Getting a Loan Against Property is the easiest and most reliable way for you to get instant funds without any additional collateral. For property owners, this is a great option to leverage the value of the property that they own in order to fund any personal or business requirements. The property in question becomes the security against the loan and you can get a loan quantum based on the value. The advantage of these loans is that the application process is simpler and the turnaround time for the loan is also much quicker. In case of any emergency, especially, this is one of the best options to avail financing without too much paperwork.
A Loan Against Property is quite similar to a home loan. However, when it comes to a Loan Against Property, there is no restriction on how you make use of the amount that is sanctioned to you. Unlike home loans, where the loan amount can only be used for purchase or construction of a new property, you can use the Loan Against Property for medical requirements, higher education, travel, functions, and even business expenses.
With Deutsche Bank, you have the advantage of banking with one of the most renowned banks in Europe. The bank has been operational in India since 1980 and has been the top choice not only for individuals but also for corporate clients across the country. Deutsche Bank brings several years of experience to the table with every single loan plan and product that it has to offer. Therefore, you can be assured of the most beneficial features and the most affordable loans as well.
With Deutsche Bank, you can get a Loan Against Property in the form of a term loan or as an overdraft facility. The features of the loan are as follows:
There are several advantages of applying for a Loan Against Property with Deutsche Bank, as mentioned below:
Deutsche Bank has separate eligibility criteria for salaried and self-employed individuals, as mentioned below:
Make sure that you fulfill all the eligibility criteria set by the bank before you apply for the loan. That way, the chances of your loan being approved are higher. Any rejection of the loan can lead to a lower CIBIL score. The eligibility criteria also affect the loan amount and the interest rate that is offered to you.
Properties that are co-owned by minors/ trusts/ HUF are not eligible for Deutsche Bank Loan Against Property.
Deutsche Bank offers Loan Against Property at a default interest rate of up to 8.25% p.a. To get the exact interest rate that is applicable for you, you can send the SMS PROP to 561615. Representatives of Deutsche Bank will call you with all the necessary details. Alternatively, you can also call 18602666660# for all the details on your loan. You have the option of both fixed interest rates and floating interest rates on these loans.
The schedule of charges applicable towards the loan is as follows:
|Charges Details||Charges Payable|
|Processing/ Administration fees|
|Prepayment charges and terms|
In case of fixed interest rate:
Floating interest rate
There are no part-payment charges for any individual applicant who has availed the loan for any purpose besides business investment.
For all other loans:
|Charges for any unsuccessful execution of the Standing Instruction (SI) for payment or Cheque/ ECS/ NACH bounce||Rs. 500|
|Switch fees or re-pricing fees||The charges can go up to 0.5% of the outstanding amount. These charges are subject to the discretion of the bank.|
|Default rate of interest||8.25% p.a.|
|Stamp duty||As per actuals|
|Document retrieval charges||Rs. 500|
|Taxes & other government levies||As applicable|
The customer must provide a commercial or residential property as security against the loan. The loan amount depends upon the type of property pledged and the value of this property. This security is provided by depositing the title deed of the property with the bank. In some cases, additional collateral may be required by the bank. You may also have to provide third party guarantee against the loan if needed. The third party must be acceptable to the bank in order to process the loan application.
Submitting the right document is key to getting an approval on your loan. The bank provides you with a detailed checklist to make sure that the turnaround time on the loan is faster, helping you when you are in dire need of finances.
Here are the mandatory documents that you need to submit (along with the loan application form and your recent passport-sized photograph) when you are applying for a Loan Against Property with Deutsche Bank:
|Financial documents||Salaried||Self Employed|
|Photo ID and age proof|
|Proof of signature|
A Loan Against Property EMI Calculator is a very useful financial tool to help you decide which loan plan suits you the best. This calculator helps you get all the details pertaining to your loan, such as the EMI, the tenure of the loan and a lot more. This tool can be used before you send out the loan application to make sure that it is affordable for you.
Using the Loan Against Property tool is easy. All you have to do is:
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
The loan amount may go up to 15 Crores for residential properties and up to 5 Crores for commercial properties, depending on the value and type of property and your repayment capability.
The bank considers various factors when analyzing the repayment capacity of the borrower, such as borrower's age, income, qualification, number of dependants, income of spouse, assets, liabilities, stability, continuity of occupation, savings history, and so on.
The loan repayment tenure may range from 5 to 15 years, provided the tenure does not extend beyond borrower reaching 65 years of age or retirement, whichever is earlier.
You can apply through any of the following ways:
Yes, you can prepay your loan in either part or full. However, charges may apply for the same. Please refer the Charges section to know the charges applicable on prepayment.
No. Opening an account with Deutsche Bank is not mandatory for loan application or repayment.
The bank offers: