IndusInd Bank - 9.80% for Loan Against Property - Loan Against Commercial Property

IndusInd Bank Loan Against Property:

IndusInd Bank offers loan against property to salaried individuals, self employed professionals and non-professionals for repayment tenure of up to 15 years.

The loan amount depends on the customer profile and eligibility rating by the bank.

IndusInd Bank also offers the facility of top-up loan and balance transfer.

Interest rates	9.80% p.a.*
Loan amount	Based on customer profile
Loan tenure	Up to 15 years
Processing charges	Up to 2% of the loan amount

 

Taking a loan against property from IndusInd Bank has the following benefits:

1. Quick and simple documentation

2. Attractive interest rate

3. Affordable charges

4. Easy process

5. Higher loan amount

 

Factors Affecting IndusInd Bank Loan against Property Interest Rates:

 

Loan amount: 

Property loan rates in IndusInd Bank depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

IndusInd Bank offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

IndusInd Bank Loan Against Property Documents Required:

 

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 3 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

 

For Salaried employee:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

IndusInd Bank Loan Against property Types:

 

1. Indusind Bank Commercial Property Purchase Loan:

One of the essential features of mortgage loan offered by Indusind Bank is the right to purchase another commercial proper against another commercial property to be given as loan security.

 

2.Indusind Bank Lease Rental Discounting Loan(LRD)

One of the real benefit of Indusind Bank financial offer is Lease Rental Discounting Loan.

With this particular monetary aid, one has the advantage to acquire cash from bank against their rented property and pay monthly rental as loan amount in a hassle-free manner.

 

Frequently Asked Questions:-

 

Q. What is a Loan Against Property?

Ans. A loan against property (LAP) is a mortgage loan that is offered to individuals, companies or firms against any of their existing residential or commercial property.

This type of loan is ideal for people who are in need of immediate funds for different purposes such as expanding their business or meeting some of their personal financial needs.

The main advantage of getting LAP is you can still hold on to your property and raise funds for your needs.

 

Q. How much maximum amount can I avail myself of on a property as LAP?

Ans.  The maximum amount of loan you can get depends on your profile and eligibility rating.

In addition, the amount also depends on certain other factors such as your monthly income, age, credit score, monthly financial obligations, retirement age and credit history.

 

Q. What will be the maximum tenure for which the loan will be offered?

Ans. The maximum tenure offered by IndusInd Bank for LAP is 15 years.