Loan Against Property

A loan given against the mortgage of property is called Loan against Property. Mortgaging an existing property is a great way to get a loan at low interest rates to meet your current financial needs, without actually selling off the same. You can apply for a loan against property with us and make use of this opportunity by mortgaging your existing residential or commercial property in the semi-urban and rural locations. Our offerings cater to your financial requirements in a customized manner and are based on our expertise & in-depth knowledge of the Industry, higher service levels, transparency and a smooth processing.

Features & Benefits

Higher Loan to Value against the current market offerings

Our offering for loan against property has been designed to offer a Loan to Value of maximum 120% (currently the market offers a maximum of 70-75%) of fair market value for your existing property.

Loan Amount of up to Rs. 10 Lakh

You are eligible to get a loan of up to Rs. 10 Lakh from Community Finance for catering to your financial requirement by mortgaging your existing residential or commercial property.

Instant and on-the-spot approval

You don't have to visit any branch or wait for days to get your loan approved. Our relationship officers are equipped with handheld devices to capture your basic demographic data and you can get instant provisional approval subject to completion of documentation and verification.

Dedicated relationship

Our relationship officers are well-trained to understand your need analysis and provide you an in-depth coaching about the priorities and the best suitable financial offering.

Bundled products

You can avail a bouquet of product offerings along with your Loan Against Property for purchasing a Merchandise, meeting emergencies through Personal Loan or securing your family through Life Insurance.

For details about Loan Against Property Agreements, Terms and Conditions or have any questions, you can refer to our Loan Against Property FAQs or can contact us at a nearest Community Finance office.

Eligibility & Documents

You must be a salaried or self-employed individual and between 21-60 years of age.

Documents required for Applicant & Co-applicant:

Salaried

• Completed Application Form

• Proof of Identity (Passport Copy / Voter ID card / Driving License / PAN Card)

• Proof of Residence (Ration card / Telephone Bill / Electricity Bill / Rental agreement / Passport copy / Bank Passbook or Statement / Driving License)

• Age proof (PAN Card / Passport / Any other certificate from a statutory authority)

• Recent passport size photograph of Applicant & Co-applicant

• Bank statement / Bank Passbook for last 6 months / Last 3 months’ Salary Slip

• Form 16 / Income Tax Returns for last 3 years

• Processing fee cheque

Self Employed

• Completed Application Form

• Proof of Identity (Passport Copy / Voter ID card / Driving License / PAN Card)

• Proof of Residence (Ration card / Telephone Bill / Electricity Bill / Rental agreement / Passport copy / Bank Passbook or Statement / Driving License)

• Age proof (PAN Card / Passport / Any other certificate from a statutory authority)

• Recent passport size photograph of Applicant & Co-applicant

• Bank statement / Bank Passbook for last 6 months / Last 3 months’ Salary Slip

• Balance Sheet for last 3 years

• Income Tax Returns for last 3 years (for self and business) duly certified by a CA

• Processing fee cheque

Fees & Charges

Please refer to the ‘Loan Charges’ section for detailed Fees and Charges related to our product offering

How to Apply

Applying for a Home Loan with Community Finance is quick, easy and completely hassle-free. Read on to know more about how to apply for the same:

• Contact our relationship officer

• Visit our nearest branch office

FAQs

Among the multiple factors considered in determining the Loan Against Property eligibility are:

• Income of all applicants

• Age of the primary applicant

• Number of dependents that the applicants have to support

• Assets and liabilities of the applicants

• Stability and continuity of the primary applicant's occupation

• Fair market value of the existing mortgageable property

You can avail of a Loan Against Property to cater to your personal and business needs. However, the end use of the loan should not be for any prohibitive or speculative purposes.

We have competitive interest rates as against the market offerings and it would vary as per each person's eligibility criteria.

The security for the loan will be the first mortgage of the property to be financed, normally by way of deposit of Title Deeds and/ or such other collateral security, as may be necessary. The title to the property has to be clear, marketable and free from encumbrance.

The loan will be disbursed directly to the operating bank account provided by you at the time of applying for the loan.

The loan is disbursed into your account post approval, compliance of the Agreement and all legal formalities are adhered to. Subsequently, a technically and legally appraisal of the mortgageable property is also conducted before the disbursal of the loan.

The repayment of loan can be done through Equated Monthly Instalments (EMI) by the mode of CTS compliant Post Dated Cheques (PDC) or through Electronic Clearance System / Direct Debit (ECS / DD).

Pre-EMI interest is the interest on the loan amount disbursed by the Bank. It is payable every month from the date of each disbursement until the commencement of the EMI payments.

You can repay your loan at any point of time during the loan tenure. However, the prepayment of loan is not permitted within 12 months from date of disbursal of the loan.