Mortgage Loan at attractive interest rate
Loan against fully constructed, freehold residential and commercial properties
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Mortgage Loan Interest Rates
. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.
| BANK | STATRING RATE (P.A.) | PROCESSING FEES (Approx……..) |
|---|---|---|
| BANK OF INDIA BANK | 9.50% As Above | NILL |
| STATE BANK OF INDIA | 9.50% As Above | UP TO 0.25% |
| BANK OF BARODA | 9.50% As Above | UP TO 0.50% |
| HDFC BANK | 9.50% As Above | UP TO 0.50% |
| ICICI BANK | 9.50% As Above | UP TO 1.00% |
| AXIS BANK | 9.50% As Above | UP TO 0.50% |
| LIC HOUSING FINANCIALSERVICES LTD | 9.50% As Above | UP TO 0.50% |
| BANDHAN BANK | 10.50% As Above | UP TO 1.00% |
| IDFC FIRST BANK | 12.00% As Above | UP TO 1.50% |
| JANA SMALL FINANCE BANK | 12.00% As Above | UP TO 1.00% |
| HFC FINANCIAL SERVICES | 12.00% As Above | UP TO 1.50% |
| UJJIVAN HOUSING FINANCE | 12.00% As Above | UP TO 1.50% |
| INIDIABULLS HOUSING FINANCE LTD | 12.00% As Above | UP TO 2.00% |
| PIRAMAL FINANCIAL SERVICES LIMITED | 12.00% As Above | UP TO 2.00% |
Features of Mortgage Loan
Flexibility of use
Quick Disbursal
Fewer Documents
Big Value Funding
Pocket Friendly Repayment
Attractive Interest Rates
Eligibility Criteria
Documents Required
Loan To Value Ratio
Loan Amount And Tenure
The following mentioned are criteria to apply for mortgage loan:
For salaried applicants
- Nationality: Resident of India, with a property in any of the locations where we operate
- Age: 28 to 58 years**
- Employment: Should be employed at any private, public or multinational organisation
For self- employed
- Nationality: Resident of India, with a property in any of the locations where we operate
- Age: 25 to 70 years**
- Employment: Should be able to establish the required business vintage in the existing venture, along with a steady source of income
Identity Proof
- PAN Card
- Aadhaar Card
- Voter ID
- Passport
- Driving Licence
Income Proof – Financial Documents
- Salary slips for the last 6 months for salaried employees (In addition, IT returns for the previous 3 years along with Form 16)
- IT returns for the past 3 years for self-employed persons (Some banks accept 2 years IT returns as well)
- Statement of A/c for the past 1 year where your salary is credited (in the case of salaried people)
- Profit and Loss statement and Balance sheet for the last 2 years in the case of self-employed persons
- Sales tax, GST registration certificates, if applicable
- Partnership deed in case of partnership firms (if the applicant is one of the partners or the firm itself)
- Certificate of Incorporation for limited companies(if the applicant is one of the directors or the company itself)
Address Proof
- Registered Rent agreement
- Aadhaar Card
- Driving Licence
- Lease agreement
- Passport
- Latest gas/Electricity bill
Property Documents
- Copies of all property documents that can establish the chain of ownership for the past 30 years
- Encumbrance certificate for 30 years
- Property tax paid receipt
This ratio determines the extent to which banks can finance loan against property. It depends on the location and the type of the property.
- Residential Property – 65- 70%
- Commercial Property – 55- 65%
- Industrial Property – 40-55%
The minimum loan amount is 3 Lakhs and the maximum is 100 Crores depending on the value of the property, your repayment capacity, and loan requirements.
The tenure is usually 7 to 10 years. Some banks even extend the tenure to 15 years under exceptional circumstances.
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About
Mortgage Loan
A Loan against Property is a mortgage loan provided by banks and financial institutions for personal as well as business purposes.
Many types of mortgage loans exist in the industry, i.e., mortgages, commercial mortgages, and industrial mortgages. Each bank has its product and interest rate. It is tedious to compare the products offered by a range of banks.
SDream Solutions Pvt Ltd can help you in this regard. We procure information from various sources and display it on a single screen thereby allowing you to compare a range of products. It helps you make an informed decision. We help you with other aspects of the deal like demographics, income and repaying capacity, and so forth.
Types Of Loan Against Property
Business Expansion Loans
Business entities can avail this facility for acquiring new machinery, purchase of plant, meeting working capital requirements, and invest in new technology or business. The lending banks require collateral in the form of property, residential, commercial, or industrial. Depending on the nature of the property available as collateral, the lending banks calculate the loan eligibility. For commercial properties, the LTV is around 55- 65%. In the case of industrial properties, the LTV reduces to 40-55% whereas the LTV in the case of residential property is in the range of 65-70%
Working Capital Overdraft Facility
Banks sanction overdraft facilities against the property for meeting the day-to-day working capital requirements. Under such circumstances, the property is accepted as collateral. Lending banks estimate the amount of finance required based on the following figures:
- Property value and nature of the property
- Actual working capital requirement calculated as per the internal policies of the bank, usually the Projected Annual Turnover method.
Personal Expenses
Individuals can also avail Loan against the Property for personal expenses such as medical expenses, educational expenses, marriages, travel, as well as for purchasing consumer durables.
Home Renovation
Usually, people do not avail this loan for renovating homes as there are separate schemes available at comparatively lower rates of interest. However, there can be circumstances when the borrower might have to resort to avail a Loan against Property for home renovation.
Lease Rental DiscountingHome Renovation
Some banks offer loans against the future rent receivables, especially in metropolitan and urban areas. One should note that the property that fetches the rent should also be mortgaged in favour of the bank. Banks usually finance in the range of 75% to 90% of the future lease/rent receivables. The tenure of such loans is shorter and should end before the expiry of the lease or the rental
