Best banks for Loan Against Special Property

Using one’s own Property at the right time can be a boon. You should know how to unlock the hidden potential of your property by availing an easy Loan against property. If you are in need of immediate money and a high amount, you can then go in for a Loan Against Special Property.

Here we are going tell you about the banks which provide the best rates for Loan Against Property.

HDFC Bank

Features

• Higher loan amount available for longer tenure and at attractive rates
• Quick and hassle free loan with speedy approvals
• Excellent debt consolidation too

Benefits

• Higher loan amount with lower EMI
• Funds can be used for business as well as personal needs
• Flexible repayment- Option to choose between Dropline Overdraft Facility or EMI based loan
• Specially designed programs for self-employed

Documents Required

Self Employed:

• Certified Financial Statement for the last 3 years
• Proof of residence – A ration card/ telephone bill/ electricity bill/ voter’s card
• Proof of identity – Voter’s card/ Driver’s License/ Employer’s card
• Latest bank statements/ Passbook where you can show a salary/ income being credited from the past six months.
• Copies of all property documents of the concerned property that you chose to pledge for the loan.

Salaried:

• Proof of residence – Ration Card/ Telephone Bill/ Electricity bill/ Voter’s Card
• Proof of identity- Voter’s card/ Driver’s license/ Employer’s card
• Latest bank statement/ passbook from where you can show a salary/ income being credited from the past 6 months.
• Salary slip from the last 6 months with all the deductions shown. A Form 16 from last 2 years will also be shown.
• Copies of all property documents of the concerned property that you chose to pledge for the loan.

Interest Rate: 8.30% to 12.00%

Axis Bank

Features and benefits

• Get a loan for different kinds of property. (commercial property, residential property, or a loan to purchase a commercial property)
• Avail attractive interest rates, which start as low as 11.40%
• Transfer your existing loan. Carry over an existing loan to Axis Bank and get additional refinance
• Bank comfortably with doorstep service. Apply for and handle your loan from the comfort of your home or office with service at your doorstep
• Avail of extra benefits. Lease renting discounting

Documents required

Self Employed:

• Proof of identity: Voter ID card/ Driver’s License/ PAN Card/ Photo Credit Card
• Proof of Income: IT returns of last two years/ Computation of income of last 2 years certified by a Charted Accountant /Last six months bank statement/pass book where salary or income is credited.
• Proof of residence: Bank account statement/ Latest Electricity bill/ Latest mobile/telephone bill/ Latest credit card statement/ Latest LIC policy/ insurance premium receipt/ Latest NSC

Salaried:

• Proof of Identity: Voter ID card/Driving License/PAN card/ Photo Credit Card/Employee card
• Proof of Income: Latest salary slip showing all deductions from Form 16/ Recent Salary certificate/ last six months bank statements/pass book where salary or income is credited
• Proof of residence: Bank account statement/ Latest Electricity bill/ Latest mobile/telephone bill/

Interest rate: Attractive rates starting from 11.0%

India Bulls Home Loans

Features and Benefits

• Quick loan approval and disbursal
• Safe document storage – ISO certified process
• Loan transfers with top-ups
• Doorstep services
• Generate funds by unlocking property value along with the benefit of staying in your own home
• Tend to your needs for immediate personal expenses

Interest Rate

Floating Rate:  Upto and including 5 crore – 10.60% to 13.50%

More than Rs 5 crores – 13.00% to 14.50%

Fixed Rate: Upto and including 5 crore – 11.00% to 12.00%

Fullerton India

Features and Benefits

• Customised programs to suit your requirements
• BT facility available + Additional finance – benefit from a higher loan amount at reduced interest rates.
• One of highest loans against the value of property (LTV) – benefits from higher loan amounts on your property.
• Avail loans ranging from Rs 10, 00,000 to five crores – benefit from a wide range of loan amount sizes depending on the financial need you may have.

Documentation

Salaried:

• Application form with a recent photograph
• Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
• Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
• Age proof (PAN Card, Passport, any other certificate from a statutory authority)
• Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months salary slip
• Form 16
• Income Tax Returns for last 3 years
• Processing fee cheque
• Copy of Title Documents of the property, Approved Plan

Self- employed:

• Application form with a recent photograph
• Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
• Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
• Age proof (PAN Card, Passport, any other certificate from a statutory authority)
• Proof of business existence
• Bank Statements (Bank statement / Bank Passbook for last 6 months)
• Profit and loss statement for last 3 years
• Balance sheet for last 3 years
• Income Tax Returns for last 3 years (for self and business) duly certified by a CA
• Processing fee cheque
• Copy of Title Documents of the property, Approved Plan

Interest Rates: 13%

The post Best banks for Loan Against Special Property appeared first on Corporate Finance Loans.