Od Icc

Features and Benefits of our Loan Against Property

Eligibility Criteria for Loan against Property

• Nationality: You need to be a Citizen of India with documents to prove your claim.
• Occupation and Income: Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
• Credit History: Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
• Banking Relationship: Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
• Market Value of Property: Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
• Title of Property: Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides , the property must not be mortgaged with any other financial institution.

Documents Required to Apply for Loan Against Property

• 1. Proof of identity/residence
• 2. Proof of income
• 3. Property-related documents
• 4. Proof of Business (for self-employed)
• 5. Account statement for the last 6 months

Loan Against Property EMI Calculator

A Loan Against Property may be termed as a Mortgage Loan since to avail an LAP, you need to mortgage your property to cover risk of non-payment or default in repayment of the funds borrowed. For any lender to approve such a borrowing, the lender will first analyse your personal and financial profile, which will include criteria such nationality, age, occupation, income, and market value of the collateral you are willing to keep. A mortgage loan calculator then calculates the financial implications of such a loan based on certain parameters based on eligibility criteria to enable approval of your Mortgage Loan.

Fees and Charges for Loan Against Property Loan

The fees and charges of property loans 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 property loans:

Particulars Charge

• Loan Processing Fees:- 0.5% to 4% of Loan Amount
• Loan Cancellation:- Usually 3000 to 5% of Loan Amount
• Stamp Duty Charges:- As per the Value of the Property and State Tax
• Legal Fees:-As per actual
• Penal Charges:- Usually 2% per month
• EMI / Cheque Bonus:- Approx 499/- to 599/-