mybankmantra.com

About Loan Against Property

A home is where your heart is, but it is also where your financial strength lies. Gaining ownership of a house provides you with an added financial advantage. The plot you own or the house/apartment you have for yourself – all/any of these can be further utilized for achieving higher financial gains, through our specially designed property mortgage loan. .

Apply for loan against property by pledging your commercial or residential property as collateral.

With low EMIs and speedy loan approvals, our loans against property are the ideal solution to meet your immediate financial needs. We offer customized Loan Against Property to salaried and self-employed individuals.


Apply for loan

Loan Against Property Usage

Starting a new business

Arranging for capital to start a new business can be as challenging as setting up the business itself. In such cases, Loan Against Property (LAP) is exactly what they need. This is a secured loan in which an entrepreneur can mortgage his property and borrow money against it. Being one of the cheaper retail loans after home loans; LAP's disbursed amount depends on the value of the property.

Funding children's higher education

Loan against property can be used for funding your children higher education. If you want to send your child for higher education to abroad. Here’s the way, you can get loan against property and use that amount in funding your child’s higher education.

Funding medical treatments

Loan against property can be used for funding your children higher education. If you want to send your child for higher education to abroad. Here’s the way, you can get loan against property and use that amount in funding your child’s higher education

Funding son/daughter Marriage

For these who are short of funds and yet are unwilling to compromise on the requirements and appearance of wedding, there is a way out.It is a loan against property. Loan against property is a better way to borrow for your son/daughter's wedding Many times people borrow money using personal loans to fund their weddings and end up paying rate of interest in the range of 18 percent to 24 percent if not more. Loan against property comes at a relatively low rate of interest.

Get financing for whatever you need now

Check EMI

Features and benefits:

  • Flexible Tenure:

    Salaried individuals can select a tenor ranging from 2 to 20 years and repay the loan conveniently. Self-employed individuals can select a tenor of up to 18 years to repay the loan. You can part-prepay or prepay your loan anytime at minimal charges.
  • Transparent Processing:

    All our charges are communicated up front, at the time of the processing of the loan. No hidden charges or fees.
  • Quick and Easy Processing:

    Loan against property eligibility criteria are simple with minimal documentation required and the process is completed within 72 hours. You also get doorstep service for submitting your documents.
  • Floating and Fixed Interest Rates:

    Our Loans against Property come with attractive interest rates.
  • Acceptable Property Collaterals:

    Pre owned Residential, Commercial, alternate properties (schools, hotels, hospitals, residential plots and industrial property) and loans for purchase of commercial properties.

Loan Against Property - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 30,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

We have published some of the FAQ's for general guidance, information and assistance of users.In case your unable to get your answers please write to us at info@mybankmantra.com.

LAP (Loan against property) can be applied for if you are in need of funds for your business or personal use and possess property.

- Your spouse
- Any blood relative (immediate family members)
- Also co-owner of the property has to necessarily be a co-applicant for the loan.

The required documents for loan against property loans vary from one financial institution to another, some of the key documents that you would need to provide with your loan against property loan application include:
KYC Documents : Proof of Identity; Address proof; DOB proof.
Proof of Residence
Income proof.
Latest 6 months Bank statement.

The eligibility of a Loan Against Property is calculated by taking into the following parameters in account:

  • Age
  • Income
  • Property value
  • Existing obligations, if any
  • Stability/Continuity of employment/Business
  • Past borrowing track record

Below is our Registered Office Address:

A-8, 1st Floor Priyadarshni Vihar,
Above AU small finance Bank,
Delhi - 110092
Email - info@mybankmantra.com

Top