You can avail SDAL Loan Against Property (applicable for both, Residential & Commercial Properties) for business purposes and activities which are not speculative or non-prohibitive.
We decide your loan amount based on your repayment capacity. Further, the repayment capacity is considered on the basis of income, age, number of dependents, qualifications, spouse's income, assets, liabilities, stability and continuity of occupation and savings history. In addition to considering these factors the maximum amount shall not exceed 85 per cent of the cost of property.
You may include your spouse as a co-applicant for the Loan. His / her addition as a co-applicant can enhance the loan amount. Please not; all co-owners of the property should necessarily be the co-applicant.
The repayment of loan is done in Equated Monthly Instalments (EMIs). This comprises principal and interest. Repayment by EMI commences from the next month in which you take full disbursement.
Post final disbursement, you have to pay interest on the portion of the loan which is disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month, starting from the date of each disbursement up to the date of commencement of EMI.
The security/collateral for the loan will be the first mortgage of the property. Collateral security such as assignment of insurance policy or any such other assignable financial instruments would suffice the need, The title to the property needs to be clear, marketable and free from encumbrance. Most importantly there should not be any existing mortgage, loan or litigation on the property. Please do ensure that the title to the property is clear,marketable and free from encumbrance. To elaborate, there should not be any existing mortgage,loan or litigation which is likely to affect the title to the property adversely.
Yes. You can as per the terms mentioned in your loan agreement.
Yes, the property has to be duly and properly insured for fire and other appropriate hazards,as required by SDAL.
Yes. These policies periodically reviewed.
The following factors are considered to determine eligibility and loan amount Age Income Valuation of the Property Existing obligations Stability/continuity of employment/business
It is necessary for all the co-owners of the considered property to be in as co-applicants to the loan.
Repayment of loan can be done over a maximum tenure of 15 years. Beyond the age of retirement or on reaching 60 years of the age, the repayment will not be ordinarily extended. However, SDAL will be endeavoring to determine the repayment period to suit your convenience.
Business needs Mortgage buyout/Balance Transfer of existing loan Consolidation of debt
The processing of the loan against property application usually takes 7 to 10 working days, post submission of all required documents.
Based on the loan amount, the repaying period and the interest rate on the borrowing amount the EMI is calculated. The EMI is subjected to change when interest rate changes or a part-payment of the Loan is made. Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.
You may repay your LAP in any of the following four ways: Post-Dated Cheques (PDCs), Electronic Clearing Service (ECS), National Automated Clearing House (NACH) & Online Payment.
Kindly submit a written request to your nearest Retail Loan Service Centre to close your account. Our customer service desk will provide you with the necessary assistance.
You can apply for a loan in the following ways: Call our Customer Care numbers provided on the website Visit your nearest branch Our existing liability customers may also get in touch with their Relationship Managers/ Personal Bankers to know more and apply for LAP.
Properties which are self-occupied Residential or Commercial for example shops and offices can be considered as collateral.
You can get a Loan Against Property up to a maximum of 60%* of the market value of your property.**conditions apply
There is no specific credit score reQuirement as per SDAL policy. However, it is under the discretion of SDAL to accept or reject any loan application basis any irregularity noticed in the rating. You can avail loan against properties against residential or commercial properties, to fund a business need. The interest rate on loan against commercial property or loan against residential property is attractive and tenures are comfortably long. Also, since loan against property interest rates are lower than personal loan rates, it is better to go for a mortgage loan to meet urgent and substantial funding needs. To satisfy our eligibility criteria, you need to be a trader, manufacturer or service provider. To avail loan against property in India, your property must be valued above INR 50 Lac and it should be maximum 50 years of age. You should at least be 25 years old and submit proofs of age, income, property valuation, stability of your business, any existing obligations, and other relevant KYC documents. The property to be mortgaged has to be insured against fire or other natural calamities during the loan period, and property title should be clear and marketable. If you own the property jointly with someone else, then all the co-owners must become co-applicants for the loan. Please note that the loan amount and loan against property rate of interest depends on your repayment capacity and other eligibility factors. So simply fill up the form provided above to apply for the best mortgage loan now.