Bandhan bank is one of the newly formed banks which was set up in 2014. It is managed by one of the India’s largest micro finance company. The loan against property is one of the important loan products which enables you to liquidate the fixed property without losing it. The Bandhan bank loan against property is one of the best options to fulfill your financial requirement and achieve your wishes.
The bank offers lots of benefits and feature for those who need the loan. If you need the funds quickly and have the property which you can mortgage then it is one of the best options. It empowers you to complete your dreams and live the desired lifestyle.
You can avail maximum up to 60% of the value of the property mortgaged. The loan amount that is to be availed depends highly on the eligibility criteria and norms that are being met. This is the type of loan where you pay the relatively lower interest rate.
You can avail it easily by following the eligibility criteria and simple documentation. It is the most relevant option to meet the financial demands and achieve the goals. You can mortgage the self-occupied commercial as well as residential space. It is considered as the collateral against which you avail the amount. The maximum tenure of repayment of the amount is 15 years. Thus, you have the option to choose the longest repayment tenure for easy and flexible repayment of the amount. Below are certain other details given related to you about it.
Details about the LAP offered by Bandhan bank-
- Interest rate- With reference to MCLR.
- Amount- 60% of the value of property or depends on the eligibility norms that are met.
- Tenure- maximum of 15 years
- Processing fee- 1% of the loan amount + Taxes or the minimum of ₹5000 + taxes.
- Part payment charges- Not applicable
- Fore- closure charges- Nil for the floating interest rate
For the fixed interest rate- 4% + taxes for less than 12 month and 2% + taxes for those after 12 months.
- The applicant must be a salaried individual, self- employed Professional, or self- employed Non-Professionals.
- The minimum age required for the application of the loan should be 23 years and above whereas the maximum age required at the time of loan maturity should be 65 years or the age of retirement whichever is earlier.
- Proof of Identity: PAN Card/ Passport/ Driving licence/ Voter’s ID
- Proof of Address: Passport/ Utility bill/ Allotment letter/ Lease agreement
- Proof of Age: Passport/ PAN Card/ Birth certificate
- Proof of Income: Salary slip/ ITR/ Form 16
- Bank statement: Last 6 months bank statement of the operative bank account.
- Repayment track of existing loan
- Details of the property proposed to be mortgaged
Features and benefits-
- Easy and simple documentation
- Comfortable Repayment option
- Doorstep assistance
Bandhan bank loan against property has many other features and property that are beneficial to the applicant. As the bank has a tie- up with the insurance company you can avail the life/ Non-life insurance options for the loan taken through the exclusive tie-ups. It is one of the important benefits that is exclusively provided to the borrower. Also, the easy repayment options through the equated monthly installment are given to the borrower. You can pay to the bank through standing instruction or use the electronic clearing system facility to make the payment directly.
The loan against property is the type of loan where you mortgaged the land of your possession and avail a certain amount against it. It is one of the safest ways to retain the property and get the work done. The collateral in the form of property is kept with the bank and you have to pay the amount back to retrieve the property on your possession. In the case of non-payment, the bank has the right to keep your property and do as per their convenience with the property to retrieve the money. So it is needed to utilize the amount properly and repay the loan amount within the stipulated time.
The eligibility criteria and the documents are two of the required area which determines whether you can avail the loan or not. The eligibility and the amount that is to be sanctioned to the applicant depends upon the minimum monthly amount that is earned by you. It is one of the factors that influences everything the amount that you can avail, the repayment period or tenure. Thus, the loan against property is one of the ways where you can avail the loan without losing the property and getting the benefits of all.