| Banks / NBFCs | Interest Rates | Tenure | Processing Fees |
| HDFC Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| ICICI Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Kotak Mahindra Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Axis Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| IDFC Bank | Starting 9.40% & Above | Maximum 20 years | 1% |
| Standard Chartered Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| Deutsche Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Bajaj Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| L&T Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| India Bulls | Starting 10.5% & Above | Maximum 15 years | 1% |
| RBL Bank | Starting 9.50% & Above | Maximum 15 years | 1% |
| Hero Fincorp | Starting 11% & Above | Maximum 15 years | 1% |
| HDB Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| HSBC | Starting 9.5% & Above | Maximum 15 years | 0.50% |
| Shinhan Bank | Starting 9.10% & Above | Maximum 15 years | 0.50% |
| AU Small Finance Bank | Starting 10% & Above | Maximum 15 years | 1% |
Prayagraj is located where the ancient city of Prayag once stood, a sacred place that held as much renown as the cities of Varanasi and Haridwar. Prayagraj district, the most populous in the state and ranking 13th in India for population, has its administrative headquarters located here. It’s also part of the larger Prayagraj division.
The economy of Allahabad, like many other cities, is diverse and includes various sectors such as agriculture, trade, education, tourism, and services. One can avail of loan against property in Allahabad for the betterment of the business.
The Economy of Allahabad
Prayagraj boasts a robust and varied economy, encompassing a wide range of sectors. These include government offices at both the state and central levels, educational and research institutions, real estate, retail businesses, the banking sector, the tourism and hospitality industry, and agriculture-based industries.
Railways along with transport and logistics also play a significant role in the city’s economy. The construction sector is indeed a major contributor to Prayagraj’s economic growth. There are secondary manufacturers and service providers that may or may not be officially registered. Additionally, the city is known for its glass and wire-based industries.
Prayagraj has always been known as a hub for administration and education. While it does have a small industrial sector, its main economic activity revolves around the trade of agricultural goods. However, in recent years, tourism has become more significant in the region’s economy. The city and its surrounding areas are rich with historical and religious landmarks that attract increasing visitors each year.
Features & Benefits of Loan Against Property
1. Mortgage loan amount:
You could get anywhere from INR 20 lakh to INR 7.5 crore, depending on how much your property is worth and other things that make you eligible.
2. Low-Interest Rate:
Get the best deal on interest rates with OneNDF Loans, so you can easily afford and efficiently finance your property.
3. Loan-to-Value Ratio:
You can get a Loan-to-Value (LTV) Ratio of up to 75% of your property’s value, giving you enough money to meet your goals and allowing you to borrow more based on your property’s worth.
4. Hassle-free Documentation:
Make the loan application process easier with OneNDF Loans, as we guarantee hassle-free paperwork for your convenience.
5. Tenure:
The LAP repayment period can be as long as 15 years, making it easier for borrowers to comfortably pay off their EMIs.
6. Easy Repayment & Longer Tenure:
Get flexible repayment options and a longer loan duration with OneNDF Loans, making it easier for you to manage your finances.
Also Read: Benefits of Loan Against Property
Loan Against Property EMI Calculator
Eligibility Criteria for Loan Against Property
To avail of a Loan Against Property in Allahabad, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The applicant must hold Indian citizenship. |
| Age | The borrower must be at least 25 years old, and the maximum age must not be more than 75 years old at the time of loan maturity. |
| Nature of work for salaried applicants | Salaried Employee of an MNC, public sector or private sector with stable income |
| Business Vintage for self-applicant | The business must be at least 3 years old if applicable |
| Credit Score | Both the promoter and the business must have a good credit score of more than 700. The credit score of co-applicants is also checked wherever applicable. The credit score has a crucial role to play in determining the creditworthiness of the borrower. It determines the limit of the lender’s credit exposure based on the repayment history of the business. |
Documents Required to Apply for a Loan Against Property
The documents required for a Loan Against Property in Allahabad may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Allahabad:
- Application form with a recent photograph
- Passport copy, voter ID card, driver’s license, PAN card or any other proof of identity.
- Address proof as such passport, utility bills, driving license etc.
- Age proof as such bank statement, bank passbook, or other certificate from a statutory authority.
- Bank statement of last 6 months or last 6 months’ salary slips.
- Form 16
- Income tax returns of last 3 years
- Processing fee cheque
Additional documents for self-employed and SMEs for Loan Against Property
- For self-employed: CA attested income statements and other financials of past 2 years.
- For SMEs: last 2 years financial audited.
Also Read: Detailed List of documents required for loan against property
Interest Rates on Loan Against Property
The interest rates on a Loan Against Property in Allahabad can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of Loan Against Property in Allahabad:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 9.10% P.A. |
| Loan Amount | ₹20 Lakh to ₹ 7.5 Cr |
| Loan Processing Charges | Minimum Processing fee is 1%+ GST |
| Foreclosure Charges | Pre-Payment is not allowed within 12 months of loan sanction After 12 months, pre-payment charges will be applicable as described in the sanction letter |
Also Read: What is the Fees and Charges of Loan Against Property
How to apply for a Loan Against Property in Allahabad through OneNDF
The process of applying for a Loan Against Property in Allahabad may differ based on the type of Loan Against Property availed.
OneNDF streamlines this process by allowing individuals to apply for Loan Against Property online and match with lenders according to their unique Loan Against Property requirements:
- Open the official website of OneNDF and SIGN UP.
- You can register by entering your mobile number and clicking on ‘Next’.
- You would receive an OTP, through which you can authenticate your identity.
- Once authenticated with OTP, you can upload your documents and apply for a Loan Against Property at attractive interest rates as per your requirements.
- Once the loan application form is submitted, the platform connects you with the best lender available as per your requirements. It helps you get a Loan Against Property at a competitive interest rate.
Frequently Asked Questions (FAQs)
Q.1 Can I transfer my existing Loan Against Property to another lender in Allahabad?
Certainly! You have the option to transfer your Loan Against Property to a different bank or NBFC using a procedure called a balance transfer. Before making a decision, it is recommended to carefully compare the interest rates and terms offered by different lenders.
Q.2 What types of properties can get a loan against property in Allahabad?
Eligibility typically extends to both residential and commercial properties, encompassing self-occupied homes, rental properties, and vacant lands.
Q.3 What happens if I fail to repay my EMI on a loan against property in Allahabad?
Defaulting on repayments may lead to penalties and legal action, and eventually, the lender can take possession of the mortgaged property. It’s crucial to communicate with the lender in case of financial difficulties.
Q.4 Are there any prepayment charges on the loan against the property?
Prepayment charges might be applied by lenders, particularly if the complete loan amount is repaid before the agreed-upon tenure. It is essential to carefully review the terms and conditions.
Q.5 How is the Loan Against Property interest calculated?
The interest can be computed using either the monthly reducing balance or daily reducing balance method, and this approach differs among lenders. It is crucial to grasp the calculation process thoroughly.
