Get up to 65% of the current value of your property or asset as a loan to fund planned needs - home renovation, wedding in the family, children’s education, investment in business and so on. Our loan against property application will reach the best lenders and they definitely offered attractive interest rates.
Borrow against commercial property or rental property and choose between a drop-line (OD) overdraft mortgage loan or a monthly EMI-based term loan.
Maximum Loan Amounts
Get a loan against your property worth up to 65% of the current market value of the particular property. Our registered lender banks will provide high loan amounts and also come with longer repayment EMI tenures, all at attractive best and lowest interest rates.
Where you have a Need just fulfil it
Both commercial and residential* are accepted in lender banks as collateral for your mortgage loan, and the money from the lender bank's Loan Against Property can be used for a variety of business or personal requirements or needs.
*Conditions Apply
Easiest Monthly EMI repayment options
With the lowest competitive interest rates given by our 99banks registered lender banks, borrowers can easily repay loans in low EMIs, or you can choose a lender's Dropline Overdraft Facility.
Processing is transparent
All our lender bank's charges are communicated up front, at the time of the initial processing of the loan against property. No hidden charges or fees were added.
Fast, best and most Efficient Servicing by our registered lenders
With 99banks AI automated online loan registration service, your application for Loan Against Property will be processed quickly and easily by the best lenders.
Self employed benefits while borrowing Mortgage loan
A self-employed individual can get benefit from customized loan options and specially designed programs given by our registered banks and private lender banks.
Easy Debt Consolidation
Remember, the 99banks online loan portal's registered banks providing a Loan Against Property is an excellent debt consolidation tool.
Loan against property eligibility as usual like all other loans depends upon the borrowers credit ratings along with some major factors like income, age, number of dependents, qualification, spouse's income (if married and have income), liabilities, mortgage assets or any other own assets, and continuity of the current occupation also checked previous work history. Once the mortgage loan is approved, the approved loan is disbursed either in full payment or in instalments as instructed or requested by the loan borrower. The loan borrower has given the option to choose from floating and fixed rate of interest, and in general there is an option for part prepayment or full prepayment of the loan against the property before the date of completion of the loan EMI tenure chosen by the borrower at the time of loan received.
The loan against commercial or home which is extended to the loan borrower on behalf of the bank or private lender usually takes place based on the market price of the property pledged also the loan is disbursed up to 65% of the market value of the property. It is very important to keep in mind and follow by the borrower that lender banks always hold in their account some amount of margin money based on the market value of the property pledged for the loan by the borrower. This helps and ensures that the lender banks are always aware and protected against some changes in the real estate market and any kind of cyclical fluctuations in the same real estate industry and drop in prices in the particular area of the property pledged for the loan.
As 99banks online loan portal provides loan services from more than 45+ banks and private lenders. So, the exact list of documents required to get a loan against a property usually varies from one bank to another lender, the following we have given is a short list of some of the key and major documents applicant need to keep handy when applying for a mortgage loan:
Identity proof issued by the government
Address proof that is acceptable by the lender bank
For salaried – last 6 months Salary Slip / Certificate and last 1 year bank account statement either salary account or any savings account.
For self-employed – Form 16, IT returns, last 1 year bank statement of current account, savings account. And certified GST financial statement for the past 3 years.
Relevant original documents of the property that is to be used as collateral or pledge for the mortgage loan against the property.
Passport : the validity of which has not expired, Driving license, Election /Voters identification card, Proof of possession of Aadhaar Number,
Property : Title Deeds or bonds including the previous history of the mortgage required property documents, Proof of no encumbrances (EC up to date) on the property, Approved plan of the property has to be pledged if applicable
The list mentioned above is not exhaustive and may be there will be other documents that specific banks or lenders require in order to grant a mortgage loan against your property.
A Loan against property is a type of secured loan that a borrower or applicant (registered applicant and applying through 99banks online portal) can avail by keeping an immovable asset as a mortgage with the lender banks or private lender. The asset or property can be a residential property or commercial property or other immovable properties like heavy machinery used in any government approved and registered factory.
This loan type is secured on the borrower's property as per the process done by the lender bank which is called mortgage origination. Such loans are long-term advances with EMI repayment tenures ranging from 18 years (it may vary based on the eligibility of the borrower or applicant) and interest rates much lower compared to unsecured loans. You can utilize the mortgage loan amount to meet diverse funding needs involving higher ticket expenditures.
Applying for a loan against property, or a mortgage loan, is almost broadly matching across all available avenues. One borrower before starting the process of a mortgage loan, you should make sure that it is the right option for you or not. Different lender banks will offer different repayment tenures, different types of interest, and more. Researching and finalizing your options beforehand is very much essential and it gives the best fine option while repaying the amount.
Once you finalize and shortlist the particular banks you can apply to, check their eligibility criteria, documents required, processing and application requirements. If you are eligible and have all the required documents then proceed further through 99banks online loan registration against property or mortgage loan. It usually includes your income, proof of identity, and address, as well as come property-related documents like an encumbrances certificate as of date.
The mortgage loan application applied through 99banks may take anywhere from 3 to 10 days, depending on your eligibility, documents submitted, location, etc.
Loan against property is a reliable and best financial solution for applicant's who require ample funding. These all come with ample funding, less and nominal interest rates and lengthy tenures (these tenures should be calculated by the applicant and in the way that your regular routine expenses amount should not be affected) to facilitate comfortable repayment. Unlike other secured loans like jewel loan or car loan, mortgage loan have no spending restrictions in a particular way. A borrower can use the loan funds for any financial obligation, medical expense, educational expense or personal expense or buying any asset, etc.
This offering can be applied by both salaried and self-employed individuals or business personal.
Loans against property are also synonymously called as Mortgage loans, it's taken against an asset (commercial property / home / real estate property land) to avail funds for interest and repayment as an EMI method. The asset or property could be an immovable asset such as a house, or commercial property, offered as collateral to the lender (bank) either a private bank or a government bank. They can be chosen as the applicant in the 99banks at their convenience.
Non-resident Indians (NRI's), Indian residents (citizens of India), and non-individual entities like proprietorship firms, partnership firms, Pvt. Ltd. Company and LLP can apply for a mortgage loan.
The rate of interest varies based on the bank or lender. These interest rates will be shown on the 99banks loan rate of interest page. This may vary from time to time, based on the location, etc.
A Mortgage loan or loan against property is a good idea in many aspects you see. If borrowers take a loan against property, they will be availed a bunch of benefits like a lower rate of interest, easy repayment terms, low-cost EMIs, an overdraft (OD) facility and many more options and benefits based on the tenure, interest rate chosen by them.
The mortgage home loan process starts with a background assessment, document checking like encumbrances certificate verification, and parent document verification of the income and property of the applicant. In general, a lender bank checks the income eligibility and acceptability of security (property) in the market offered against the loan. Then, a particular required loan is disbursed to the borrower depending on the market value of the collateral property given by the applicant.
Encumbrance certificate (EC) on a mortgage loan property refers to charges or claims on the home or commercial or real estate property due to liabilities such as unpaid loans and bills. It has critical that during your home search applicant can consider properties that are free of encumbrances of any sort. The market value of the mortgage loan property refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions of the particular area in which the property documents submitted for the mortgage loan.
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