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Project At A Glance Project Image
Name:Loan against Property Noida
Builder:Express Loans India
Type:
Price Range: `` -
Address:, Noida
Available For:0
Built Area: 0
Built In Year:
Project Description

Loan against Property Noida

Loan against Property / Mortgage loan is obtained by the way of mortgaging the asset with the lending institute. The value of an asset or property should be enough to qualify the sanction of the loan amount as needed by the borrower. Loan against Property (Mortgage loan) is opted for when the amount required is considerably more and cannot be raised by the means of unsecured loans and the repayment period is comparatively more than 5 years. Generally the properties having appreciating value in market are considered good for mortgage Loan like Land, Residential or commercial premises etc.

The lending institutions follow the procedure of assessing or the valuating the property to ascertain its market & future value and also the authentication of ownership. The borrower cannot mortgage the property not owned by him or her. In that case the owner of the said property can be a co-borrower and share the liability towards repayment of the loan. This mortgaged property may be liquidated by the lending institute in case a borrower fails to pay the loan. The interest rates are higher than Home Loan but cheaper than Personal Loans or Loans against Securities.

A loan against Property from Express Loans India.com is an economical and affordable way to bridge any financial need, whether it is business expansion or personal requirements such as education of children, foreign travels, medical expenses or refurnishing & renovation of your home.

DOCUMENTATION 

Salaried Employees

Self Employed Professionals

Self Employed Businessman

Application form with photograph

Application form with photograph

Application form with photograph

Identity and residence proof

Identity and residence proof

Identity and residence proof

Latest salary-slip

Education Qualifications Certificate and proof of business existence

Education Qualifications Certificate and proof of business existence

Form 16

Income Tax Returns of the last 3 years (self and business)

Not applicable 
Income Tax Returns of the last 3 years (self and business)

Financials

Profit & Loss and Balance Sheet of the last 3 years Bank statements of the last 6 months

Profit & Loss and Balance Sheet of the last 3 years Bank statements of the last 6 months (self and business)

Processing fee cheque

Processing fee cheque

Processing fee cheque

Title Documents of the property, Approved Plan for the property

 

 

 

PROCEDURE

·         Login for application form.

·         Personal Discussion is done by bank officer with customer

·         Bank's Field Investigation (All documents are verified by bank which are given with the application form)

·         Bank cheques; CIBIL report

·         Sanction Letter

·         Signing of agreements and submitting post-dated cheques

·         Disbursement

FAQs

  • What is the maximum loan I can get against my property? 
    You can get a Loan against Property up to a maximum of 70%* of the market value of your property for Residential Premises and up to a maximum of 60%* of the market value of your property for Commercial Premises. 
    * Conditions apply

 

  • For what purpose can I avail a Loan against Property? 
    You can avail a Loan against Property for any personal or for business purposes provided the end use is not for any speculative or prohibitive reasons.

 

  • How can I repay my loan? 
    The repayment of loan is done through Equated Monthly Instalments (EMI). It can be paid through CTS compliant Post Dated Cheques (PDC) or through Electronic Clearance System (ECS).

 

  • What security will I have to provide? 
    The security for the loan will be the first mortgage of the property to be financed, normally by way of deposit of Title Deeds and/ or such other collateral security, as may be necessary. The title to the property has to be clear, marketable and free from encumbrance. In other words, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.

 

  • How will my loan eligibility be calculated?
    Loan eligibility is usually calculated basis the repayment capacity of the borrower. Repayment capacity can be ascertained based on factors such as income, age, qualifications, spouse's income, etc. We recommend you to speak to a Fullerton India Relationship Manager to understand the same.

 

  • What is the tenor of the Loan? 
    The loan can be for a maximum tenor of 15 Years or up to a maximum age of 65 at maturity of the loan.

 

  • When will the loan get disbursed into my account? 
    The loan is disbursed into your account post approval, compliance of the Loan Agreement and Legal formalities and after the property that is being mortgaged has been technically and legally appraised.

 

  • Can I repay my loan earlier than the due date? 
    Yes, you can repay your loan at any time during the loan tenure. However prepayment is not permitted within 12 months from loan disbursal date.



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