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1. 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%.
2. Flexible Prepayment Terms: Repaying your loan against property through prepayments is convenient, and lenders usually do not impose prepayment charges, offering flexibility to borrowers.
3. 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.
4. 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.
5. 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.
Check out the Eligibility criteria for our 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.
The following documents are required in order to apply for a loan against properties from Shivay Financial Consultant:
Photo Identity Proof (Any one):
Address Proof (Any one):
Proof of Income:
For Salaried Professionals:
For Self-Employed Professionals / non-professional:
For Parntership Firm:
For Private Limited Company:
The monthly part-payment that you make to repay your Loan Against Property is known as an Equated Monthly Instalment (EMI). This monthly payment includes repayment of the principal amount of your loan divided over the period of the loan, with the agreed interest amount on the outstanding amount of your loan. Shivay Financial Consultant online Loan Against Property EMI Calculator is essential to make an up-to-date decision to execute your Loan Against Property Plan at optimum levels. This EMI calculator online aids you to perform complex computing functions to calculate your Loan Against Property Equated Monthly Instalment accurately in an instant.
The fees and charges of Loan Against Property usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to Loan Against Property:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.5% to 2% of loan amount plus Taxes |
| Loan rescheduling charges | Rs 300 |
| Stamp Duty Charges | Payable as per the state law |
| Rate of Interest | 9 to 14% per annum |
| Penal Charges | 2% per month of unpaid EMI or Rs 300, whichever is higher |
Other fees and charges that lenders may levy on your loan against property include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
I can't thank the loan company enough for their prompt and efficient service. From the moment I applied, the team guided me through the process seamlessly. The quick approval time exceeded my expectations, and their commitment to customer satisfaction is truly commendable.
Choosing this loan company was a game-changer for me. Their transparency in explaining terms and conditions was refreshing. The interest rates were fair, and there were no hidden fees. It's rare to find a lending partner that prioritizes honesty and integrity. I'll definitely be recommending them to friends and family.
The loan company stood out for its personalized approach. The team took the time to understand my financial needs and offered a range of flexible options tailored to my situation. The communication was excellent, and they made the entire process stress-free. I appreciate your dedication to customer satisfaction and will be a returning client in the future.
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