Loan Suvidha

Loan Against Property

Avail R.K. Mantra OPC Pvt Ltd Loan Against Property (LAP) for your personal or business needs. Both residential and commercial properties can be mortgaged for availing a loan against property. R.K. Mantra OPC Pvt Ltd provides a smooth & hassle-free LAP to both salaried and self-employed individuals. R.K. Mantra OPC Pvt Ltd Loan Against Property is a simple solution to your financial needs:-

Features and Benefits

Flexible Tenure

The tenure (repayment period) for a Loan Against Property is usually longer compared to other types of loans, often ranging from 5 to 20 years. This allows for lower monthly installments.

Secured Loan

The loan is secured against the value of your property. The property acts as collateral, reducing the risk for the lender. This generally leads to lower interest rates compared to unsecured loans.

Loan Amount

The loan amount is determined based on the value of the property you pledge. Generally, you can get a higher loan amount compared to personal loans or other unsecured loans.

Multipurpose

The loan amount can be used for a wide range of purposes, giving you the flexibility to address various financial needs without any restrictions.

Improves Credit Scores

Successfully repaying a Loan Against Property can positively impact your credit score, as it demonstrates responsible borrowing behavior.

Loans against property

Loans against commercial, residential or industrial property.

Need for loan

Loan for your business as well as personal needs.

Loans value

Loans value from Rs.10 Lakh to Rs.5 Crore.

Eligibility

Flexible Loan Eligibility.

Eligibility Criteria

Nationality

You need to be a Citizen of India with documents to prove your claim.

Occupation and Income

Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.

Credit History

Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.

Banking Relationship

Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.

Market Value of Property

Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.

Title of Property

Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.

Documents Required To Apply

Account statement for the last 6 months.

Proof of Business (for Self-Employed).

Property-related documents.

Proof of Identity / Residence.

Proof of Income.

EMI Calculator

A Loan Against Property may be termed as a Mortgage Loan since to avail an LAP, you need to mortgage your property to cover risk of non-payment or default in repayment of the funds borrowed. For any lender to approve such a borrowing, the lender will first analyse your personal and financial profile, which will include criteria such nationality, age, occupation, income, and market value of the collateral you are willing to keep. A mortgage loan calculator then calculates the financial implications of such a loan based on certain parameters based on eligibility criteria to enable approval of your Mortgage Loan.

How is Loan Against Property EMI Calculated?

Loan Against Property EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:

EMI = [ P * r * ( 1 + r ) ^ n ] / [ ( 1 + r ) ^ n - 1 ]

EMI = Equated Monthly Installment.
P = Loan Against Property principal amount.
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal).
n = Loan Against Property tenure in months.
Calculate

Fees and Charges

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans :-

Loan Processing Fees ₹4999/- to 5% of Loan Amount.

Loan Cancellation Usually ₹3000/- to 5% of Loan Amount.

Stamp Duty Charges ₹150/- to ₹300/-.

EMI / Cheque Bonus Approx ₹499/- to ₹599/-.

Legal Fees as per actuals.

Penal Charges Usually 2% per month.

EMI / Cheque Bonus Approx 499/- to 599/-.