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NRI Loan Against Property @ 9.00% Onwards

Presently your Property can deal with your Personal, Business and family's needs. Your goal & dream about building the business higher than ever, education of your youngsters or in any event, Even marriage in the family would now be able to be satisfied with Property Power. Just unleash this power you never realized you had!
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NRI Loan Against Property
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month) Forclosure Charge
Federal Bank Ltd.
9.50% - 11.50%
1%
1%
120
2%
State Bank of India
9.00% - 11.00
1%
1%
120
2%
Bank Name Key Features
Federal Bank Ltd.
Interest rate

9.50% - 11.50%

Fore closure charge

2%

State Bank of India
Interest rate

9.00% - 11.00

Fore closure charge

2%

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Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. VALID PASSPORT COPIES FOR ALL APPLICANTS
  2. VALID VISA COPIES
  3. COPY OF CUREENT OVERSEAS RESIDENTAL PROOF OF ALL THE APPLICANT (DRIVING LICENSE , BANK STATEMENT , INSURANCE PREMIUM RECEIPT COPY OR UTILITY BILL )
  4. COPY OF INDIAN RESIDENTAL PROOF OF ALL THE APPLICANT
  5. CHEQUE
  6. COPY OF THE WORK PERMIT
  7. MORTAGE CREDIT REPORT FOR NRI/PIO CUTOMERS IN USA /UK/SINGAPORE/HONG KONG
  8. POWER OF ATTORNEY DOCUMENTS AS PER BANK FORMAT DULY SIGNED BY ALL THE APPLICANTS FINANCIAL DOCUMENTS
  9. COPY OF CONTINUOUS DISCHARGE CERTIFICATE (CDC) FOR MERCHANT NAVY EMPLOYEES
  10. VALID PASSPORT COPIES FOR ALL APPLICANTS
  11. VALID VISA COPIES
  12. COPY OF CUREENT OVERSEAS RESIDENTAL PROOF OF ALL THE APPLICANT (DRIVING LICENSE , BANK STATEMENT , INSURANCE PREMIUM RECEIPT COPY OR UTILITY BILL )
  13. COPY OF INDIAN RESIDENTAL PROOF OF ALL THE APPLICANT
  14. CHEQUE
  15. COPY OF THE WORK PERMIT
  16. MORTAGE CREDIT REPORT FOR NRI/PIO CUTOMERS IN USA /UK/SINGAPORE/HONG KONG
  17. POWER OF ATTORNEY DOCUMENTS AS PER BANK FORMAT DULY SIGNED BY ALL THE APPLICANTS FINANCIAL DOCUMENTS
  18. COPY OF CONTINUOUS DISCHARGE CERTIFICATE (CDC) FOR MERCHANT NAVY EMPLOYEES
Frequently Asked Questions

What is a Loan against Property? How is it different from a Home Loan?

The two loans are poles apart. A Loan against Property is a multi-purpose loan. The end-use could be funding your elder child’s marriage, your younger child’s education abroad, expanding your business. The collateral (secured asset) for this loan is a property which is already in existence or a plot of land.  A Home Loan on the other hand is taken only for the purpose of buying a residential property. 

Why should I take a Loan against Property?

Your assets like gold, FD etc. can be used as collaterals for loans. Real Estate is a valuable asset. You can leverage this asset and obtain necessary funds. 

Should I take a Personal Loan or a Loan against Property?

A personal Loan is also an all-purpose loan. However, no collateral is required for a personal loan. If you have a property, you should leverage it for funds. A Loan against Property scores over a personal loan for the following reasons: 

  1. A Personal Loan is available at steeper interest rates (around 20%) as compared to a Loan against Property (around 15%). 
  2. A Personal Loan is available for 1-5 years
  3. Loan against Property - 10-15 year
Can NRI’s get a Loan against Property?

Yes. Most banks are willing to offer loans to salaried Non Resident Indians (NRIs). They should live in select countries and should work for reputed organizations.

Do you need to specify the purpose for which you avail a Loan against Property?

Most banks don’t require you to specify the purpose for which you take a Loan against Property, upto a particular limit. Above that, they might require you to provide an undertaking that the loan is not for a speculative / illegal purpose. 

Can a Commercial Property act as collateral for Loan against Property?

Yes. You can take a Loan against Property by providing a Residential or Commercial Property as collateral. You can also take a loan against a plot of land. 

What are the taxation aspects?

Unlike a Home Loan, no tax incentives are available on the EMIs in case the Loan against Property has been availed by a salaried person. A businessman however can claim tax deduction on the entire interest amount paid on the loan if he can prove that the loan funds were used to improve his business.

How would my property value be assessed?

The bank shall determine the value of the property after conducting a formal valuation process. 

What are the documents required for applying for a Loan against Property?

The documents differ for a salaried and self-employed person:

A Salaried applicant needs to submit:

1. Application form with photograph

2. Identity and Address Proof

3. Latest Salary Slips

4. Form 16

5. Bank Statements (6 months)

6. Processing fee cheque

A Self-Employed applicant needs to submit: 

1. Application form with photograph

2. Identity & Address Proof

3. Business existence & Educational proofs

How much time does the Bank take to disburse the loan?

Banks usually take around 2 weeks for disbursing the Loan against  Property once all documentation is completed.

Do I need to insure the property?

Yes. The banks usually require that the property be insured against flood, fire, flood, earthquakes etc. during the loan tenure.

Popular personal loan Lenders

Axis Bank Ltd.
Bandhan Bank Ltd.
City Union Bank Ltd.
DCB Bank Ltd.
Digibank (DBS)
Federal Bank Ltd.
HDFC Bank Ltd
ICICI Bank Ltd.
IDFC First Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank Ltd.
South Indian Bank Ltd.
YES Bank Ltd.

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