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How to Apply for Loan against Property in India?
Posted on Tuesday, January 17th, 2023 | By IndusInd Bank
A loan against property helps you raise immediate long-term funds for fulfilling various personal and professional needs. IndusInd Bank offers several benefits to borrowers including an attractive loan against property interest rate and longer repayment tenure.
A type of secured loan, a loan against property allows an individual to avail of credit by mortgaging their residential or commercial property. The borrowed funds can be used for various purpose, such as taking care of a medical emergency, funding a wedding or a child’s higher education, and establishing or expanding a business among others. Both salaried professionals and self-employed individuals can apply for this type of loan.
Step-by-Step Guide to Applying for a Loan against Property in India
If you are looking to apply for a loan against property in India, here’s an easy, 3-step guide to the process:
1.Do your Research
Find out everything about a loan against property, including your property’s market value, the maximum loan amount you may avail of, the loan against property interest ratesandassociated fees & charges.
2. Assess your Eligibility
Make sure you meet the specific eligibility criteria before going ahead with the application.
3. Fill out the Application
Fill out the application form with details and submit the requisite documents.
Your application subsequently undergoes a careful evaluation. If approved, the loan amount is disbursed to your account.
IndusInd Bank Loan against Property
Designed to help you unlock the hidden value of your property, an IndusInd Bank loan against property comes with a number of distinct benefits.
Some of the key benefits are as follows:
- Availability of doorstep banking services and assistance
- Access to immediate long-term funds through a swift and efficient process
- Choice of utilising the loan amount for fulfilling personal, business, or professional needs
- Access to a higher loan amount at attractive interest rates
- A long repayment tenure of up to 20 years, allowing you to comfortably repay your loan
Eligibility Criteria & Documentation for Loan against Property
IndusInd Bank has fairly simple loan against property eligibility criteria. The following borrowers are deemed eligible:
- Individuals/Proprietorship concerns
- Closely held Public Ltd Companies (not listed on any stock exchange)
- Partnership firms
- Private Limited Companies
Here’s a closer look at the specific eligibility criteria for salaried individuals and self-employed professionals/non-professionals:
| Salaried Individuals | Self Employed Professionals/Non Professionals |
| Any person permanently employed in a Public sector Undertaking, Government undertaking, Multinational Company, Listed public limited company, or any well-known private limited company | Any individual filling Income Tax returns |
| Minimum age is 21 years & maximum age should be lower than retirement age at the time of loan maturity | Doctors, Chartered Accountants, Cost Accountants, Architects, Engineers, Company Secretary, CFAs |
| Minimum age is 21 years & maximum age at loan maturity should not be more than 70 years |
As far as documentation is concerned, the borrower – in addition to the application form – must furnish their KYC documents, proof of income, property documents, and bank statements.
With an array of benefits and a smooth transparent application process, a loan against property from IndusInd Bank is an ideal option for people in need of significant funds. Best of all, you get to hold on to your property while availing the loan amount for meeting your financial requirements.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
