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.
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.
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.
For Salaried (Min-Max) 24 – 60 years
Self Employed (Min-Max) 24 – 70 years
Work Experience for salaried 3 years and above
Business Stability for Self Employed 5 years and above
Applicant should have the bank specified credit score of 750 or above.
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.
Below is the list of documents required for loan process.
