A Fincare Small Finance Bank Mortgage Loan to meet your personal needs
A low-interest loan to consolidate your debts
Fincare Small Finance Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their residential or commercial 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 Fincare Small Finance Bank Mortgage Loan
Why this Loan?
- The Fincare 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
- Balance of transfer facility is also allowed which means that borrowers who have availed a loan against property from other banks can transfer it to Fincare Small Finance Bank subject to conditions
Loan Amount
- The maximum loan amount to be sanctioned under this loan scheme is Rs. 50 lakh
Repayment
- This loan must be repaid within 10 years
Interest
- As of October 2020, the interest rate applicable to this loan may range from 14.99% to 24.00%
Eligibility
- The applicants must be above the age of 18 years and residents of India
- The bank offers this loan scheme to salaried employees, self-employed professionals/non-professionals, proprietorship firms, partnership firms and private limited companies
Security Needed
- The bank asks for the first charge of equitable/registered mortgage of property
Processing Charges
- The bank charges up to 2.00% 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
- Fincare Small Finance Bank Website: www.fincarebank.com
- Headquarters: Bengaluru, Karnataka
- Call Centre Toll-free Number: 1800 313 313