Loan Against Property – FAQ’s
Repayment is typically done through Equated Monthly Installments (EMIs) via NACH/e-Mandate, auto-debit from your bank account, or post-dated cheques. You can also make part-payments or prepayments through our customer portal.
You can apply online through our official website, download our mobile app, or visit our nearest branch. You will need to submit your basic details, property documents, and income proof for evaluation.
Yes, as the name suggests, a residential or commercial property owned by you must be mortgaged as collateral or security to avail of this loan.
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month, comprising both the principal amount and the interest.
You can provide a self-occupied or vacant residential property, commercial property, or alternate properties like industrial units or plots, subject to the lender's policy. The property should be free from any legal disputes.
Immediate family members such as a spouse, parents, or adult children can be co-applicants. It is mandatory for all co-owners of the mortgaged property to be co-applicants in the loan.
NACH (National Automated Clearing House) is an electronic payment solution that facilitates high-volume, repetitive transactions. It is used to automatically deduct your EMIs from your bank account on a scheduled date.
Yes. A longer tenure results in a lower EMI but increases the total interest paid over the life of the loan. A shorter tenure increases your EMI but significantly reduces the overall interest burden.
LTV stands for Loan-to-Value ratio. It represents the percentage of the property's market value that can be given as a loan. Typically, you can avail an LTV of up to 60% to 75%, depending on the property type and lender policies.
You can easily download these documents by logging into our customer portal or mobile app using your loan account details. Alternatively, you can place a request through customer care or by visiting a branch.
Your original property documents are typically handed over within 10 to 15 working days after the final closure amount is credited, and the loan account is officially marked as closed.
E-Mandate
E-mandate is a digital payment facility authorized by the RBI that allows you to give standing instructions to your bank to automatically debit recurring payments (like your loan EMIs) from your account.
Once you authorize an e-Mandate using your debit card, net banking, or UPI, the designated EMI amount is automatically deducted from your linked bank account on a predetermined date every month and transferred to the lender.
The maximum limit depends on the mode of authorization. UPI autopay generally supports up to ₹1 Lakh per transaction (varies by bank), whereas Net Banking and Debit Card limits can be set much higher during registration.
UPI AutoPay allows you to set up recurring payments using any UPI app. You authorize a mandate request using your UPI PIN once, and subsequent EMI payments are deducted automatically on the due date without needing manual approval.
Setting up an e-Mandate is generally free of cost for the customer. However, your bank may levy bounce charges if an auto-debit fails due to insufficient funds in your account.
The e-mandate registration is completely digital and usually happens instantly or within a few minutes upon successful verification via OTP or UPI PIN.
Under current NPCI guidelines, the maximum limit for recurring payments via UPI AutoPay is up to ₹1,00,000 per transaction for loan EMIs, subject to your specific bank's policies.
Yes, it is highly secure. It is governed by NPCI and RBI guidelines, requires strong authentication (like a Net Banking login or UPI PIN), and limits deductions strictly to the authorized amount.
Yes, you can cancel an e-Mandate through your bank's net banking portal, mobile app, or UPI app. However, if a loan is active, you must provide an alternative payment method to avoid defaulting on EMIs.
Modifying an existing mandate (like changing the bank account) usually requires canceling the current mandate and setting up a completely new one with the updated details.
You can track payments by checking your bank account statements, viewing the transaction history in your UPI app, or by logging into your loan provider's customer portal.
If your account lacks sufficient funds on the EMI due date, the transaction will bounce. Your bank will levy a mandate bounce charge, and the lender will charge a late payment penalty.
The registration process is typically free. However, mandate bounce or failure due to insufficient funds will attract penalty charges from both your bank and the lending institution.