Documents Required for Property Loan
You will have to furnish proof of identity, address and age along with the proof of income to support your application. You will also have to share the documents about the property that you are offering as collateral. … Income Tax Returns for the last 3 years. Processing fee cheque.
Thereof, can I take loan on property?
A Loan against Property is a convenient option to finance all high-end expenditures for business or personal purposes. You can mortgage various Loan against Property types as collateral to avail funds of up to Rs. 3.5 Crore.
Subsequently, how much home loan can I get on 25000 salary?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
How much home loan can I get on 40000 salary?
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
The maximum amount with a Loan against Property that an applicant can avail depends on the employment status. Self-employed individuals can avail an advance of up to Rs. 3.5 crore while the maximum loan limit for a salaried individual is Rs. 1 crore.
However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.
|Salary||Expected Personal Loan Amount|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
Loan Against Property Eligibility Criteria, Dec 2021
|Age of the Applicant||18 to 70 years|
|Work Experience for Salaried||3 years and above|
|Loan Against Property Rates||6.90%|
|Business Stability for Self Employed||5 years and above|
|Minimum CIBIL Score||650|
Consumption Loans – Sahayika. Loan to meet social financial commitments. Eligibility. Individual, confirmed permanent employee of a reputed organisation or a professional or self-employed or businessperson with three years standing in the field of activity, can apply for the loan.
Any individual filing Income Tax returns can apply. The applicant should be above 24 years of age at the time of loan commencement and up to 65 years at the time of maturity.
EMI Calculation for a Home Loan of Rs. 10 Lakh with Different Tenors
|Loan Amount||EMI when Tenor is 10 Years||EMI when Tenor is 15 Years|
|Interest Rate||11.50% p.a.|
|Processing Fee||0.40% of the loan amount|
|Loan Tenure||1 to 5 years|
|Loan Amount||Up to Rs.5 lakh|
|Salary / Income||Minimum Rs.5,000 per month|
5 years including three to six months holiday period.
Best Loan Against Property Schemes
|HDFC Bank||8.00% p.a. – 8.95% p.a.||Up to 15 years|
|IDFC First||8% p.a. onwards||Up to 20 years|
|Tata Capital||10.10% p.a. onwards||Up to 15 years|
|Axis Bank||Up to 11.25% p.a. onwards||Up to 20 years|