Equitas Loan Against Property

1. The loan amount ranges from Rs 5 Lakh to Rs 50 Lakh
2. The tenure of the loan ranges from 3 - 15 years
3. 17% - 18% diminishing rate of interest
4. The minimum entry age is 18 years and the maximum entry age is 60 years.
5. The maximum maturity age is 70 years.
6. It is mandatory to have a Life Insurance - Credit Shield for the loan outstanding amount.
7. Property insurance is also mandatory.
8. The loan will have to be repaid on a monthly repayment frequency.
9. Registration of memorandum of deposit and title deeds is mandatory

Rate of Interest for Equitas Loan against Property

The interest rate charged by Equitas on Loan against Property is a combination of fixed and floating rates as per the following parameters:

1. The interest rate will be fixed for the first three years
2. The interest rate will be floating for the remaining period of the loan and during this period the interest rate will be linked to Special Equitas Lending Rate (SELR)
3. The lending rates linked to Special Equitas Lending Rate is set at 13.5%

Fees and Charges

Equitas loans against property entail the following fees and charges:

1. For loans up to Rs 20 lakhs, a processing fee of Rs 5,000 is payable at the time of sanction.
2. For loans above Rs 20 lakhs, a processing fee of Rs 6,000 is payable at the time of sanction.
3. An administration fee of 0.75% of the sanctioned loan amount is charged at the time of disbursement of the loan.
4. A tech fee of 0.75% of the sanctioned loan amount is charged at the time of disbursement of the loan.
5. Pre-closure of the loan is allowed within 6 months.
6. The pre-closure charge is nil during the floating period, 3% for own funds during the fixed period and 5% for other sources during the fixed period.
7. Cheque bounce charges are Rs 500
8. Additional finance charges of 36% per annum on the amount overdue
9. CERSAI charges of Rs 250 for all loans up to Rs 5 lakhs and Rs 500 for all other loans.

Verification

Equitas require verifications to be carried out by the following authorities for loans against property:

1. The Marketing officer will undertake the evaluation of the applicant’s creditworthiness
2. Credit assessment of the applicant will be carried out by the credit manager
3. A technical verification will be carried out where the property will be visited by the value and a report will be submitted regarding its valuation
4. A legal appraisal of the property documents will be carried out by a legal officer and the clarity of the title of all financed properties will also be checked.

Documentation Required for Equitas Loan against Property

The following documents are required when availing a loan against property from Equitas:

• Completed loan application form with photographs and signatures of all co-applicants
• KYC documents
• 12 months bank account statements
• Documents validating sources of income

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