ING Vysya Bank Loan Against Property

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All About ING Vysya Bank Loan Against Property

 

Unique Features: ING Vysya Bank Loan Against Property

    1. Attractive Interest rates.

     2. Floating Rate loans linked to ING HPLR – Loan Against Property Prime Lending rate.

      3. EMI on a monthly reducing balance method.

Nil penalty on partial pre-payments*

 

Eligibility: ING Vysya Bank Loan Against Property

Resident Indian citizens can apply in their individual capacity:-

 1. Salaried employees aged 23 and above on application; and aged 60 or retirement age, whichever is sooner, at loan maturity.

 2. Self-employed professionals and businessmen above 25 years of age; and aged below 65 years, at loan maturity.

 3. Min. Net Monthly Income: Rs.10,000/= per month

 4. Min Loan Amount of Rs. 5 Lacs and Max Loan Amount Rs. 200 Lacs in all metros, Bangalore, Pune and Chandigarh. Customers located in all other cities where the bank provides Home Equity Loans can avail up to Rs. 1 crore.ING Vysya Bank Loan Against Property

 

Properties and Extent of Finance: ING Vysya Bank Loan Against Property

Bank will finance up to 60% of the cost / value.

 

Government Bodies include Urban Development Authority / Corporation / DTPA (District Town Planning Authority).

 

Fees: ING Vysya Bank Loan Against Property

 

Processing Fee

Up to 1.50% of the loan amount applied for and will be collected at the time of application.

Prepayment Charge

2% of amount prepaid.

Foreclosure Charge

2% of the outstanding balance.

 

Rate of Interest: ING Vysya Bank Loan Against Property

Home Equity Loans rate of interest is linked to ING HPLR – Loan Against Property Prime Lending Rate. The HPLR is subject to variation from time to time at the sole discretion of the bank.

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Mortgage of property by deposit of title deeds or as per the existing guidelines.

 

Guarantor wherever applicable.

 1. Application form duly filled in along with the processing fee cheque.

 2. One passport-size photograph of the applicant/co-applicants/guarantor in addition to the photograph affixed to the application form and signed across.

 3. Identification & Signature Proof: – Valid Passport/PAN Card/Photo Driving License /Photo Credit Card of a Scheduled Commercial Bank/Photo ID Card of Professional Councils, Government/PSU/Private Ltd., Companies/Banker’s Verification/Photo Ration Card/Photo Election ID Card.

 4. Proof of Residential Address Passport/Voter’s ID Card/Driving License/Ration Card/Telephone Bill / Gas Bill / Power Bill / Rental Agreement/Insurance Premium Receipt.

 5. Signature Verification certificate from the Bank on which PDC’s will be given.

 6. Proof of Date of Birth e.g., Birth Certificate/Passport/PAN Card/ Driving License/SSC Marks List/School leaving certificate/Insurance policy schedule.

 7. Income Documents for Salaried Individuals for ING Vysya Bank Loan Against Property:

         1. A brief write-up on the profile of business covering the nature of business activity, number of years in business, products / services, infrastructure, number of employees, branch network, if any, suppliers, distribution, buyers/clients, performance highlights, future business plans and assets.

          2. Income Tax Returns for the past 3 years duly certified by a Chartered Accountant and duly acknowledged by IT authorities.

          3. Certified copies of Audited Balance Sheets and Profit & Loss account statements for the previous 3 completed financial years, wherever necessary.

          4. IT Assessment Order for financial years for which assessment has been latest completed.

          5. State Sales Tax /Central Sales Tax Registration No. or any other certificate for licensing business

          6. Photocopies of Advance Tax payments.

          7. SOA (Statements of Account) of the Salary / Business account for the last 6 months from where PDCs will be issued.

          8. Any other document that may be required by the bank

 8.Min.3 months pay slips starting with the Latest Pay Slip duly authenticated by the Employer (the above to clearly indicate the break up of Gross Earnings, Deductions and Net Salary).

 9. Form No.16 with clear computation of income.

 10. Bank statement for the last 3 months, which is not older than 28 days from the date of login. At least 3 Salary credits to be evidenced in the Bank Statement.

 11. Bank Account Statements for all applicants for the last 3 months. 6 months in case of self-employed businessmen & professionals. (From where PDCs will be issued).

 12. Credit Card Statements of all applicants for the latest month.

 13. Loan account statements of all other existing loans.

 14. Any other document that may be required by the bank

 

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