A loan given against the mortgage of property is called Loan against Property. Mortgaging an existing property is a great way to get a loan to meet your current financial needs, without actually selling off the same. You can apply for a loan against property with us and make use of this opportunity by mortgaging your existing residential or commercial property in the semi-urban and rural locations. Our offerings cater to your financial requirements in a customized manner and are based on our expertise & in-depth knowledge of the Industry, higher service levels, transparency and a smooth processing.
Our offering for loan against property has been designed to offer a Loan to Value of maximum 65% of fair market value for your existing property.
Dedicated relationship
Our relationship officers are well-trained to understand your need analysis and provide you an in-depth coaching about the priorities and the best suitable financial offering.
Minimal documentation
You can avail our loan and utilise the same to meet variety of your needs. The end use of the loan can be for growing your Business, Home Construction, Buying Merchandise Meeting, Personal needs, Buying Commercial Vehicles etc. We also facilitate in helping the customers to avail various insurance products.
Features & Benefits
Loan Amount of up to Rs. 20 Lakh
Instant on-the-spot In Principal approval
You don't have to visit any branch or wait for days to get your loan approved. Our relationship officers are trained to address all your needs
Eligibility & Documents
You must be a self-employed or salaried individual, or a pensioner and the criteria for age (at the time of completion of the loan) will be as follows: Salaried – Between 21-60 years Pensioners – Between 50 -70 years Self Employed – Between 21-70 years.
Documents required for Applicant & Co-applicant:
- Completed Application Form
- Proof of Identity – Passport Copy / Voter ID Card / Driving License / PAN Card
- Proof of Residence – Ration Card / Telephone Bill / Electricity Bill / Rental Agreement / Passport Copy / Bank Passbook or Statement / Driving License
- Proof of Age – PAN Card / Passport / Any Other Certificate from a Statutory Authority
- Recent Passport Size Photographs of Applicant & Co-applicant
- Bank Statement / Bank Passbook for Last 6 Months / Last 3 Months' Salary Slip
- Form 16 / Income Tax Returns for Last 3 Years
- Processing Fee Cheque
- Cancelled cheques and PDC’s of Applicant & Co-applicant
How to Apply
Applying for a Group Loan with Community Finance requires as much time as you take to finish a cup of tea. Read on to know more about how to apply for the same:
- Contact our relationship officer
- Visit our nearest branch office
FAQs
Frequently Asked Questions
What are the criteria used for deciding the eligibility of Loan Against Property?
Eligibility is determined based on income, repayment capacity, existing liabilities, property value, and overall credit history of the applicant.
For what purposes can I apply for Loan Against Property?
You can apply for Loan Against Property for business expansion, working capital, higher education, medical expenses, weddings, and other personal or professional needs.
What is the rate of interest?
The rate of interest varies depending on customer profile, loan amount, tenure, and prevailing market conditions. Please contact our branch or representative for current rates.
What security do I have to provide while applying for a Loan Against Property?
The property offered as collateral (residential or commercial) will be mortgaged with the lender as security for the loan.
How will the loan be disbursed?
Once approved, the loan amount is disbursed directly to your bank account in a lump sum or in tranches, depending on the loan type and agreement.
What is the process followed before disbursal of loan?
The process includes application submission, document verification, property valuation, credit appraisal, and final approval followed by agreement signing, registration of the mortgage and charge creation followed by disbursement
How can I repay my Loan?
You can repay the loan through EMIs (Equated Monthly Installments) via ECS, post-dated cheques, or auto debit mandates from your bank account.
What is Pre-EMI interest?
Pre-EMI interest is the interest paid on the disbursed loan amount before the start of actual EMI payments, usually applicable in case of partial disbursements.
Is there the facility to repay the loan earlier than the due date?
Yes, you can prepay your loan either in part or in full as per the terms and conditions. Prepayment charges may apply based on loan type and agreement.