Loan Against Property

  • Loan amount ranging from Rs.2 lakh to Rs.20 Lakhs
  • Loan Tenure from 12- 48 months
  • Interest rate ranging from 24% - 27% (reducing balance)
  • Transparent, customer friendly and quick processing of the loan

Loan Against Property Key Features and Purpose

JACINTH offers Loan against property (LAP), that is extended to individuals based on their income levels and repayment capacity by accepting their property as collateral security. The loan can be used for his/her financial needs, family emergencies, income enhancement and also for asset creation/improvement

Key features

  • Centralized approval process
  • Flexible terms
  • Transparent and customer friendly procedures
  • Systematic post disbursal monitoring
  • Quick processing of the loan

Purpose

  • Starting new business
  • Constructing new house
  • Repairs / renovation
  • Purchase of house / shop
  • Health / Medical expenses-other than borrower & Co-borrower
  • Education (Children only)
  • Marriage

Eligibility Criteria to Avail Loan against Property

  • Client age (Male / Female) should be between 23 to 60 years
  • Should have own house or own commercial premises in his/ her residential location or within the company branch operational area
  • Steady income from work/ business / salary/fixed assets
  • Collateral requirements include Immovable property with LTV of 1.50 times, Post dated cheques/ECS mandate, Co-borrower / Guarantor
  • Co-Applicant or Co-Borrower is a person, who undertakes the entire responsibility of the loan repayment in the event of a default of loan payment by the borrower. He/ she shall be bound by all the terms & conditions of the loan agreement as applicable to the applicant/borrower
  • The Co-Applicant or Co-Borrower Age (Male / Female) should be between 23 to 60 Years
  • Should be Spouse/Any family member/ Close family relative

Documents Required for Loan against Property

KYC Documents

Applicant and the Co-Applicant must produce self-attested photo copies of any one of the following Identity and address proofs

Identity Proof

  • Ration Card/Family Card with Photograph
  • Voter Identity card
  • Aadhaar Card
  • PAN card
  • Passport
  • Driving License

Address Proof

Own House:

  • House Tax/Property tax bill
  • Electricity Bill (on the name of applicant / his/her family members)

Rented House:

  • Landline telephone bill (latest)
  • Gas connection bond and Service slip
  • Rent agreement along with electricity bill
  • Bank statement

Note: Any utility bill that collected as address proof must be recent i.e. should not exceed 2 months from the date of issue. In case of Property tax bill, it should not exceed 6 months.

Income proof

  • Pay slips , in case of salaried employee with minimum 5 years experience and net salary of Rs. 15,000/- per month
  • Salaried employees to also provide Company ID card copy and details about work location
  • If the applicant has income from fixed assets like House/shops rents, he/she should provide proof such as electricity/property tax/sale deed from their house/shops
  • Rental agreements of the house/ portions /shops to be provided to ascertain the income
  • Ascertaining rental income will depend upon the occupancy ratio of the house portions/shops and demand of the area.
  • If the applicant gets income from other sources like income through his son /daughter, he/she should provide KYC of his son/daughter, company ID and 4-5 months’ salary pay slips

Bank statement

Applicant should provide recent 6 months bank statement relating to the active bank account. In case of submission of the photocopies of bank passbook, banker’s seal is mandatory on photo copies.