Property Term Loan

Property Term Loan is a situation in which the borrower takes a loan from a bank where the security for the loan is a property that is owned by the borrower. If you own a valuable asset in the form of house or a commercial property you can go for a Property Term Loan. Property Term Loan is a multi-purpose loan with longer tenure and lesser rate of interest.

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Features of Property Term Loan

All loans are not created equal, Property Term Loan has become a great option for people to use. Property Term Loan is a multi-purpose loan with longer tenure and lesser rate of interest.

Loan Term

Property located in Rural / Semi urban areas

Minimum Rs.1.00Lakh and Maximum Rs.50.00 Lakh

Property located at District headquarters in Semi urban areas

Minimum Rs.1.00 Lakh and Maximum Rs.200.00 Lakh

Property located in Urban and Metro area and all Semi Urban Branches in the State of Goa

Minimum Rs.1.00 Lakh and Maximum Rs.500.00 Lakh

Interest Rate & charges

Attractive Interest Rate starting at 9.15%. The final rate of Interest will depend upon Profile, Loan amount and tenure.

Property Term Loan- Eligibility

Any individual (Salaried or Professional/Self-employed or Pensioner or others) in the age bracket of 21-65 years having property to be mortgaged and sufficient income to repay the loan. Proprietorship / Partnership Firm/ Companies.

Age

For Salaried (Min-Max)     24 – 60 years

Self Employed (Min-Max) 24 – 70 years

Work Experience

Work Experience for salaried 3 years and above

Business Stability for Self Employed 5 years and above

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant.A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner.Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

Any Resident Indian Individual (salaried/ self-employed) can apply. The co-applicants can be close relatives, partnership firms, or even a Private Limited Company.

Salaried Customers need to submit their last 2 month’s salary slip, 6 months bank statement, form 16 and ITR and documents related to running loans. Self Employed customers need to submit complete set of ITR and Financials for last two financial years, 6 months CA statement and documents related to running loans.

We offer this Property Term Loan for max tenure of 15 years.

It would take minimum of 4 working days after submission of required documents.

Repayment can be made by way of EMIs and must be made through Automated Clearing House (ACH) or Electronic Clearing System (ECS).

Normally a guarantor is not required; however, this would also depend upon the loan facility and financial strength of the customer. However, every loan to have either co-borrower or guarantor.

Your Property Term Loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

  • KYC Documents of promoter and co-applicants
  • Shop and establishment certificate/VAT/Sales Tax Registration Certificate
  • PAN Card
  • Last 2 years financials with audit report
  • Last 6 months Bank statement of all bank accounts
  • Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
  • Proforma invoice of machinery, in case of Plant & Machinery Loans
  • Property Documents in case of Property Term Loans
  • Registered partnership deed
  • KYC of partners
  • PAN Card of firm and partners
  • Shop and establishment / VAT/ Sales Tax Registration Certificate
  • Last 2 years financials with audit report
  • Last 6 months Bank statement of all bank accounts
  • Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
  • Proforma invoice of machinery, in case of Plant & Machinery Loans
  • Property Documents in case of Property Term Loans
  • Memorandum of Association(MOA) / Articles of Association(AOA)
  • Latest shareholding pattern
  • KYC of Directors
  • PAN Card of the entity and Directors
  • Last 2 years financials with audit report
  • Last 6 months Bank statement of all bank accounts
  • Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
  • Proforma invoice of machinery, in case of Plant & Machinery Loans
  • Property Documents in case of Property Term Loans
  • Memorandum of Association(MOA) / Articles of Association(AOA)
  • Latest shareholding pattern
  • KYC of Directors
  • PAN Card of the Company and Directors
  • Last 2 years financials with audit report
  • Last 6 months Bank statement of all bank accounts
  • Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
  • Proforma invoice of machinery, in case of Plant & Machinery Loans
  • Property Documents in case of Property Term Loans
  •  Declaration that borrower, Company or any of its Directors have not been debarred / blacklisted / penalized by any Stock Exchanges / SEBI/ RBI. Declaration that the proposed borrowing is within the limits prescribed u/s 293(1)(d) of the Companies Act, 1956.

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