Loan Against Property Private Finance in Kolkata

Features and Benefits of Our Loan Against Property Services

With doorstep services, it is simple to satisfy the requirements for loans against property, making the application procedure convenient and seamless.
Gain access to a substantial loan with low-interest rates without having to use up your funds.
With us, there are no more protracted delays for loan sanctioning. After acceptance, your loan will be available in your bank account in about 24 to 72 hours.
To help you meet your spending goals, Sova Finserv offers loans up to Rs. 5 Crore* and even more to qualified candidates.
In times of favourable market conditions, applicants can benefit from lower EMIs by choosing the Sova Finserv Loan Against Property tied to an external benchmark.With the help of My Account on the Sova Finserv online platform, you can now keep a close eye on the status of all your loans and EMI payments.
With a duration that can last up to 18 years, Sova Finserv's loan against property gives borrowers plenty of time to arrange their EMI payments and repay their debt with ease.
Apply online and receive quick approval to experience a genuinely remote loan application from anywhere in India.
You can close the loan or make partial prepayments with Sova Finserv without incurring additional fees or paying a prepayment penalty, allowing for the greatest possible savings.
Take advantage of our loan against property balance transfer facility to transfer your current loan to Sova Finserv, and you'll be able to get a top-up loan without needing to provide any more paperwork.

Eligibility for Loan against Property

A loan against property is a secured loan in which you give the bank or borrower your property as collateral in compensation for a loan. Simply said, it is the amount of money you can raise for your real estate. For the purposes of a loan against property, we accept any owned land, whether it is used for personal, commercial, or specialized industrial purposes.

The list of documents needed to submit a loan application against property is provided below:

Residing Indian citizens
Most recent pay slips for salaried applicants
3 months' worth of bank account statements
PAN card and Aadhar card
Address evidence
A copy of the mortgaged property's legal records
IT returns only for salaried applicants

Please note that the list of specified documents is merely illustrative. There may be a need for extra documents throughout the loan processing.

Salary People's Eligibility for a Loan Against Property:

They must be under 65 years old when the loan is repaid but at least 21 years old when the loan application is submitted.
Their proof of income must exceed INR 1.8 LPA.
They must provide records of their business for at least three years and the profits from the previous two years of operations.

Self-Employed Person Eligibility for Property Loans:

If the applicant works for a partnership or a private limited corporation, they should be graduate-level educated. However, if you work for a public limited firm, they won't require this.
Candidates must have earned more than INR 40,000 per month and have been employed for the previous 2–3 years.
The applicant must be at least 18 years old at the time of application but not older than 60 when the loan is paid off.

Factors Affecting Mortgage Loan Eligibility

The following factors influence the interest rate on a loan secured by property, its term, and other variables:

The applicant's city and age
Both monthly and yearly income
Applicant’s Income source
Current debt
Loan's purpose
Term of the Loan
Assessment of the property's market value
Property's history

FAQs

How is the eligibility for a loan secured by property determined?

The principle and interest of a loan against property are determined by a number of factors. Some of the most important considerations are your age, the age and type of your property, your income status and source, the sum you are asking, and your age.

Is co-applicant for a loan secured by the property allowed?

Absolutely Yes! co-applicants are permitted for a LAP loan. Co-applicants for a loan against property may be members of a close family or co-owners of the property. Adding a co-applicant can improve your chances of obtaining the loan.

Interest Rate of Loan against Property

One crucial aspect you must look into while searching for a loan secured by real estate is the interest rate. A lower interest rate will result in a smaller final repayment amount, but a higher interest rate will drain your finances. Mortgage your valued property with a lender that gives a reduced interest rate to prevent an increase in your financial burden.

Compared to other unsecured loans, interest rates for loans secured by property are typically cheaper. Although there are several variables that affect mortgage interest rates, employment status is the main determinant. Borrowers who are salaried or self-employed can choose from a variety of loans against property interest rates offered by Sova Finserv.

Factors Affecting the Loan against Property Interest Rates

In many ways, your credit score is an important consideration. While a low credit score puts you in a difficult situation with lenders, a good credit score increases your trustworthiness.
The asset offered as security is a crucial component of your loan agreement and affects your mortgage loan interest rate. The property's age, condition, and location are taken into account when determining its resale value.
Your loan tenure also affects the interest rate. Keep in mind that a shorter loan term will result in higher EMI payments.
Along with other spending habits, our earnings, debt-to-income ratio, and other factors are taken into consideration. The better your rate of interest, the less debt you are carrying.

Loans against property is frequently used for business expansion, equipment purchases, debt settlement, and other financing needs. Your dreams can come true with a loan against property from Sova Finserv, whether you want to start and grow a business, pay for your marriage, or handle other large-ticket expenses such as children's education.

FAQs

Loan Against Property: What Is It?

It is a mortgage loan provided to people, businesses, or corporations secured by their current real estate. The goal of the loan is typically business growth, debt reduction, etc. You can access the untapped equity in your real estate holdings with the aid of a loan against property. You can borrow money and use your property as security while paying it back over time via EMIs. By doing this, you can continue to own your home while also generating income for your company.

How can I submit a loan against a property application?

Applying for a loan against property can be done in the following ways:
By heading to the Apply Now area under Loan against Property, you can apply online for a loan against property. Our expert will contact you as soon as possible.
Existing customers can speak with relationship managers to learn more and apply. Visit the branch closest to you.

What types of loans are available under Loan Against Property?

Under Loan against Property, we provide Term Loans and Overdraft facilities.

What kind of property qualifies as collateral for a loan secured by real estate?

Domestic, commercial (stores and offices), industrial, and specialized properties are the types of property that we as a bank accept.

Can I receive a tax benefit for a loan secured by property?

Tax benefits are available; however, we strongly advise you to consult your tax advisor before taking advantage of them.

Which bank is best for loan against property?

It depends on your specific needs and circumstances. Some factors to consider when choosing a bank for a loan against property include the interest rate, the loan amount, the repayment period, and the fees and charges associated with the loan. It is recommended to compare offers from multiple banks and financial institutions to find the one that best meets your needs. Additionally, you should also check the credit score, income and other financial factors to check the eligibility criteria of different banks. It is always good to consult with a financial advisor before making any decision.

Can I get loan against my property?

Yes, you can get a loan against your property. A loan against property, also known as a mortgage loan, is a type of loan in which a borrower uses their property as collateral to secure the loan. This means that if the borrower is unable to repay the loan, the lender may foreclose on the property. In order to qualify for a loan against property, you typically need to have a good credit score and a steady income, and the property must have sufficient equity. Additionally, most lenders will require an appraisal of the property to determine its value. It's always best to consult with a financial advisor before making a decision and also to check the eligibility criteria of different banks or financial institutions.

What is eligibility for loan against property?

The eligibility criteria for a loan against property can vary depending on the lender and the type of loan, but generally, the following factors are taken into consideration:

Credit score: Lenders will typically check your credit score to see if you have a good credit history and whether you have defaulted on previous loans.
Income: Lenders will want to see that you have a steady income that is sufficient to repay the loan. This income can be from a salaried or self-employed individual.
Age: Lenders have an age limit for the loan applicant, usually between 21 and 65 years old.
Property: Lenders will also evaluate the property that you are using as collateral for the loan. The property should be in good condition and have sufficient equity.
Repayment capacity: Lenders will check your income, other loans and liabilities to assess the repayment capacity of the borrower.
Employment: Lenders will check the stability of the borrower's job and the duration of service.
Company: If the borrower is a self-employed individual, the lender will check for the type of company and the number of years in business.

It's important to note that these are general guidelines and specific requirements may vary from lender to lender. It is always best to check with the lender directly to find out their specific requirements for a loan against property.

What is loan against property called?

A loan against property is also known as a mortgage loan or a secured loan.

What is the minimum cibil score for loan against property?

The minimum CIBIL score for a loan against property can vary depending on the lender and the type of loan. Generally, most lenders require a minimum CIBIL score of 750 or above to approve a loan against property. However, some lenders may have a lower minimum requirement and may consider borrowers with a score of 700 or above. It is always best to check with the specific lender for their specific credit score requirements.

Is loan against property taxable?

The interest paid on a loan against property is tax-deductible under the Indian Income Tax Act. The tax benefits can be claimed under Section 24 of the Income Tax Act, which states that interest paid on a loan taken for the purpose of buying, constructing, repairing, renewing or reconstructing a residential house property is allowed as a deduction from the total income of an individual. However, the principal amount repaid is not tax-deductible. It's always best to consult with a tax professional to fully understand the tax implications of a loan against property.