Loan against property is a loan provided by the banks against the property of the borrower. The loan amount depends up on the value of the property. It is a secured loan and the customer needs to pledge its property as collateral. The property can be commercial as well as residential. By availing a loan against property, you can fulfill the requirement of finance.
If a person is not eligible for a personal loan due to low salary, he or she can easily take a loan against property.
Loan against property can be taken because of following reasons:
- To expand business
- For medical treatments
- For marriage
- For education expenses
- To fund dream vacation.
Check the eligibility criteria for Loan against Property:
- Any salaried or self-employed profile
- Monthly Income should be Rs.12, 000 or Net Annual Income (others) should be Rs.1, 50,000. One can add co-applicant to increase the loan eligibility. A co-applicant can be your spouse, parent, and brother.
- Maximum Age limit is 70 years.
|Salaried person||Self-employed businessman||Self-employed professionals|
|Latest salary slips||Education qualification and proof of current business||Education qualification and proof of current business|
|Form 16||Business profile – Last 3 years ITR||Last 3 years ITR
Last 3 years profit/loss balance sheet
|Application form with photograph|
|Last 6-month bank statement|
|Identity and address proof|
Loan against Property Interest Rates
Check the interest rates for a loan against property offered by various banks in the country. Interest rates may vary as per the different profiles. Compare the interest rates and choose the best deal. Also, consider processing fees, part-payment charges, and foreclosure charges. For detailed information, apply online and get the assistance of Dialabank.
Here is the list of Interest Rates from various Banks:
|Name Of The Bank||Loan against property Interest Rates|
|State Bank Of India (SBI)||14.95%-15.20%|
|Bank Of Baroda||13.25% – 14.0%|
|Reliance Consumer Finance||10.50% – 11.50%|
|HSBC||10.75% – 12.00%|
|Citibank||10.75% – 11.75%|
*Special Note: We do not provide a home loan or loan against property on B Khata Property.