A Mortgage Loan from AU Small Finance Bank to meet your financial needs
A perfect loan against property for debt consolidation
AU Small Finance Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs. Many borrowers use loans against property to purchase a new property, pay for renovation or repair of their home while others avail them to meet the expenses such as those for a child’s wedding, dream vacation, medical exigencies, debt consolidation and so on.
Features of AU Small Finance Bank Loan Against Property
Why this Loan?
- The AU Small Finance Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan can also be repurposed into a consolidation loan to pay off high-interest debts
- The bank also extends this loan to borrowers who do not have proof of income
Loan Amount
- The loan amount to be sanctioned under this loan scheme is decided by the bank on a case-to-case basis
Repayment
- This loan must be repaid within 20 years. The maximum age of the borrower at the time of loan maturity cannot exceed 75 years
Interest
- The applicable interest rate on this loan is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and Spread. As of October 2020, the one-year MCLR of AU Small Finance Bank is 10.05%. The Spread factor is decided by the bank based on the loan type, quantum of loan, credit score of the borrower, etc.
Margin Money (Borrower’s Contribution to Total Cost)
- This information is not mentioned on the bank’s website at the time of writing. Please talk to a representative to get more details
Eligibility
- The applicant must be an Indian resident
- The applicant must be above the age of 18 years
Security Needed
- The bank asks for the first charge of equitable/registered mortgage of property
Processing Charges
- The bank charges up to 5.00% of the loan amount for processing this loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.
- Property related documents
Reference Facts
- AU Small Finance Bank Website: www.aubank.in
- Headquarters: Jaipur, Rajasthan
- Call Centre Toll-Free Number: 1800 1200 1200