Interest Savings with Overdraft
Pay interest only on utilized limit
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Minimum - Rs. 5,00,000
Maximum - Rs. 500,00,000
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Starting from 11.0%
Loans against property fall under the category of the secured loans wherein the property is kept as a collateral or security with the bank. In these types of loans, the borrowers only pledge the property with the bank but the ownership right still remains with the owner. The amount of loan sanctioned in this category is dependent upon the value of the property.
WHO ALL ARE ELIGIBLE TO APPLY FOR THIS LOAN?
So, here is your answer! Anyone whether professionals, employees or self-employed individuals who own a commercial or a residential property on their name or in the name of parent/spouse/children/siblings can apply for a Loan Against Property. The best part is that there is no restriction on usage of funds received against this loan; you can use this loan to renovate your house, expand your business, bear marriage expenses and a lot more.
WHICH TYPES OF PROPERTIES CAN BE KEPT AS A MORTGAGE?
Almost all types of property can be kept as a mortgage for taking the loan. However, generally, the loan is taken against a self-occupied property, rented property, or even a piece of land. So, no matter which type of property you own, you can easily apply for the Loan Against Property. It is to be noted that many of the financial institutes require that your property should be insured for fire and numerous other calamities. In Loan Against Property, it is to be noted that if the property is owned by two people then both of them needs to be the co-applicant for the loan.
WHY CHOOSE LOAN AGAINST PROPERTY?
If you are in need of funds in bulk then Loan Against Property is the best loan option to opt as you can easily get the funds amid 5 lacs to 5 Cr. such high amount of funds is not easily available with other types of loan.
In addition to the huge amount of funds, there are various other reasons to opt for a Loan Against Property, some of the reasons are listed below, have a look –
Loan Against Property is one of the most common types of loans in today’s era as it comes with multiple benefits to the borrowers. Some of the major benefits of Loan Against Property are listed below, have a look –
HIGHER AMOUNT OF LOAN
The Loan Against Property is best to meet your huge capital requirements as you can easily get the funds in bulk. The loan amount sanctioned is dependent upon the market price of your property as you get 70% – 80% of the market value of the property as the loan. You might be surprised to know that, you can easily get 5 lacs to 5 Cr as a loan under this category. So, higher the value of the property, higher will be the loan amount sanctioned.
EASY LOAN PROCEDURE
The process of applying for a Loan Against Property is very simple and easy as you just need to fill an online application form with some basic details. You can easily apply for the loan in just a few clicks and minimal documentation procedure.
AFFORDABLE INTEREST RATES
Property loan helps you to get higher funds at quite a low rate of interest which makes this loan a pocket-friendly option. You can get the property loan at the interest rate as low as 10%. In addition, the processing fee charged against the property loan is also quite low.
The Loan Against Property is easily approved in just a short span of few days. Once your application for the loan is received and you meet the basic eligibility criteria for the Loan Against Property then your loan application is easily approved without any hurdle.
INSTANT AVAILABILITY OF FUNDS
The funds are easily available in a short span of two days after the approval of the loan application. Thus, you need not wait for weeks and months to meet you heavy capital requirement.
NO RESTRICTION ON FUND USAGE
The Loan Against Property does not come with any restriction on usage of the loan amount received. You can use the funds for any or every purpose and take the maximum advantage from it.
If you are planning to apply for a Loan Against Property then you have to meet basic eligibility criteria for applying for the loan. The eligibility criteria may vary from bank to bank or any other financial institution but it is more or less the same. The basic eligibility criteria to apply for the Loan Against Property can be divided into two categories i.e. – eligibility criteria for self-employed professionals and salaried individuals. Below is the brief description of the eligibility criteria for both the categories, have a look –
FOR SALARIED EMPLOYEES:
FOR SELF-EMPLOYED PROFESSIONALS:
In addition to this, you also have to provide some documents for easy approval of the loan. The document requirement varies from bank to bank but this difference is not too wide. Just like eligibility criteria, the documentation requirement is also divided into two categories i.e. Salaried Employees and Self-employed professional. Below given is the list of some common documents required for the processing of Loan Against Property for both the categories, have a look –
FOR SALARIED EMPLOYEES:
FOR SELF-EMPLOYED PROFESSIONALS:
Xolight Finance is one stop solution for getting all types of loans to meet your financial needs instantly. At Xolight Finance, you are just a few clicks away from the property loan as you can apply for the loan just by filling a simple loan application form. Once you have filled the loan application form, you are almost done with the process of applying for the loan. We help you to get the best ongoing loan offers without spending much time on research. Below, listed are some of the best advantages of applying for loan at Xolight Finance, have a look –
EASY APPLICATION PROCEDURE
The process of applying for loan at Xolight Finance is very easy and quick. You just need to fill the loan application form with some of your basic details. Once you have filled and submitted this form, you are done with the process of applying for the loan. Further, our customer support officials will get in touch with you to take the procedure forward.
INSTANT FUNDS AVAILABILITY
At Xolight Finance, we meet your funds requirement instantly. Once you fill the application form, our officials immediately take the procedure forward. Once your loan application gets approved, you get the funds in the minimum of 2 days.
MAXIMUM AMOUNT AS LOAN
We share exclusive collaborations with different banks and therefore help you get the maximum loan amount against your property. We get in contact with different banks and then let you know the maximum loan amount available against your property. The loan amount against property ranges amid 5 Lacs to 5 Crore.
AFFORDABLE INTEREST RATES
In addition to the maximum loan amount, we also ensure that you also get the loan at an affordable rate of interest. At Xolight Finance, you can get an interest rate as low as 10% and that too without too much research.
The documentation procedure at Xolight Finance is too minimal and easy. You need not provide too many documents for getting your loan approved. Only some basic documents which are easily available are required for the loan.
INSTANT CUSTOMER SUPPORT
WHAT ARE THE DIFFERENT TYPES OF LOAN AGAINST PROPERTY?
Loan Against Property are classified on the basis of the collateral pledged for the loan. Thus, there are different types of Loan Against Property and you have multiple options to put as collateral for getting a loan. Below given are the few major loans against property, have a look –
DOES THE ELIGIBLE LOAN AMOUNT DIFFER WITH THE TYPE OF PROPERTY?
Yes, the maximum value eligible for a loan differs with the type of property which is pledged as the value of loan available against different property is different.
IS THE OWNERSHIP TRANSFERRED TO THE BANK WHILE PLEDGING THE PROPERTY?
No, the ownership of the property is not transferred to the bank. On the contrary, it remains with the owner of the property.
WHAT HAPPENS TO THE PROPERTY, IF I FAIL TO REPAY THE LOAN?
In case you fail to repay the loan, bank reserves the right to auction the property and receive the loan amount. However, if the property is auctioned for an amount greater than your loan amount then remaining amount is returned to the owner of the property.
WHAT ARE THE DIFFERENT CHARGES I NEED TO PAY AS DURING THE PROCESS?
The loan charges that you need to pay during the processing of Loan Against Property include processing fee and mortgage origination fee.
IS THERE ANY RESTRICTION ON USAGE OF THE FUNDS GAINED THROUGH PROPERTY LOAN?
No, there is no restriction on the usage of the funds gained through property loans. You can use the funds as per your needs and requirement which may include –
CAN I GET THE LOAN AGAINST THE JOINTLY HELD PROPERTY?
Yes, property loan is also available for jointly hold property but the only condition is that all the joint holders of the property should be the co-applicant for the loan.
WHAT ARE THE REPAYMENT OPTIONS AVAILABLE?
You can easily pay your loan EMIs through ECS and your monthly installment will be automatically deducted by the bank. In addition to this, you can also pay your EMIs through post-dated checks.