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  • FEATURES & BENEFITS
  • FAQs

Loan Against Property Online

Loan Against Property is one of the best options for financial assistance which comes at a much lower interest rate as compared to any other loan products. Be it funding your child’s education, wedding or even for business related investments, Loan Against Property rightly serves the purpose. It’s a secured loan that lets you avail a large amount with no urgent repayment.

Our Lending Partners:

  • Bajaj Housing Finance Limited (BHFL)
  • Home First Finance Company (HFFC)
  • Punjab National Bank Housing Finance (PNB HFC)

Requirement for Online Loan Against Property Application

The eligibility criteria required to be fulfilled to avail a loan against property is as follows:

  • You must be a resident of India
  • You must be at least 21 years of age at the time loan application
  • You should be a salaried employee in an MNC, a private company or the public sector enterprise or a self-employed individual with a steady source of income.
  • You must have a good CIBIL score.

The documents required to avail a loan against property (both salaried and self-employed individuals) are as follows:

  • Latest Salary Slips as income proof
  • Last 6 months' bank account statements
  • PAN Card/Aadhaar Card
  • Address Proof
  • Copy of the documents of the property to be mortgaged
  • IT Returns

Loan Against Property Application Process

Here are the basic steps to apply for Loan against Property

  • Fill in your income and personal details.
  • Get your loan eligibility instantly.
  • Choose the product of your preferred partner from the list of multiple partner offerings.
  • Fill your required loan amount.
  • Provide details of your property.
  • Get to know your final loan amount along with all the charges and net disbursal amount.

Charges for Loan Against Property    

Here are the Interest Rates & Charges Applicable on Loan Against Property

Type

Charges Applicable

Interest Rate

8.80% onwards

Processing fees

Usually up to 1% of the loan amount

Foreclosure charges

Usually 4% of outstanding loan amount + applicable taxes

Prepayment Charges

NIL

Factors Affecting the Disbursal Limits of Loan Against Property

Here are some of the factors that affect the disbursal limit of Loan against property:

  • Current Employment status – Your current employment status and salary is a major factor to assess your capability to pay the monthly instalments. Another factor that is considered is the number of years, you have been working in your current organization.
  • Documentation of your leveraged property – Since LAP is a secured loan, lenders look into the proper documentation for the property, like permissions from local bodies, environmental clearances, building plans, etc. before disbursal of the loan. If there’s any discrepancy with documentation, your chances of you getting the loan reduce.
  • Credit score or CIBIL score of the borrower – CIBIL Score indicates your creditworthiness and ability to repay the loan.  If you have outstanding dues, then lenders might not grant you the loan.
  • Income tax returns – Your income tax returns indicate if you have had a steady flow of cash during that period when you filed your returns, which greatly affects your disbursal limit and eligibility. If there are discrepancies in the income tax documents, your loan application may be rejected.
  • Tenure for the loan – If your loan tenure, you opt, is relatively short as compared to your average monthly income, your loan application might be rejected.

  • Partner Name
    Key Feature
    Key Feature Description

  • Bajaj Housing Finance Limited

    Interest Rate

    8.75% p.a. to 10% p.a.

  • Bajaj Housing Finance Limited

    Associated Charges

    Processing Fees: Up to 0.40% of loan amount plus applicable charges

  • Bajaj Housing Finance Limited

    Repayment tenure

    Up to 360 months

  • Bajaj Housing Finance Limited

    Eligibility Criteria

    1. The applicant must be an Indian citizen.
    2. The salaried applicant’s age must be between 28 and 58 years.
    3. The self-employed applicant’s age must be between 25 and 70 years.
    4. The salaried applicant must work in an MNC, private company or public sector and the self-employed individual must have a business with steady income.

  • Bajaj Housing Finance Limited

    Documents Required

    1. Identity Proof: PAN/Voter ID/Aadhaar Card
    2. Address proof: Aadhaar Card/Passport/Driving License
    3. Bank Statement of last 3 months
    4. Salary Slips
    5. Copy of IT Returns(for Self Employed)
    6. Copy of the documents of the property to be mortgaged

  • PNB Housing Finance

    Interest Rate

    9.50% p.a. – 10.15% p.a. (for both salaried and self-employed applicants)

  • PNB Housing Finance

    Associated Charges

    Processing Fee: 1% of the loan amount

  • PNB Housing Finance

    Repayment tenure

    • Up to 180 months (for salaried applicants)
    • Up to 300 months (for self-employed applicants)

  • PNB Housing Finance

    Eligibility Criteria

    1. The age of applicant must be between 21-70 years.
    2. The monthly income of the applicant must be above Rs. 18,000.
    3. Salaried applicants must have a work experience of at least 3 years and self-employed applicants must have a total business vintage of at least 5 years.

  • PNB Housing Finance

    Documents Required

    1. Identity Proof: PAN/Voter ID/Aadhaar Card
    2. Address proof: Aadhaar Card/Passport/Driving License
    3. Latest Degree to validate educational qualification
    4. Salary slips of last 3 months (applicable for salaried applicants)
    5. Certificate & Proof of business existence (applicable for self-employed applicants)
    6. Form 16 for the last 2 financial years (applicable for salaried applicants)
    7. ITR for the last 3 financial years (applicable for self-employed applicants)
    8. Self-attested photocopy of the Title Documents of the Property and Approved Plan

  • Home First Finance Company

    Interest Rate

    • 11.90% p.a. - 14 % p.a. for salaried applicants
    • 12% - 14% p.a. for self-employed applicants

  • Home First Finance Company

    Associated Charges

    Processing Fees: 1 - 1.5 % of loan amount

  • Home First Finance Company

    Repayment tenure

    12 months to 240 months

  • Home First Finance Company

    Eligibility Criteria

    1. The age of the applicant must be between 18-65 years.
    2. The net monthly income of the salaried applicant must be at least Rs. 10,000.
    3. The minimum Profit After Tax (PAT) of the self-employed applicant must be at least Rs. 15,000 per month.
    4. Salaried applicants must have a work experience of at least 1 year.
    5. Work experience of minimum 3 years is required for self-employed applicants.

  • Home First Finance Company

    Documents Required

    1. KYC: Aadhaar Card (Mandatory), PAN/Passport/Driving License for as Identity and Address proof
    2. Bank statements of last 6 months
    3. Salary slips of last 3 months (for salaried applicants)
    4. Certificate & Proof of business existence (for self-employed applicants)
    5. Form 16 / Income Tax Returns

Who can avail Loan Against Property?

Loan Against Property can be availed by salaried or self-employed individuals, residing in India.

What are the documents required for Loan Against Property?

Identity proof, address proof, salary slips, bank statements, property documents are some of the documents required for Loan Against Property.

What is the maximum possible tenure?

The maximum repayment tenure is usually up to 360 months.

What is Loan to Value?

It is the ratio of the amount of loan you want to borrow to value of the asset mortgaged.

Why choose Finserv MARKETS?

Smooth online process, minimal documentation requirements, complete transparency during the Loan Against Property application process are some of the reasons, why you should choose Finserv MARKETS.