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In India, approximate 150 banks & more than 1000 NBFCs are landing as mortgage loan in India. Private sector banks and non banking financial companies are doing very aggressive in the field of secured loans in India. Due to tough competition in banks and NBFCs. They are coming with new and aggressive loan program to enhancement of their business growth. Currently Indian markets of mortgage loan is around 5,000 crore per month and it is just a tentative figure. Apart from PSU bank, private banks & NBFCs are playing key role in this segment. In urban cities and sub urban cities private sector banks are doing well.

Loan Against Property Normal Income Programs: This program has designed for both the customer category, salaried and self employed. Salaried customers they take customers monthly salary as income and make a formal income sheet and accordingly they calculate the mortgage loan eligibility. In this program, banks and NBFC check the normal income from current year ITRs as well as last year ITR. Profit after tax is taken as profit, depreciation and interest on mortgage loan has to be cumulative. Whatever amount comes is taken as mortgage Loan EMI, means  amount customer can afford as the EMI burden every month. Loan amount is also decided on the basis of the average income of last two years. Loan amount can allow up to 10 crore in some banks apart from 5 crore is the maximum cap. Obligation is one of the most important factors in calculation of the loan. Suppose mortgage loan eligibility comes around 20 lacs and currently the same customer is serving with existing amount of 3 lacs with EMI of Rs. 7 thousand per month, in this condition bank will reduce the loan amount. This program has their pre fix multipliers like 2 & 3, net profit * 2 times of amount to be considered as net income per year and divided by 12 will be considered as monthly serving capacity of mortgage loan EMI.

Key Points of this Loan Against Property Normal Income Programs:

• It is purely income based program
Mortgage Loan tenure can go up to 15 years
• Business/ Job stability should be more then 3 years
• Salaried and Self employed both are eligible
• Maximum funding of 10 Cr.
• Bank and NBFC both has this program
• It can be offered for self occupied residential property, rented property,
commercial property and also for commercial purchase

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