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.