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Loans  
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There are many ways you could arrange for money, and one of those ways is taking
a loan. You could take a Home loan for the amount required, or you could take a loan against your property.
A loan against property is one of the best ways to raise money

A loan against property is a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to75 per cent.
Check Home loan
affordability through

Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.You can normally take a loan against your residential property. This could be a house or even a piece of land.

This eligibility criteria will differ from one bank to another. However, some  common factors that all banks look at are:

  • Your income, savings, debt obligations
  • Cost/value of the property mortgaged
  • Your repayment track record for other loans, credit cards, etc.

Interest rates on loan against property range from 7 per cent to 15.75 per cent, and the loan tenure can be up to 20 years.



Most banks and financial institutions usually require the following documents. However, this list may vary from bank to bank.

 

 Salaried  Customers Self Employed Professionals Self Employed Businessman  
     
Application form with photograph Application form with photograph Application form with photograph
Identity and Residence Proof Identity and Residence Proof Identity and Residence Proof
Latest Salary-slips Education Qualifications Certificate and Proof of business existence Education Qualifications Certificate and Proof of business existence
Form 16 Last 3 years Income Tax Business profile
  returns (self and business)
Last 3 years Profit /Loss and Balance Sheet
Last 3 years Profit /Loss and Balance Sheet 
Last 3 years Income Tax returns (self and business)
Last 6 months bank statements Last 6 months bank statements Last 6 months bank statements (self and business)
Processing fee cheque Processing fee cheque Processing fee cheque


 
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