UniFinance Loan Against Property

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

 Loan Against Property eligibility is dependent on factors such as your monthly income, current age, credit score, Re-Appraisal Of Loan After 6 Months From Sanctionfixed monthly financial obligations, credit history, retirement age etc. Get the peace of mind by knowing all the details about your loan using UF Loan Against Property Eligibility Calculator

Calculator

Gross Income (Monthly)	25,000 Rs	Your Loan Against Property Eligibility ₹12,48,396
Tenure(years)	1-30 years	Your Loan Against Property EMI will be ₹10,000/monthly
Interest Rate(%P.A)	0.5%-15%	8.95%
Other EMIs (Monthly)	0-1cr	0 Rs

LOAN AGAINST PROPERTY ELIGIBILITY

Age	21-65 Years
Profession	Salaried/Self Employed
Nationality	Resident Indian
Tenure	Up to 15 Years

Classification of Self Employed

Self-Employed Professional	Self-Employed Non-Professional
Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary etc.	Trader, Commission Agent, Contractor etc.

How does adding a co-applicant benefit? *

• Higher loan eligibility with an earning co-applicant.
• Lower interest rate on adding a female co-owner as co-applicant.

Maximum Funding

Existing UniFin Customers	New Customers
The principal outstanding on all existing loans and the Loan Against Property being availed should not cumulatively exceed 60% of the Market Value of the mortgaged property as assessed by UF.	Loan Against Property being availed should not, generally, exceed 50% of the Market Value of the property, as assessed by UF

DOCUMENTS

Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval.

KYC Documents

A	Sr No.	Mandatory Documents
	1	PAN Card or Form 60(If the customer does not have a PAN Card
B	Sr No.	Description of officially valid documents what can be accepted for establishing the legal name and current address of individuals	Identity proof	Address proof
1		Passport, the validity of which has not expired.
2		Driving license which has not expired.
3		Election /Voters identification card
4		Job card issued by NREGA duly signed by the officer of the State Government
5		Letter issued by the National Population Register containing details of name, address.
6		Proof of possession of Aadhaar Number (to be obtained voluntarily)

FEES AND CHARGES

Processing Fees

Salaried/Self Employed:
Up to 1.50% of the loan amount or ₹4,500 whichever is higher, plus applicable taxes.
Minimum Retention Amount: 50% of applicable fees or ₹4,500 + applicable taxes whichever is higher.

Fees On Account Of External Opinion

Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees is payable directly to the concerned advocate / technical valuer for the nature of assistance so rendered.

Property Insurance

The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.

Charges On Account Of Delayed Payments

Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.

Incidental Charges

Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request.

Statutory / Regulatory Charges

All applicable charges on account of Stamp Duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India or such other statutory / regulatory bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the customer. You may visit the website of CERSAI for all such charges at 

Other Charges

Type	Charges
Check Dishonour Charges	₹300**
List Of Documents	Up to ₹500
Photo Copy Of Documents	Up to ₹500
PDC Swap	Up to ₹500
Disbursement Cheque Cancellation Charge Post Disbursement	Up to ₹500
Re-Appraisal Of Loan After 6 Months From Sanction	Up to ₹2,000 plus applicable taxes
Reversal of Provisional Prepayment under HDFC Maxvantage Scheme	Rs.250/- plus applicable taxes/statutory levies at the time of reversal

KEY FEATURES

1. Collateral: One of the main features of a loan against property is that it is a secured loan, where the borrower pledges their property as collateral. The property can be residential, commercial, or industrial, and its value determines the loan amount that can be availed.
2. Loan Amount: The loan amount in a loan against property depends on the value of the property being pledged as collateral. Typically, lenders offer loan amounts ranging from 50% to 75% of the property's value. However, the exact percentage may vary depending on the lender's policies and the borrower's creditworthiness.
3. Interest Rate: The interest rates on a loan against property are usually lower than those of unsecured loans, such as personal loans, because the loan is backed by collateral. The interest rate may be fixed or floating, depending on the lender's terms and conditions.
4. Tenure: The tenure or repayment period of a loan against property can range from 5 to 20 years, depending on the lender's policies and the borrower's preference. A longer tenure may result in lower EMI (Equated Monthly Installment) payments, but it may also increase the total interest paid over the loan term.
5. Eligibility Criteria: Lenders have specific eligibility criteria for borrowers seeking a loan against property. These criteria may include factors such as the borrower's age, income, credit history, property value, and employment stability. Meeting the lender's eligibility criteria is crucial to get approved for a loan against property.
6. Loan Purpose: Borrowers can use a loan against property for various purposes, such as business expansion, funding higher education, medical expenses, debt consolidation, and other personal or professional needs. The loan purpose may be subject to the lender's approval and may affect the loan amount and interest rate.
7. Repayment Schedule: The loan against property is repaid in EMIs, which include both the principal amount and interest. The repayment schedule is typically monthly, and the borrower needs to ensure timely payments to avoid penalties and maintain a good credit history.
8. Foreclosure and Prepayment: Borrowers may have the option to foreclose or prepay the loan against property before the end of the tenure. However, this may be subject to the lender's policies and may attract additional charges or penalties.
9. Risk of Foreclosure: One important feature of a loan against property is that the property pledged as collateral is at risk of foreclosure in case of default on loan repayments. If the borrower fails to repay the loan as per the agreed terms, the lender may have the right to seize and sell the property to recover the outstanding dues.
10. Processing Fees and Other Charges: Lenders may charge processing fees, documentation charges, valuation fees, and other charges for processing a loan against property. Borrowers should be aware of these charges and factor them into their overall cost of borrowing.

It's essential to thoroughly understand the key features of a loan against property and carefully review the terms and conditions offered by different lenders before availing of this type of loan. Borrowers should consider their financial situation, repayment capacity, and the risks involved before proceeding with a loan against property. Consulting with a financial advisor or a professional is recommended to make an informed decision.

LOAN AGAINST PROPERTY BENEFITS

• Customised Repayment Options

              Tailor-made loans to suit your requirements.

• Easy documentation

              Apply with minimal documents, save time and effort.

• 24x7 assistance

              Connect with us on Chat, WhatsApp anytime, anywhere!

• Online loan account

               Login to your account to conveniently manage your loan.

INTEREST RATES

STANDARD RATES

Loan Slab	Interest rates(%p.a.)
Self Occupied Residential Property	8.95 - 9.95
Non - Self Occupied Residential Property	9.25 - 10.25

Retail Prime Lending Rate(Non Housing): 12.20%

Loan Slab	Interest rates(%p.a.)
Commercial Property	9.25 - 10.25

 

Check Lists &                                                     Calculator

Documents & Charges                                  Home Loan EMI Calculator

Download Forms                                           Home Loan Balance Transfer Calculator

Home Buyers Guide                                      Home Loan Eligibility Calculator

FAQs                                                                 Check Affordability

Interest Rates

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Helpline Numbers  : 9000365459

Service Requests / Queries

FAQs

1 What Does an EMI Mean?

EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

2 What Does ‘Own contribution’ mean?

‘Own Contribution’ is the total cost of the property less UF home loan.

3 How do I Repay a home loan?

For your convenience, UF offers various modes for repayment of your house loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account.

4 What is an under construction property?

An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.

In the context of real estate, an under-construction property typically refers to a residential or commercial property that is being constructed by a developer or builder. The property may be a standalone house, an apartment building, a commercial complex, or any other type of property that is still in the process of being built.

5 Can I repay my loan a head of schedule?

Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges. We also offer a free-of-charge facility to accelerate your loan repayment called ‘Accelerated Repayment Scheme’. This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.

When Can I make a home loan application?

You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.

how to get a property loan?

Assess your financial situation: Determine your affordability and evaluate your financial standing. Consider your income, expenses, and creditworthiness. This will help you understand how much you can afford to borrow and repay.

Loan Products

• Housing Loans

Home Loans

Plot Loans

Rural Housing Loans

• Other Home Loan Products

House Renovation Loans

Home Extension Loans

Top Up Loans

• Non Housing Loans

Loan Against Property

Commercial Property Loans

Commercial Plot Loans

Key Highlights

• Quick and hassle-free documentation and approval process.
• Wide range of collaterals – residential, commercial properties, etc.
• Pre-qualified loan top-up.
• Availability of the overdraft facility.
• Competitive interest rates and flexible repayment plans.
• A Home For Every One UniFinance
• Are You Looking For Extra Income Go to UniFinance
• Avail up to 65% of the value of your property as loan.
• UniFinance is a Doorstep Banking Available.

Property loans are typically long-term loans that are secured by the property being purchased. This means that if the borrower defaults on the loan, the lender can seize the property to recoup their losses.

The interest rates on property loans can vary depending on a variety of factors, such as the borrower's creditworthiness, the size of the down payment, and the length of the loan term.

There are two main types of property loans: fixed-rate mortgages and adjustable-rate mortgages (ARMs). With a fixed-rate mortgage, the interest rate remains the same for the life of the loan, whereas with an ARM, the interest rate may change over time based on market conditions.

In addition to the loan itself, borrowers may also be required to pay for various other expenses associated with the purchase of property, such as closing costs, property taxes, and homeowners insurance.

To qualify for a property loan, borrowers typically need to have a good credit score, a steady source of income, and enough money for a down payment (which is usually at least 3% to 20% of the purchase price).

It is important for borrowers to carefully consider their ability to make loan payments over the long term, as failing to make payments could result in foreclosure and the loss of the property.

Descriptions of property loans

What is home loan?

A home loan, also known as a mortgage, is a type of loan specifically designed for purchasing or refinancing residential properties. It is one of the most common forms of borrowing used by individuals to finance the purchase of a house or apartment.