Our property can be a blessing in ways more than one, Fincent helps you arrange wide array of Property loans to meet your financial expenses pertaining to your business, educational or personal requirements.

Loan against Property availed through the advisory team of Fincent would serve as a multi-purpose loan which can be availed by mortgaging your existing property in semi-urban or urban location, at through competitive rate of interest.

Loan against Property is one of the variants of the Personal loans and are secured loans offered by banks and financial institutions using one or more properties owned by you as collateral. Loan against Property is also known as mortgage loan. One can avail these mortgage loans for commercial property or residential property collateral. The property is mortgaged and a fixed percentage of the prevailing market value of the property (normally between 60-70% of the value of the property) is given to the burrower as a loan. Though such a property is mortgaged with the lender, you are still allowed to continue using it for residential or commercial purposes.

These loans are a better option as compared to a personal loan due to the comparatively lower rate of interest charged by the lender. Additionally, unlike gold loans, where the gold ornaments are deposited with the bank and you do not get them back till the loan is paid in full, you can continue using the property used as collateral while you are repaying the loan.

Loans against property or Mortgage Loan area highly preferred form of loans in India, and have much more easily available than ever with the surge in banks and NBFCs providing these loans. Along with being cost-effective, these loans are reasonably convenient to avail and repay due to the relatively low Loans against Property interest rate.


Documents Required

For salaried

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof (FORM 16)
  • Last one year IT return
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 12 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

For self employed

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 3 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years (Trade licence / GST certificate)
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 12 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

You can avail Mortgage Loan for following Purposes:

  • Expanding your business
  • Getting your child married
  • Funding medical treatments
  • Sending your child for higher studies abroad
  • Funding your dream vacation

Features of Loan against Property (Mortgage Loan)

  • In case of a property loan, financial institutions offer higher loan amount available for longer tenure and at attractive rates as compared to other loan plans.
  • Quick and hassle free process of Loan against property with speedy approvals
  • Residential and commercial properties are accepted as collateral to get loans against property.
  • Mortgage Loans are an excellent debt consolidation tool.


For salaried individuals, and for professionals and businessmen who are self-employed, the loan against property eligibilityrequirements in banks or for other institutions are pretty similar. According to the eligibility criteria to avail Loan against property, you:

  • Must be an Indian national
  • Should be at least 21 years at the time of submission of the loan application
  • Must have been employed by the current organization or should be involved in the current business for a specific number of years
  • Meets the minimum required salary as well as monthly repaying capacity
  • A good credit history with proven track record of timely loan EMI and credit card bill repayment may help secure a lower interest rate and reduce processing times


What can Loan against Property be used for?

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.

How does the lending bank decide on the amount I can get as loan against property?

Basically, the bank looks 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 and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60 percent of the market value of the property.

Can there be a co-applicant for loan against property? If yes, who can be co-applicant?

You can include your spuse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants.

What are the processing fees for such a loan?

Processing fee for loan against any property varies from bank to bank and is generally around 1 percent.

How is the rate of interest on loan against property calculated?

Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment – EMI) is much lower as compared to the interest on annual reducing balance.

What is the tenure of the loan?

Loans against property has a maximum tenure of 15 years, subject to the condition it does not exceed your retirement age. This condition however can be flexible in certain cases

How to repay my loan?

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.

What security will I have to provide?

As the name implies you need to mortgage your property for availing this loan. This mortgage is Equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary by the Bank.
Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.

Can I repay the loan ahead of schedule?

Yes. Prepayment is possible and there is no prepayment fee if you repay the loan after six months of availing the loan if you pay from your own source of funds without transferring the loan.

How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?

The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.

FINCENT is a one stop Finance Advisory platform for all your financial requirements from setting up of a new business entity, arranging loans at your door step, assisting you with subsidies.

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