Various banks and NBFCs offer this type of loan against both residential and commercial properties. People can avail loans against their self-occupied, rented or vacant residential properties. The property can also be a part of house or piece of land. You can use the amount to buy a new property or for taking over of any existing loan through refinancing. It is a type of secured loan as you do not need to use your property as collateral.
People in India can avail loans against property at competitive interest rates today. However, not everyone is aware about how much amount they can get as funds from leading financial institutes. This is where online loan against property Eligibility Calculator at loanbaba.com helps you. The tool is free-of-cost and provides exact amount you can receive from banks and NBFCs. To use this calculator, you need to enter few details, and arrive at the result in just a second.
Not many lenders offer loan against property for CIBIL defaulter. However, if you have low credit score, you may still get the funds, but at a higher interest rate. Even if you have minimum CIBIL score required for loan against property, you will get details from the financing institute about interest rate applicable for you, along with details such as loan tenure, fees etc. Based on these details, you can easily understand the loan amount that the banks and NBFCs can sanction as property loan.
At loanbaba, you can use calculators to judge your loan eligibility from leading lending institutes. We provide you SBI loan against property calculator, HDFC loan against property calculator and tools to calculate your eligibility from other banks and NBFCs, since every financial institute may have different set of eligibility criteria. You can also use our free-of-cost EMI calculator for property loan anytime.
On our website you can get property loan starting at 9.75% interest rate. You can borrow between Rs. 1 lakh to Rs. 5 crore. The property loan tenure is between 1 year to 15 years, and in some cases the tenure can be extended. The eligibility required to avail this loan may be different for different banks.
Here are given some common conditions that are required by all the banks to be eligible for the loan:
CIBIL Score for Loan against Property
Your loan against property against CIBIL score must be good (preferable 650 and above). The repayment details of your credit card bills and previous loan if any will be tracked by the bank.
Value of the Property
The banks also consider the mortgaged property's value to calculate your eligibility before approving the loan.
Your total income per month is considered by the bank. The debt obligations and savings are considered before approving the loan.
Professional people like management consultants, dentists, engineers, doctors, secretary of a company, cost accountants, charted accountants etc.
Individuals who are self-employed and pay income tax.
An organization's permanent employee who works on salary basis.
You must have all the necessary property documents to provide to the bank for verification. The property must be clear of any legal issues.
Below mentioned are ways to increase your property loan eligibility:
Here are two important ways you can increase eligibility for your property loan.
Loanbaba provides all the information about Loan against Property Eligibility Calculator. There are several benefits of taking loan against property, and this is why many prefer it for securing large amount of funds. You can calculate the eligibility for this loan by using the eligibility calculator for loan against property. You can know your eligibility for different cities of India.
Below mentioned are benefits of eligibility calculator property loan:
Below mentioned are the ways on using the property loan eligibility calculator on our website:
Below mentioned are important FAQs on loan against property India.
The bank approves the amount on the basis of the below given conditions-
The applicant can avail a maximum of sixty percent of his/her property’s total value in market. The amounts for this loan can be changed as per the discretion of the bank. Even if you are a beginner as a loan against property applicant, it is easy to attain this loan.
Two main reasons to use this calculator are as following:
Common documents for all the applicants who are Salaried Individuals, Self-Employed Professionals, Self-Employed non-Professionals:
Common Additional Documents for Both Self-Employed Professionals and Non-Professionals:
Additional Documents for Salaried Individuals:
Additional Documents for Self-Employed Professionals:
Additional Document for Self-Employed Non-Professionals:
The applicant can get tax advantages for this loan under 2 sections:
The procedure of repaying the amount of this loan is same as repayment of the home loan amount. Both full and part repayment is accepted by various banks and NBFCs of India. Also, there are various financial companies that do not charge fee to the borrower for making prepayment. The amount is paid in EMIs contributing towards the principal and interest amount. The EMIs get started instantly once the full loan amount is disbursed.