| 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 | 0.50% |
| 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% |
Coimbatore, Tamil Nadu’s second-largest city, is a thriving urban center with a rich cultural and industrial legacy. Referred to as the “Manchester of the South” for its flourishing textile industry, the city traces its history back to the early Chola period.
Boasting remarkable growth, particularly in cotton cultivation, Coimbatore stands as a dynamic blend of tradition and modernity. Given life’s uncertainties amid evolving financial and geographical landscapes, owning property in the city allows you to combat crises by easily accessing a Loan Against Property from OneNDF.
Economy of Coimbatore
Coimbatore is renowned for its diverse industrial sectors, including foundries, the automobile industry, textile machinery, and engineering products. The development of hydroelectric power at Pykara Falls in 1930 spurred a cotton boom.
The city houses numerous textile mills and research institutes like CICR and SITRA. It’s a significant software producer and a leading outsourcing city globally. Coimbatore excels in gold jewellery manufacturing, hosting various companies and retail chains. Additionally, it has emerged as a trusted outsourcing hub for the auto component industry, featuring major players like Robert Bosch GmbH and PRICOL.
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 Coimbatore, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The applicant must hold an 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 Coimbatore may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Coimbatore:
- 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 Coimbatore 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 Coimbatore:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 9.10% P.A. |
| Loan Amount | Starting from 30 Lac upto INR 100 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 |
How to apply for a Loan Against Property in Coimbatore through OneNDF
The process of applying for a Loan Against Property in Coimbatore 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.
FAQs
What eligibility criteria do I need to meet to get a loan against property in Coimbatore?
Prerequisites include Indian citizenship, between 25 and 75 years of age, stable income for salaried applicants and at least three years of business experience for self-employed applicants. A credit score of at least 700 is required.
What documents are required to apply for a loan against property in Coimbatore?
Standard documentation includes proof of identity and address, proof of age, bank statements and income tax returns for the past three years, and processing receipts. Sole proprietors and small businesses may be required to submit additional documentation
Is the interest paid on the Loan Against Property tax-deductible in Coimbatore?
Loan Against Property (LAP) tax deductions depend on the property’s purpose and type. If the loan is used for business, the interest is deductible under Section 37(1). For residential and self-occupied properties, up to INR 2 lakh of interest is deductible, and for rented-out residential or commercial properties, the entire interest amount may be deductible. It’s important to consult with a tax professional for personalised guidance.
What is the repayment period if I get a loan against property in Coimbatore through OneNDF?
The repayment period for home mortgage loans through OneNDF is generally longer than other personal loans. You can choose a period that suits your financial situation and loan terms.
Can the loan amount be used for various purposes in Coimbatore?
Yes, indeed. The loan amount in Coimbatore is versatile and can be utilised for expanding your business, covering education expenses, managing medical costs, consolidating debts, or addressing other personal needs.
