Loans Against Property


Did you know that your property has hidden value that can be unlocked? A Loan against Property from Swastik India is an economical and affordable way to bridge any financial need, whether it is business expansion or personal requirements such as education, marriage of children, family function, foreign travel, medical expenses, buying high cost consumer durables or even refurnishing and renovation of your home. The loans are against the mortgage of your existing residential and commercial properties which may be situated in semi-urban or urban areas or in large cities.


Characteristics and Details of Loan Against Property

• It is a secured loan which means it is offered only when you keep freehold residential property with the bank as security. Personal loan interest rate is allocated according to the customers salary, the amount being borrowed, and other criteria.
• These are long-tenure loans and repayment periods can be anything from 10 years to 15 years.
• The minimum amount for which the loan is offered is Rs. 50,000.
• The rate of interest for the loan is based on the customers profile, which covers company name, salary, credit history, etc.
• Banks also bill the applicant for the administrative charges incurred when processing the application and its processing fee.

Salaried Employees


Application form with photograph

Identity and residence proof

Latest salary-slip

Form 16



Financials



Processing fee cheque
Title Documents of the property, Approved Plan for the property

Self Employed Professionals

Application form with photograph

Identity and residence proof

Education Qualifications Certificate and proof of business existence

Income Tax Returns of the last 3 years (self and business)


Profit & Loss and Balance Sheet of the last 3 years Bank statements of the last 6 months


Processing fee cheque

Self Employed Businessman

Application form with photograph

Identity and residence proof

Education Qualifications Certificate and proof of business existence

Not applicable
Income Tax Returns of the last 3 years (self and business)

Profit & Loss and Balance Sheet of the last 3 years Bank statements of the last 6 months (self and business)

Processing fee cheque

LOAN DISBURSEMENT

• The loan would be disbursed directly to your operating bank account
• Disbursement will be made only after the property is technically and legally appraised and the legal formalities are complete


LOAN REPAYMENT

• The loan would be repaid by way of Equated Monthly Instalments (EMIs) consisting of principal and interest within a maximum period of 15 years
• Repayment will commence in the month subsequent to the month in which the loan has been disbursed


INSURANCE

Property is to be insured as per terms and conditions of Swastik Reality