Bandhan Bank Loan Against Property
Last Updated : July 5, 2017, 11:18 a.m.
About Bandhan Bank Loan Against Property
Loan against property is one such loan where you can use your commercial or residential property and get your unforeseen needs fulfilled. Bandhan Bank mortgage loan is customer-friendly with minimum documentation and quick loan approval.
Loan Against Property
If a person is in need of money, taking a loan is the first thing that comes to his/her mind. Whether it is for clearing off old debts, buying a new car, starting a new business, child’s marriage or any other need, a loan can help you get out of it all. The loan against property of Bandhan Bank is available at low-interest rates and processing fee of only 1% of the loan amount.
Bandhan Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 10.00% - 13.50% |
| Loan Amount | As per individual's eligibility |
| Tenure | Not specified |
| Processing Fee | 1% of the loan amount + applicable taxes or a minimum of ₹5,000 + applicable taxes |
| Foreclosure Charges | NIL |
How to Apply
The procedure to apply online for Bandhan Bank loan against property is very simple. The individual has to have all the documents as per the eligibility along with the filled application form and submit it to the nearest bank branch.
Bandhan Bank Loan EMI Calculator
EMI calculator is the tool that lets you know the monthly installments for the tenure of your loan. In this calculator, you have to mention the interest rate, tenure period and the loan amount. The amortization table will show the total interest and total balance for the last year of your tenure.
Let us take an example that you are taking a loan of ₹15,00,000/- against your commercial or residential property at the interest rate of 12.5% per annum for the tenure period of 15 years. The EMI for the last month of the tenure period according to the EMI calculator is ₹18,488/-. For the detailed information, you can go through the table here:
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in ₹) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in ₹) | Total Interest Outgo (in ₹) | Total Amount (Principal + Interest) (in ₹) |
|---|---|---|---|---|---|
| 15,00,000 | 12.5% | 1 | 1,33,624 | 1,03,492 | 16,03,492 |
| 15,00,000 | 12.5% | 2 | 70,961 | 2,03,063 | 17,03,063 |
| 15,00,000 | 12.5% | 3 | 50,180 | 3,06,496 | 18,06,496 |
| 15,00,000 | 12.5% | 4 | 39,870 | 4,13,760 | 19,13,760 |
| 15,00,000 | 12.5% | 5 | 33,747 | 5,24,814 | 20,24,814 |
| 15,00,000 | 12.5% | 6 | 29,717 | 6,39,607 | 21,39,607 |
| 15,00,000 | 12.5% | 7 | 26,882 | 7,58,076 | 22,58,076 |
| 15,00,000 | 12.5% | 8 | 24,793 | 8,80,148 | 23,80,148 |
| 15,00,000 | 12.5% | 9 | 23,201 | 10,05,743 | 25,05,743 |
| 15,00,000 | 12.5% | 10 | 21,956 | 11,34,771 | 26,34,771 |
| 15,00,000 | 12.5% | 11 | 20,963 | 12,67,135 | 27,67,135 |
| 15,00,000 | 12.5% | 12 | 20,158 | 14,02,732 | 29,02,732 |
| 15,00,000 | 12.5% | 13 | 19,496 | 15,41,453 | 30,41,453 |
| 15,00,000 | 12.5% | 14 | 18,948 | 16,83,184 | 31,83,184 |
| 15,00,000 | 12.5% | 15 | 18,488 | 18,27,810 | 33,27,810 |
Amortization Table
| Year | Principal (in ₹) | Interest (in ₹) | Balance Amount (in ₹) |
|---|---|---|---|
| 1 | 36,394 | 1,85,462 | 14,63,606 |
| 2 | 41,213 | 1,80,643 | 14,22,393 |
| 3 | 46,671 | 1,75,185 | 13,75,722 |
| 4 | 52,853 | 1,69,003 | 13,22,869 |
| 5 | 59,848 | 1,62,008 | 12,63,021 |
| 6 | 67,775 | 1,54,081 | 11,95,246 |
| 7 | 76,750 | 1,45,106 | 11,18,496 |
| 8 | 86,912 | 1,34,944 | 10,31,584 |
| 9 | 98,420 | 1,23,436 | 9,33,164 |
| 10 | 1,11,453 | 1,10,403 | 8,21,711 |
| 11 | 1,26,211 | 95,645 | 6,95,500 |
| 12 | 1,42,922 | 78,934 | 5,52,578 |
| 13 | 1,61,849 | 60,007 | 3,90,729 |
| 14 | 1,83,280 | 38,576 | 2,07,449 |
| 15 | 2,07,639 | 14,309 | 0 |
Eligibility Criteria
The eligibility for loan against property from Bandhan Bank are as follows:
- Salaried Individual
- Self-employed Professionals
- Self-employed Non-Professionals
- Minimum age of 23 years
- Maximum age of 65 years or retirement age
Documents Required for Bandhan Bank Mortgage Loan
The documents that you must have if you are planning to get mortgage loan from Bandhan Bank are as follows:
- Identity Proof (Voter ID/PAN Card/Adhaar Card/Driving License, etc.)
- Address Proof (Voter ID Card/Adhaar Proof/Driving License/Ration Card, etc.)
- Income Documents
- Last 6 months bank statements
- Repayment Track of existing loans, if any
- Property details
Bandhan Bank Loan Application Form
The details that are mandatory to be filled in the application form are as follows:
- Name of the applicant/s
- Address proof
- Birth certificate
- Income proof
- Business proof
- Purpose of loan
- Processing fee
- Repayment mode
- Tenure period
Bandhan Bank Loan Against property Interest Rate
The interest rates applicable on loan against property depends on the loan borrower and his/her profile. The interest rates are fixed as well as floating as per the bank’s policies.
Bandhan Bank Mortgage Loan Processing Fee
The processing fee on loan against property or mortgage loan is 1% of the loan amount.
Features & Benefits
Some of the main advantages of taking Bandhan Bank mortgage loan are:
- Low processing fees
- Interest rates as per the individual
- Loan amount depending upon the eligibility criteria
- High tenure period
- Easy loan approval
- Minimum documentation
Bandhan Bank Customer Care
For any query related to any kind of loan, you can call on the toll-free number: 1800 258 8181