A Mortgage Loan from Nainital Bank to meet your financial needs
Unleash the power of your immovable property to pare down your debts
Nainital Bank Financing Against Immovable Property
This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education, debt consolidation, etc.
Features of Nainital Bank Financing Against Immovable Property (Mortgage Loan)
Why this Loan?
- The Nainital Bank Loan Against Property is meant for salaried employees and self-employed professionals who want to avail financial assistance by mortgaging their residential or commercial property to meet their urgent financial needs other than for capital market, trading or speculative purposes
- This loan can also be availed as a consolidation loan to pay off debts
- The bank offers this scheme as a term loan and overdraft facility
Loan Amount
- The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 5 crore for properties in metro areas, Rs. 3 crore for properties in urban areas, Rs. 2 crore for properties in semi-urban areas and Rs. 25 lakh for properties in rural areas
Interest Rate & Processing Charges
- As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative to get the details
Repayment
- This loan must be repaid within 7 years. The moratorium period for this loan is a maximum of 3 months
Margin Money (Borrower’s Contribution to Total Cost)
- The bank charges up to 40% of the market value of the property
Security Needed
- The bank asks for first charge of the property for 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
- Nainital Bank Website: www.nainitalbank.co.in
- Headquarters: Nainital, Uttarakhand
- Call Centre Toll-free Number: 1800 180 4031