Indiabulls Loan Against Property

There are many situations in life where you might have a sudden requirement for a big sum of money. This need can arise on account of various reasons like medical emergencies, credit card debts, etc. Additionally, you might also have to raise money for important occasions like your child's education, your child's marriage, business expansion or initiating a new business idea, and so on.

You can even take a Loan Against Property for a piece of land, without any construction. Indiabulls Loan Against Property is provided against a residential property, rented property, or commercial property. 

Getting an Indiabulls Loan Against Property is quick and easy to meet your financial requirements. The Indiabulls Loan Against Property is a secured loan and is offered to customers who own land or property. The loan comes with a flexible repayment term and affordable interest rates.

Indiabulls offers very attractive interest rates to its customers, which help them to repay their loans through affordable EMIs easily. The applicable interest rates start from 10.45%. The final rate of interest depends upon the customer's profile, loan amount applied for, repayment tenure, property type, and Reserve Bank of India's (RBI) monetary policy.

The Indiabulls Housing Finance Limited offers some of the best features and benefits on Loan Against Property, as mentioned below:

• Instant eligibility check: Just fill in your details and check your eligibility with a single click
• Attractive rates of interest: Indiabulls Loan Against Property come at an attractive interest rate, ranging from 10.45%, depending on the customer's profile, loan amount, tenure, and property type. Also, Indiabulls offer concessional interest rates to women beneficiaries.
• Quick processing: Indiabulls offers quick approval and disbursal, so that you do not face any unnecessary delays in receiving your loan.
• No hidden charges: Indiabulls believes in transparency of operations. There are no hidden charges levied on loan disbursals.
• Easy documentation: No tedious paperwork! Applying for Loan Against Property at Indiabulls is easy with their simple documentation process.
• Flexible repayment and tenure: Indiabulls offers multiple flexible repayment options for Loan Against Property, making it easy for you to focus on the important priorities of your life.

Every financial institution offers loans to applicants only when they satisfy their eligibility criteria, and it is the same with Indiabulls Loan Against Property. Here are some factors that are considered by Indiabulls while ascertaining the eligibility for the applicants:

• Who can apply: Self-employed professionals, small & mid-sized businesses, partnership firms, and private or closely held companies.
• Age: To get a Loan Against Property from Indiabulls, the applicant should not be above 75 years of age by the completion of the repayment period. This is perhaps the most important eligibility criteria for Loan Against Property. When the applicant crosses the age limit, they cannot apply for the loan, but in case the spouse meets the age criterion, the Loan Against Property can be obtained under their name.
• Repayment capacity: The person applying for loans must have the potential to earn and the capacity to repay the loan. The applicant must have a job or business that will pay a steady monthly income so that they can pay the EMIs every month. Additionally, the monthly income should be adequate to cover the cost of living of self/family as well as the EMIs.
• Documents and clearances of the property: It is important to have all the necessary documents related to the land or residential or commercial property against a loan. Some of the documents required include registration documents, property tax documents, mutation certificates, etc. Similarly, the property should have clearance from concerned authorities that they have no issues with mortgaging the property to get a loan. Many departments are involved in the procedure, and you must get no objection documents from relevant departments to get a Loan Against Property to make the process quick and hassle-free.

Any person looking to get a Loan Against Property from Indiabulls Housing Finance Limited has to submit all the necessary documents and all these documents must be genuine. Following is the documents checklist required for getting the Loan Against Property:

• Application form: Duly filled with correct, complete and up-to-date information along with a recent passport size photograph, duly signed by all applicants.
• KYC documents: Proof of name, signature, date of birth, identity, and address
• Proof of residence ownership: Property documents, electricity bill, and maintenance bill
• Income documents:
• If salaried: Salary slips, Form 16, and bank statement
• If self-employed: ITR with financial statements and bank statement
• Property documents: Sale agreement/ sale deed, Letter of allotment, NOC from builder/society, etc.
• Processing fee cheque

There are many processes involved in sanctioning a loan method, and there are a few fees charged for some of these processes. However, these are negligible, but still, it is important to know the details about these charges before getting the Loan Against Property. 

Following are the various charges levied by the company when getting a loan:

Processing fees

• For loan amount up to 30 Lakhs: Up to 10,000
• For loan amount of 30.01 Lakhs to 3 Crores: Up to 0.50% of the sanctioned limit
• For loan amount over 3 Crores: 0.50% to 1.25% of the sanctioned limit

Prepayment charges

• Individual (all borrowers and/or co-borrowers are Individuals): Nil for Floating Rate Loans
• Individual (all borrowers and/or co-borrowers are Individuals) - For Fixed n Floating (Dual Rate) Loans:
  • When the loan is converted into Floating Interest Loan after the completion of the Fixed Interest Rate period: Nil (for part as well as full prepayments), irrespective of the source.
  • During the Fixed Interest Rate period (if the loan is pre-closed from own sources): Nil for part as well as full prepayments.
  • During the Fixed Interest Rate period (if prepayment is done from other than own sources): 5% of the amount to be prepaid for the initial 2 years from first disbursement date and 3% of the amount prepaid then-after.
• Non-Individual (any borrower or co-borrower is Non-Individual entity):
  • For all payments up to 25% of the outstanding principal, inclusive of all prepayments done within preceding 12 months: Nil.
  • If prepayment amount is more than 25% of principal outstanding, inclusive of all prepayments done within preceding 12 months: There will be prepayment fees applicable on the amount prepaid in excess of 25% of principal outstanding.
  • Prepayment/ Foreclosure fees for the initial 2 years from first disbursement date is 5% and 3% then-after.

Other charges

• Cheque/NACH dishonour charges: RS. 750. Nil on the representation of PDC/ECS
• Late payment charges: 24% p.a. of outstanding EMI
• Charges for amortization schedule/ statement of account: 200
• Database admin fee: Rs. 650
• Charges for obtaining certified true copies of the title deeds from SRO: As per actual

Indiabulls Housing Finance Limited also offers the following products:

• Home Loan
• Home Loan Balance Transfer
• Home Loans for NRIs
• Home Renovation Loan
• Home Extension Loans
• Rural Home Loans

The EMI amount for a Loan Against Property from Indiabulls Housing Finance Limited can be computed using the Loan Against Property EMI Calculator.

You just need to click on the EMI Calculator available under the Financial Tools tab, enter the three parameters, viz., Loan Amount, Interest Rate, and Repayment Tenure, then click on the Calculate button to get the final result.

You can get in touch with the Indiabulls customer care through the following ways:

Helpline: 1860-419-3333

Email: service_dhani@indiabulls.com

Corporate address:

Indiabulls Housing Finance Limited,

Indiabulls Finance Centre, Indiabulls House, Tower 01, 17th Floor,

Senapati Bapat Marg, Elphinstone Road,

Mumbai - 400 013, Maharashtra

Tel - 022-6189-1000