About 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.
Most people think that a Personal Loan is the only option in such circumstances. Though it is true that a Personal Loan can be used for any purpose, it should also be noted that a Personal Loan isn't cheap. Personal Loans are unsecured offerings and therefore comes with some of the highest interest rates in the market, which can go up depending on the individual and especially their financial history. A more advantageous and definitely cheaper option is to go for Loan Against Property. 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.
Why Apply for Indiabulls Loan Against Property?
Following are the reasons to get a Loan Against Property from Indiabulls:
- Salaried individuals as well as prospective entrepreneurs can avail Indiabulls Loan Against Property
- While staying in your own home, you can unlock the property value and generate funds
- Funds can be obtained by entrepreneurs for new business funding or expansion of an existing venture.
- Indiabulls Loan Against Property comes with reasonable interest rates to help you fund your emergencies.
- Quick loan processing with minimal documentation
- Attractive interest rates
Features and Benefits of Indiabulls Loan Against Property
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 11.50% to 15%, 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.
Indiabulls Loan Against Property 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 vary between 11.50% and 15%. The final rate of interest depends upon customer's profile, loan amount applied for, repayment tenure, and property type, and Reserve Bank of India's (RBI) monetary policy.
Indiabulls Loan Against Property - Eligibility Criteria
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 to apply for the Loan Against Property with Indiabulls. 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: It is very important that 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 which you wish to get a loan. Some of the documents required include registration documents, property tax documents, mutation certificate, etc. Similarly, the property should have clearances from concerned authorities that they have no issues with mortgaging the property to get a loan. There are many departments that 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.
Documents Required for Indiabulls Loan Against Property
Any person looking to get a Loan Against Property from Indiabulls Housing Finance Limited has to submit all the necessary documents and it is important that all these documents are genuine. Following is the documents checklist required for getting the Loan Against Property at Indiabulls:
- Application form: Duly filled with correct, complete and up-to-date information along with 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
Why Apply for Indiabulls Loan Against Property on MyMoneyMantra?
The best advantage of applying for Indiabulls Loan Against Property through MyMoneyMantra is the convenience. Being an online platform, you can not only get all the required information about the loan, how to apply, documents required, etc., but you will also able to apply for the loan through our online platform. This way, you don't have to visit any of their branches and get the work done through our experts without having to leave the comfort of your house. Additionally, you can avail our services according to your convenience and at any time of the day. We have experienced in-house financial experts who can help you with the entire process. You will have your personal financial expert take you through the entire process of the application making it as convenient as possible.
How to Apply for on Indiabulls Loan Against Property on MyMoneyMantra?
You can directly apply for a Loan Against Property from Indiabulls Housing Finance Limited through MyMoneyMantra. The process is very easy:
- Click on the Home Loan section under Loans tab on the homepage
- Fill in the details required
- Submit your application
- Enter the OTP received on your registered mobile number
- Our representatives will soon call you to assist you further
Other Products by Indiabulls
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
How to Calculate Indiabulls Loan Against Property EMI?
The EMI amount for a Loan Against Property from Indiabulls Housing Finance Limited can be computed using the MyMoneyMantra 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.
Indiabulls Loan Against Property - Processing Fees and Other Charges
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:
- 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% of the sanctioned limit
- 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.
- Cheque/NACH dishonour charges: 750. Nil on representation of PDC/ECS
- Late payment charges: 24% p.a. of outstanding EMI
- Charges for amortization schedule/ statement of account: 200
- Database admin fee: 650
- Charges for obtaining certified true copies of the title deeds from SRO: As per actual
Indiabulls Loan Against Property - Customer Care
You can get in touch with the Indiabulls customer care through the following ways:
Indiabulls Housing Finance Limited,
Indiabulls Finance Centre, Indiabulls House, Tower 01, 17th Floor,
Senapati Bapat Marg, Elphinstone Road,
Mumbai - 400 013, MaharashtraTel - 022-6189-1000
What can the Loan Against Property from Indiabulls be used for?
The Loan Against Property from Indiabulls can be used for both personal and business financial needs. The company has no say in how the applicant use their funds.
What security do I need to provide for getting a Loan Against Property?
The Loan Against Property denotes you are being offered the loan by providing the property as collateral. Hence there is no need to provide any other form of security.
What are the factors by which Indiabulls provide Loan Against Property?
For individuals, factors like income, age, qualifications, and respective documents are required. For non-individuals like a business, the latest GST returns, identification proofs, and respective documents must be submitted.
How is the rate of interest value calculated for getting the Loan Against Property?
There are different rates like fixed, floating, and variable rates by which the loans are provided for various interest rates. This helps in getting the loans of various interest rates depending on the requirements by the customer.
Latest News Snippets
29.7.19: New CEO is recommended by Indiabulls Housing Finance
After the merging with Lakshmi Vilas Bank, Indiabulls Housing Finance has recommended GaganBanga as the CEO. The company mentioned in the regulatory filing that the board of directors had recommended the CEO for providing broader oversight and to fulfil the vision of the chairman Sameer Gehlaut. He is working as the managing director and CEO, and the organization wants him to continue in the same position for a smooth transition and growth of the company.
03.07.19: Indiabulls Housing Finance buy back 2700 crores NCDs
The Non-Convertible worth 1,375 crores and denominated bonds worth 1,330 crores that will mature in September and October respectively were moved to RBI. The group also proposed plans to merge with the Lakshmi Vilas Bank. The merger proposal was approved by Competition Commission of India, and the board waits for approval from other regulators.