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Ujjivan Small Finance Bank Loan Against Property

Ujjivan Small Finance Bank
4.5

In today's real estate and housing finance market, you might have come across the term Loan against Property. It is a type of loan that you can apply for by keeping your commercial or residential property as collateral. That is why it is also called Secured Loan. Security is essential for any kind of loan. And security is a Loan against Property is the property owned by the person applying for it. The bank sanctions the amount only after verifying the value of the property. There are several types of property against which the LAP can be available. For example, Self owned residential Property, rented residential Property, self owned piece of land, Self owned Commercial Property, etc. So if you want to apply for Ujjivan Small Finance bank Loan against Property, it is vital to know about documentation and other processes in detail. Keep reading to know more on LAP.

  • Ujjivan Small Finance Bank
  • Loan Against Property
Loan Amount:₹3L - ₹10L
Interest Rate:13.75% - 15.75%
Processing Fee: 1.2% - 2%
Tenure:20 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Ujjivan Small Finance Bank

13.75% - 15.75%

1.2% - 2%

₹3L - ₹10L

Tenure(1 - 20 Years)

Details

Features and benefits of Ujjivan Small Finance bank Loan against Property

Ujjivan Small Finance bank provides a range of benefits on Loans against Property. Here is the list of several benefits and features of Ujjivan Small Finance bank Loan against Property

  • Availability of maximum loan amount by way of customized Income eligibility programs 
  • The quick and hassle-free loan process for the applicants 
  • Easy documentation 
  • Availability of maximum Finance in place of the regular market value of the borrower's property 
  • Transferring the number of existing loans with an option of additional top-up loan availability.

Eligibility Criteria of Ujjivan Small Finance bank Loan against Property

Ujjivan Small Finance bank Loan against Property eligibility depends on various things. Check the list to ensure that you are a capable applicant to apply for the loan.

  • Minimum two years of working experience, in case you are self-employed you can get minimum two years of the business community.
  • The minimum home income should be Rs. 25000/- per month
  • Co-applicant can apply in the case of LAP
  • The minimal age is 22 years, and the maximum age is 61 years.
  • Availability of Loan from Rs. 6 Lakhs and up to 6 Crores
  • The loan Tenure period is up to 10 years
  • The interest rate depends on the borrower's creditworthiness and prevailing market conditions.

Ujjivan Small Finance bank Loan against Property fees and charges

Applicable charges Amount
Documentation Charges 10,000/- +GST
Processing Fee 2.5% +GST
CERSAI charges 50+ GST
CERSAI charges when the loan is greater than 5 lakhs 100 +GST

Ujjivan Small Finance bank Loan against Property Interest rates

Ujjivan, a Small Finance bank, provides a suitable and convenient interest rate on the loan amount and makes it affordable for the applicants. Here is the list of approx. Ujjivan Small Finance bank offers the interest rate on Loan against Property.

Business Loan Type Rate of Interest Range of Loan Amount Repayment Period
Loan Against Property 17%-19% p.a. reducing 3 lacs to 10 lacs 36-84 months

Factors affecting Ujjivan Small Finance bank Loan against Property interest rate

A loan against property can be an affordable funding solution if one can manage the account properly. As LAP is considered as a secured loan, the interest rate is lower than the unsecured loan, that is, the personal loan. However, there are several factors that can affect Ujjivan Small Finance bank Loan against Property interest rates.

  1. Borrower's Profile: The interest rate offered by Ujjivan Small Finance bank can be affected by a borrower's age, occupation, and monthly income. Take a salaried person, for example; if he is close to his retirement, the lender can charge a higher interest rate. 
  2. Credit Score: A person's credit score is always considered as a significant deciding factor for a bank when it comes to lending a loan to a person. Usually, it is recommended for an applicant to maintain a credit score of 650 or more if he wants to be eligible to take a Loan against Property. That is why if you have a lower credit score, Ujjivan Small Finance bank may take you as a high-risk borrower; as a result, they may charge you with a high-interest rate. Sometimes your application can also be rejected.
  3. Type of Property to be mortgaged: a mortgaged property is significant when applying for a loan against property. However, a different residential property value may differ, as does the interest rate. The location of the mortgaged property can also affect the interest rate offered by Ujjivan Small Finance bank.
  4. Loan Tenor: the tenor of a loan can play a vital role if you opt for a loan against the property's interest rate and later pay EMI. As these loans are matters of the long term period, one needs to pay regular EMI for 10-14 years. The EMI gets higher when the tenor becomes shorter; thus, it also affects the interest rate offered by Ujjivan Small Finance bank.

Documents Required for Ujjivan Small Finance bank Loan against Property

Documents are essential for any official work. And in this case, documents become one of the crucial things out of many. These documents verify your identification as an authentic applicant. To meet the Ujjivan Small Finance bank Loan against Property requirements, one must submit these documents. This is the list of documents required for the Ujjivan Small Finance bank Loan against Property.

  • Income Documents - For salaried person three years Payslip, six months' Salary account bank statement and for self-employed person two years ITR
  • KYC Documents like pan card, secondary ID proof, and Passport size photo
  • Proof of Employment or Business Continuity
  • Property Documents
  • Plot and self-construction like Sale Deed
  • If you are applying for the loan online, you need to submit the scanned copy of the documents mentioned above and fill out the Ujjivan Small Finance bank Loan against Property online application

How the EMI calculation works for Ujjivan Small Finance bank Loan against Property?

Ujjivan Small Finance bank EMI calculator will help you to calculate the EMI for Loan against Property at lower interest rates. So to calculate the EMI perfectly, first, you need to enter the details such as loan amount and the interest rate, and the number of months applicable on the loan. Then the final value is derived from the calculator. That is the actual EMI that the applicant needs to pay for a particular period of time.

Ujjivan Small Finance Bank Customer Care Details

If you are facing problems while dealing with this type of loan, visit our nearby bank, or you can talk to our customer care executives on this number 1800-208-2121

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is there an application fee for a Loan against Property?

Yes. The processing fee is set at 1% of the loan amount + the service tax, which is subjected to a maximum of Rs. 49,000+ service tax.

What maximum loan amount can I avail myself of against the property?

The maximum loan amount generally depends on the applicant’s employment status. It is up to 5 crores for the self-employed, while the maximum loan amount for a salaried person is Rs. 5 crores.

Can I get a loan against the plot?

Yes. Ujjivan Small Finance Bank offers a loan against plot to anyone who owns a property and therefore would like to use it as collateral for securing a loan.

What is the maximum term I can avail of a Loan against Property or LAP?

Generally, LAP interest rates range between 8.00% p.a. to 25% p.a. you can therefore avail loans up to Rs. 25 crores for the tenure of up to 20 years.

Does Ujjivan Small Finance bank provides a Loan against Property at the best rate?

Yes. The bank does provide the best rate with a minimal 5 lakhs to 30 lakhs. 

What is the interest rate of Loans against Property in Ujjivan Small Finance Bank?

The loan amount range in Ujjivan Small Finance Bank is INR 3-10 Lakh. So the interest rate is 17-19% p.a. 

How to check the property status in Loan against Property?

Visit the official website of Ujjivan Small Finance bank, and you can check it for yourself. 

Does Ujjivan Small Finance bank checks CIBIL Score for Loan against Property?

Yes. As the CIBIL score acts as the decision-maker while lending the loan, the bank thoroughly goes through the applicant’s CIBIL Score.

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