What is Loan Against Property?

A loan against property also called a mortgage loan is authorized against an asset that stays with a lender until the loan is paid off. This asset can be industrial, commercial, or residential property.

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FAQs

What is a Loan against property utilized for?
Any loan against a commercial or residential property can be utilized for business and personal uses. Thus, you can use the loan for anything apart from the provisional and permitted activities.
How does the lending bank determine the amount for my loan against the property?
Firstly, the bank goes through your repayment capability. Your income, qualifications, age, spouse's income, liabilities, stability of profession, properties, number of dependants, and savings history are considered for evaluating the loan amount. Moreover, the eligibility of a loan does not usually go beyond 60% of the market value of the property.
How is a reexamination of my loan done if I change my status from Non-resident Indian to resident Indian?
The repayment capability of the applicants as per the resident status is reexamined and an amended repayment schedule is prepared. The novel rate of interest will be according to the present applicable rate of Resident Indian loans(for that particular loan product). This amended rate of interest would be pertinent to the outstanding balance that gets converted. A letter is handed over to the customer substantiating the change of status.
What security do I need to give for a loan against property?
As the name suggests, you require to mortgage your property for acquiring this loan. It is an Equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as needed. Collateral security in means of assignment of an insurance policy or any other convertible financial instruments is obligatory for loan security if needed by the bank.
What is the occupancy of the loan?
Loans against property has an occupancy of 15 years provided the condition that it does not surpass your retirement age. This condition can be adaptable in some cases.
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