Repaying your loan against property through prepayments is convenient, and lenders usually do not impose prepayment charges, offering flexibility to borrowers.
• Accessibility: Secured by collateral, property loans are readily available, making the application process more accessible. Banks are generally willing to extend these loans, streamlining the approval process.
• Extended Tenure: Property loans often come with longer tenures, stretching up to 15 years, compared to personal loans with tenures typically limited to 7 years. This extended tenure can be beneficial for individuals seeking lower monthly payments.
• Reduced EMIs: The relationship between tenure and EMI is inverse, meaning longer tenures result in lower EMIs. With property loans offering extended tenures, they become a viable option for those seeking lower monthly payment commitments. However, it is advisable to opt for the shortest tenure possible to minimise overall interest costs.

Eligibility Criteria for Loan Against Property

The following table outlines the general eligibility criteria established by financial lenders for individuals seeking a Loan Against Property:

• Citizenship & Age: Exclusive to Indian citizens, applicants must be a minimum of 25 years old at the time of application, and the loan term should conclude by the age of 75 years.
• Occupation Status: Eligibility extends to those engaged in a profitable business, with salaried individuals excluded.
• Business Status: The business must be actively operational for at least three consecutive years at the time of application.
• Maximum Tenure: The loan tenure can extend up to 15 years, with repayment concluding by the age of 60 years.
• Loan Amount: Borrowers can access up to 75% of the property's current market value, up to Rs 7.5 Crore. The loan amount is determined based on income, age, and property condition.
• Monthly Income: There is no predefined minimum monthly income requirement.