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Loan Against Property

How much I can get?
The eligibility of Loan against Property is calculated on the basis of either the percentage of property value that you own and how much income you have that you can return the emi with.So you can get Loan against property upto annex % of property value and the net amount that you earn after other emi a percentage of that amount can go into the emi.

Apply Loan Against Property

Professional Details
Loan Amount:
Occupation:
Net Salary/Income (Yearly/ITR):
City:
Loan against Property is given on below mentioned properties and the % that you can get loan is listed below.
Residential Property:-
Self Occupied – 65%
Vacant - 55%
Rented - 55%
Commercial Property:-
Self Occupied – 50%
Vacant - 40%
Rented - 40%
This varies from Bank to Bank in 5- 10% of above.
To calculate how much you can pay its looked by most banks in the below mentioned ways
For Salaried:-
{(NTH - Obligation) * 60%} / EMI per Lac
For Self-Employed:-
{(NTH - Obligation) * 65%} / EMI per Lac
Whichever is lower from the  value of the property or your income- that loan amount will be given to you.
The other criteria are-Max. Age:-
For Salaried – 60 Years  & For Self-Employed – 70 Years
 
Banks up to 30 lacs 30-75 lacs 75 lacs & above Processing fees
HDFC
12.75%
12.75% 12.75%

1%+ service Tax

Ing vysya
12% to 13%
12% to 13% 12% to 13% 1%
ICICI Bank
12.05%
12.05% 12.05% 1% + service tax
Axis Bank
13%
13% 13% 1%
India Bulls
12.50%
12.50% 12.50% 1%+service Tax
Fullerton
15.5%
15.5% 15.5% 1% of the loan amount

Features at Glance

• Loans from Rs2 Lakh onwards depending on your needs
• Borrow up to 70% of market value of the property
• Flexibility to choose between an EMI based loan or an overdraft
• High tenure loans for ease of repayment.
• Attractive interest rates.
• Simple and speedy processing.
• Loan for salaried & self-employed individuals

Advantages of taking a Loan Against Property

• Cheaper than Personal Loans: It works out to be much cheaper than a personal loans, which is usually issued at interest rates in the region of 16 per cent-21 per cent.
• Longer Loan Tenure: The tenure for a Loan Against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 10 years.
• Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
• Simple documentation and Fast Approvals: LAP being a secured Loan has comparatively faster approvals and minimal documentation.

Loan Against Property can be taken for following purposes:
• Expanding your business
• Get your child married
• Send your child for higher studies
• Fund your dream vacation
• Fund Medical Treatments

In nutshell, Loan Against Property is a secured multi-purpose loan with larger tenor and lesser rate of interest.

 
ICICI Property Loan
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