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Any loan against a residential or commercial property can be used for both personal and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities.
Basically, we look at your repayment capacity. For calculating the loan amount, your income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation are taken into consideration. However the eligibility of loan does not, generally, exceed 40 percent of the market value of the property.
You can include your spouse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatory need to be co-applicants.
Loans against property has a maximum tenure of 24 months, subject to the condition it does not exceed your retirement age. This condition however can be flexible in certain cases
You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.
Yes. Prepayment is possible
Typically the security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and / or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.
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