Eligibility

Loan against property is a secured multi-purpose loan with longer tenure and lesser rate of interest than a personal loan. If you own a valuable asset in the form of a self-occupied house or a commercial property you can go for it. The criterion for applying for a loan against property is that it should be a freehold and self-owned property, having a clear and marketable title. The loan is given as a certain percentage of the property's market value.

Bank Minimum Age (in yrs.) Minimum Income (in Rs.) Minimum Work Experience (yrs.) Residence Status (yrs.)
Salaried Self Salaried Self Salaried Self Salaried Self
State Bank of India
State Bank of India
Maximum 60 years Maximum 60 years Rs. 144000 per annum Rs. 150000 per annum Job experience not provided Job experience not provided valid residence proof valid residence proof
ICICI Bank
ICICI Bank
Minimum 21 years Minimum 21 years Income criteria not provided Income criteria not provided Job experience not provided Job experience not provided Information Not Available Information Not Available
HDFC Bank
HDFC Bank
Age criteria not provided Age criteria not provided Income criteria not provided Income criteria not provided Job experience not provided Job experience not provided Residence proof not provided Residence proof not provided
Punjab National Bank
Punjab National Bank
Below the age of 60 years Below the age of 60 years Net monthly income should be at least 1.5 times of proposed EMI 3 years of cash profit Information not available Information not available Valid residence proof Valid residence proof
Axis bank
Axis bank
Minimum 24 years 24 years to 65 years Information not available Information not available Job experience not provided Information not available Valid residence proof Valid residence proof
Citibank
Citibank
Minimum 23 years for co-applicant minimum 21 years; maximum 65 years on loan maturity Minimum 23 years for co-applicant minimum 21 years; maximum 65 years on loan maturity Income criteria not provided Income criteria not provided Minimum 2 years Minimum 3 years of Business continuity Residence proof Business address proof
Union Bank of India
Union Bank of India
18-60 years 18-65 years Rs.1.20 lacs p.a. Rs.1.20 lacs p.a. Job experience not provided Job experience not provided Residence proof Business address proof
Bank of Baroda
Bank of Baroda
Minimum 21 years Minimum 21 years Rs. 60000 p.a. Rs. 60000 p.a. Minimum 3 years Minimum 3 years of Business continuity Valid residence proof Valid Business address proof

Documents Required

You can take a loan against property for any reason like getting your son or daughter married, expanding your business, taking a foreign vacation and sending your children to overseas for study. It is a secured multi-purpose loan with longer tenure and lesser rate of interest than a personal loan. If you own a valuable asset in the form of a self-occupied house or a commercial property you can go for a loan against property.
The documents required while applying for loan against property are similar to those of home loan except for three additional documents. The documents required vary from bank to bank.
Identity proof--A copy of passport, driving license, voters ID or PAN card with your photograph

  • Proof of residence--A copy of your passport, ration card, driving license, telephone bill or electricity bill to show that you reside at the same place as mentioned in the documents.
  • Income proof--The proof of income for salaried individuals will differ from that of self- employed individuals. Salaried people need to submit their latest salary slip, Form 16 (along with salary certificate from the employer), and their bank statement for the last 3 months. Self-employed people need to provide their IT returns for the last 2 years, balance sheet, and profit & loss account, and bank statements for the last 6 months as proof of income.
  • Photocopies of all the property documents need to be handed over prior to sanction of the loan.
  • You also need to give a declaration stating that the loan amount would not be used for the purposes of carrying out any illegal activities or for speculative activities.
  • A valuation report of the flat from the professional valuer appointed by the bank.
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