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Nainital Loan Against Property Interest Rate Calculator - Apr 2017

Last Updated 28th Apr 2017

Nainital Bank Loan Against Property Interest Rates

Interest Rate 14.75% - 14.75%
Check Best Offers
Lowest EMI Rs. 1,598 per lakh
Max Tenure 10 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Loan Against Property @ 9.25%*
Rs.
Rs.
+91

Nainital Bank Loan Against Property

Nainital Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 60% of the market’s value for tenure of 10 years.

Loan Against Property Nainital

Loan Against Property interest rates offered by Nainital Bank depends upon MCLR

  • Floating rates changes with a single change in Nainital Bank MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates

Nainital Bank offers Property Loan based on 1 Year MCLR which is currently 8.60%

Nainital Bank mortgage loan interest rate depends upon
  • Loan amount: Nainital Bank mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Nainital Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Nainital Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Nainital Bank allows prepayment of loan against property with Own sources- Nil, Refinance- 2% prepayment charges

Processing Fee - Nainital Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

Nainital Loan Against Property EMI Calculator

Loan Against Property EMI of Nainital Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure

  • Nainital Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Nainital Loan Against Property EMI?
  • Nainital Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Nainital Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Nainital Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Nainital Bank

Eligibility of Loan Against Property in Nainital Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Nainital Bank offers loan against property for a maximum tenure of 10 years if the borrower’s age does not exceed above 65 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Nainital Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Nainital Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Nainital Bank gives maximum LTV of 60% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Nainital Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Nainital Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Nainital Bank gives you a maximum tenure of 10 years for a maximum loan amount of Rs.50,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings

Nainital Bank Floating Rate Loan Against Property

Nainital Bank Loan Against Property Floating
Upto Rs. 2,500,000 - 14.75%
Rs. 2,500,001 - 7,500,000 - 14.75%
Rs. 7,500,001 - 15,000,000 - 14.75%
Above Rs. 15,000,000 - 14.75% linked to 1 Year MCLR

Nainital Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Nainital Bank?

Nainital Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Nainital Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property Nainital documents required

Loan Against Property for Salaried employee Nainital Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed Nainital Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from Nainital Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation

Frequently Asked Questions

What are the five things to check before applying for loan against property in Nainital ?
  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Nainital Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Nainital Bank and other banks and all EMI's have been paid. Note that Nainital Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Nainital Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available
Will Nainital mortgage loan interest rate remain fixed or will it change in future?
  • Floating interest rate on Nainital Bank property loan is linked to its 1 Year MCLR, which is currently 8.60%. So, when Nainital Bank offers a loan against property at 14.75%, it applies a 6.15% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Nainital Bank, its past trend and comparison with RBI repo rate are given here for your reference
Are prepayment or foreclosure charges applicable on Nainital loan against property?
    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Nainital Bank Loan Against Property in India

Nainital Bank Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Gurgaon 05946-2501520
Goa 05946-2501520
Ghaziabad 05946-2501520
Gandhinagar 05946-2501520
Faridabad 05946-2501520
Durg 05946-2501520
Delhi 05946-2501520
Dehradun 05946-2501520
Coimbatore 05946-2501520
Cochin 05946-2501520
Chennai 05946-2501520
Chandigarh 05946-2501520
Bikaner 05946-2501520
Bhubaneswar Cuttack 05946-2501520
Bhopal 05946-2501520
Bhiwadi 05946-2501520
Bhilwara 05946-2501520
Bhilai 05946-2501520
Bangalore 05946-2501520
Aurangabad 05946-2501520
Anand 05946-2501520
Ambala 05946-2501520
Ahmedabad 05946-2501520
Agra 05946-2501520
Greater Noida 05946-2501520
Guwahati 05946-2501520
Gwalior 05946-2501520
Indore 05946-2501520
Hyderabad 05946-2501520
Jaipur 05946-2501520
Jabalpur 05946-2501520
Jalandhar 05946-2501520
Jodhpur 05946-2501520
Kanpur 05946-2501520
Kolhapur 05946-2501520
Karnal 05946-2501520
Kolkata 05946-2501520
Kota 05946-2501520
Kozhikode 05946-2501520
Lucknow 05946-2501520
Madurai 05946-2501520
Ludhiana 05946-2501520
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Nainital Loan Against Property News - Apr 2017
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