| 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% |
Patiala seamlessly weaves its regal history with a vibrant present, offering captivating historical sites and a rich cultural heritage. Evolving into a trade and industrial hub, it embraces activities like weaving, cotton ginning, distilling, and manufacturing.
While agriculture remains significant, industries have gained prominence, making Patiala a thriving centre across sectors. The city’s diverse manufacturing activities blend traditional agricultural goods with precision instruments, crafting products like vanaspati ghee, power cables, bicycles, dairy items, and pesticides. Patiala’s economic landscape reflects a harmonious blend of tradition and innovation.
Economy of Patiala
Patiala is a diverse economic hub with activities in agriculture, manufacturing, and services. Fertile lands sustain various crops, while an emerging industrial sector hosts facilities for textiles, chemicals, machinery, and small-scale industries. Commercial hubs and vibrant markets cater to residents and tourists, fostering retail enterprises.
The surrounding plains offer opportunities for agribusiness ventures and food processing. Patiala’s entrepreneurial spirit is showcased through startups and grassroots initiatives, contributing to a dynamic and thriving business environment.
Features & Benefits of Loan Against Property
1. Mortgage loan amount:
You could get anywhere from INR 30 lakh to INR 100 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.
Loan Against Property EMI Calculator
Eligibility Criteria for Loan Against Property
To avail of a Loan Against Property in Patiala, 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 Patiala may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Patiala:
- 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.
Interest rates on Loan Against Property
The interest rates on a Loan Against Property in Patiala 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 Patiala:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 9.10% P.A. |
| Loan Amount | Starting 30 Lacs and upto 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 Ludhiana through OneNDF
The process of applying for a Loan Against Property in Ludhiana 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 are the processing fees for a Loan against Property in Patiala?
Processing fees typically range from 0.5% to 2% of the loan amount and are non-refundable.
What repayment options are available for a Loan Against Property from OneNDF in Patiala?
OneNDF-affiliated lenders like Axis Bank, L&T Finance, and Hero Fincorp usually offer flexible repayment terms for Loan Against Property, enabling tenures of up to 15 years. Borrowers have the flexibility to choose EMIs that align with their budget, and certain lenders may enforce prepayment charges after a specific period.
Who is qualified to receive an LAP from OneNDF in Patiala?
To be eligible for a Loan Against Property from OneNDF in Patiala, the applicant must meet specific criteria, including Indian citizenship, age between 25 and 75 years at loan maturity, stable income for salaried applicants, a business vintage of at least 3 years for self-employed individuals, and a good credit score of over 700 for both the promoter and the business. These eligibility requirements help determine the creditworthiness of the borrower and influence the lender’s credit exposure limit based on repayment history.
What paperwork is required in order to obtain an LAP from OneNDF in Patiala?
To apply for a Loan Against Property in Patiala, you typically need standard documents such as an application form, ID proof, address proof, bank statements, income tax returns, and property documents. Self-employed and business applicants might require additional documents for verification purposes.
If we take a loan against property from OneNDF in Patiala, what are the interest rates?
Interest rates for Loan Against Property in Patiala vary among lenders, often beginning at 9.10% p.a. The final rate is influenced by factors including your credit score, loan amount, and individual profile, potentially leading to higher rates.
