| 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% |
Nestled along the Jhelum River and cradled by the Himalayas, Srinagar is a hidden gem, often hailed as the “Venice of the East.” Renowned for its breathtaking beauty, ancient customs, and serene lakes, the city captivates with vibrant markets offering Kashmiri treasures.
The heart of Srinagar, Dal Lake, mirrors snow-draped peaks as Shikaras weave tales of Kashmiri life. Amidst the rush of water and scent of pine, the allure of saffron, and the call of azaan, Kashmir unfolds its enchanting surprises.
Economy of Srinagar
Srinagar’s fertile plains create an ideal setting for diverse agricultural pursuits, including the cultivation of rice, fruits, and vegetables. The city is particularly celebrated for its flourishing apple orchards and vibrant saffron fields.
Horticulture, focusing on fruit and saffron cultivation, significantly contributes to the local economy, providing both sustenance and commercial trade. Srinagar’s economic landscape is further enriched by its robust tourism sector, offering diverse experiences like houseboat stays, scenic shikara rides, and the acquisition of exquisite handicrafts.
The city’s artisanal industries, steeped in heritage, not only bolster the economy through exports but also instil a profound sense of local pride.
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.
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 Srinagar, 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 Srinagar may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Srinagar:
- 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 Srinagar 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 Srinagar::
| 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 Srinagar through OneNDF
The process of applying for a Loan Against Property in Srinagar 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
Which lenders in Srinagar provide LAPs through OneNDF?
Well-established names like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Bajaj Finance are widely preferred choices for financial services. However, exploring local lenders is advisable, as they may provide competitive rates and personalised services.
What are the associated fees for Loan Against Property in Srinagar?
Typically, processing fees for loans range between 0.5% to 1% of the loan amount. Additionally, borrowers should be aware that certain lenders may impose prepayment charges, emphasising the importance of thorough loan agreement scrutiny.
Is it appropriate to take out a Loan Against Property in Srinagar?
An LAP can be a great option for various needs in Srinagar, from expanding your apple orchard to financing a houseboat business. Consider your goals, loan amount, and eligibility criteria before deciding.
What eligibility criteria do I need to fulfil for a Loan Against Property in Srinagar?
Prerequisites encompass Indian citizenship, age ranging from 25 to 75 years, a steady income for salaried applicants, and a business vintage of a minimum of 3 years for self-employed individuals. A credit score of at least 700 is imperative.
Can I use the loan amount for various purposes in Srinagar?
Yes, the loan amount can be utilised for expanding your business, covering education expenses, medical costs, debt consolidation, or other personal needs.
