Loan Against Property

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Loan Against Property Overview

Ownership

The property continues to be in the ownership of the borrower. In case the borrowers are not able to pay the loan, they can sell the property and then settle the loan. Further this will also leave surplus cash for the borrowers to restart their financial life.

Re-finance

An opportunity to re-finance can be used to increase the loan amount for a businessman who is on a continuous expansion spree. They can use the same property to continuously build the business later as well.

Partial Pre-closure

Loan against Property allows the partial pre-closure without any penalties. This is perhaps an advantage as the overall interest burden or the tenure of the loan can be reduced by paying small additional amount.

Processing

The processing of Loan Against Property is faster than a housing loan, as the property already exists.

Benefits & Features

Online account access

You can view all your loan account details and transact on your loan account on our Customer Portal. Log in with your User ID/ Mobile Number/Email and Password.

Products Portfolio

  • Loan Against commercial property
  • Loan Against residential property
  • Loan for purchase of commercial property
  • Loan Against plot
  • Lease Rental Discounting
  • FlexiSaver loan

Eligibility & Documents

A Loan against Property eligibility with Nitstone Finserv includes the following scenarios:

  • You are an Indian Resident
  • You are at least 25 years of age when the loan is sanctioned
  • You are a self-employed professional with a regular source of income
  • The minimum loan amount is Rs. 60 Lakh for Mumbai and Delhi, Rs. 30 Lakh in other cities

Documents Required for Loan Against Property:

  • Application form
  • Photograph
  • Identity Proof
  • Address proof
  • Signature Proof
  • Date of Birth Proof
  • IT Returns & Balance Sheet & P/L Account statement for the last 2 years.
  • Business Continuity Proof for 5 years.
  • Bank Account Statements for the last 6 months.
  • Copy of property paper to be mortgaged.

Ready to Apply

Apply Now

How to Apply

Step 1

Click on Apply to go to our online form. Fill in detail and submit the form.

Step 2

Get an instant approval. Select your required loan amount and tenure.

Step 3

Our representative will get in touch to collect your documents.

Step 4

Amount will be credited to your account.

Fees & Charges

Types of fees Charges applicable
Processing fees Up to 2% of the loan amount
Loan statement charges Nil
Interest and principle statement charges Nil
PDC swap charges Nil
EMI bounce charges Rs.1000 for every bounce
Penal interest 2% p. m.

Foreclosure Charges

Borrower Type: Interest Type Time Period (Months) Foreclosure charges
Individual: Floating rate >1 Nil
Non-individual: Floating rate & All borrowers: Fixed rate >1 4% plus applicable taxes on  amount paid
  • For Term Loan on Principal Outstanding

Part prepayment charges

Borrower Type: Interest Type Time Period (Months) Part payment charges
Individual: Floating rate >1 Nil
Non-individual: Floating rate & All borrowers: Fixed rate >1 2% plus applicable taxes on part payment amount paid
  • Part payment made should be more than 1 EMI

FAQ

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