Who We Are
Loan Against Property Overview
Ownership
The property continues to be in the ownership of the borrower. In case the borrowers are not able to pay the loan, they can sell the property and then settle the loan. Further this will also leave surplus cash for the borrowers to restart their financial life.
Re-finance
An opportunity to re-finance can be used to increase the loan amount for a businessman who is on a continuous expansion spree. They can use the same property to continuously build the business later as well.
Partial Pre-closure
Loan against Property allows the partial pre-closure without any penalties. This is perhaps an advantage as the overall interest burden or the tenure of the loan can be reduced by paying small additional amount.
Processing
The processing of Loan against Property is faster than a housing loan, as the property already exists.
Benefits & Features
Online account access
You can view all your loan account details and transact on your loan account on our Customer Portal. Log in with your User ID/ Mobile Number/Email and Password.
Eligibility & Documents
A Loan against Property eligibility with Nitstone Finserv includes the following scenarios:
- You are an Indian Resident
- You are at least 25 years of age when the loan is sanctioned
- You are a self-employed professional with a regular source of income
- The minimum loan amount is Rs. 60 Lakh for Mumbai and Delhi, Rs. 30 Lakh in other cities
Documents Required for Loan Against Property:
- Application form
- Director’s photograph
- Identity proof
- Address proof
- Signature proof
- Certificate of incorporation
- IT Returns & Balance Sheet & P/L Account statement for the last 2 years.
- Business continuity proof for 5 years.
- Bank account statements for the last 6 months.
- Partnership deed (in case of partnership).
- MOA/AOA
Ready to Apply
Apply NowHow to Apply
Step 1
Click on Apply to go to our online form. Fill in detail and submit the form.
Step 2
Get an instant approval. Select your required loan amount and tenure.
Step 3
Our representative will get in touch to collect your documents.
Step 4
Amount will be credited to your account.
Fees & Charges
| Types of fees | Charges applicable |
|---|---|
| Processing fees | Up to 2% of the loan amount |
| Loan statement charges | NIL |
| Interest and principle statement charges | NIL |
| PDC swap charges | NIL |
| EMI bounce charges | Rs.2500 for every bounce |
| Penal interest | 2% p. m. |
| Foreclosure charges | |
| Part prepayment charges |
- Refer to Agreements and T&C
Foreclosure Charges
| Borrower Type: Interest Type | Time Period (Months) | Foreclosure charges |
|---|---|---|
| Individual: Floating rate | >1 | Nil |
| Non-individual: Floating rate & All borrowers: Fixed rate | >1 | 4% plus applicable taxes on amount paid |
- For Term Loan on Principal Outstanding
Part prepayment charges
| Borrower Type: Interest Type | Time Period (Months) | Part payment charges |
|---|---|---|
| Individual: Floating rate | >1 | Nil |
| Non-individual: Floating rate & All borrowers: Fixed rate | >1 | 2% plus applicable taxes on part payment amount paid |
- Part payment made should be more than 1 EMI