Nainital Bank Loan Against Property

Loan Against Property

About Nainital Bank Loan Against Property

Nainital Bank Loan Against Property is a financial product with multiple benefits on offer. The bank has always been prompt and efficient while catering to varied needs of its customers. With the change in time, the financial needs of the customers has also changed immensely. Hence, this product is a highly preferred option by the customers as it is provided at economical interest rates and over relaxed loan tenures. Not only this, Nainital Bank has a relaxed eligibility criteria so as to choose the apt applicants. Read on to know more about this product!

Nainital Bank Loan Against Property Details:

Particulars Details
Interest RateAs per Bank's norms
Loan AmountAs per repayment capacity of the individual
Loan TenureAs per Bank's norms
Processing FeeAs per Bank's norms

Eligibility Criteria for Nainital Bank Loan Against Property

  • Age Limit: The applicant must be a minimum of 21 years old to be able to avail this credit facility.
  • Nature of Profession: The applicant can be a salaried professional or a self-employed individual.
  • Monthly Income: The applicant must have a decent and regular source of income to be able to repay the loan amount.
  • Nationality: The applicant must bear the nationality of India.
  • CIBIL Score: The applicant must bear a decent CIBIL score with no history of financial default.
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Nainital Bank Loan Against Property EMI Calculator

An EMI Calculator is one of the most beneficial banking tools used by the applicants. With this tool, one can easily determine the amount of monthly installments that are payable towards the repayment of the loan. Knowing about the EMIs and gauging whether they are affordable without hindering the current financial situations is of immense importance for every applicant. Hence, it is highly recommended for the applicants to ascertain the basic details of the loan such as the amount of EMI, the total interest payable and the total amount of the loan. All these details can be determined with the EMI Calculator without any hassles. The tool asks for the basic details of the loan such as the loan amount, the complete tenure and the interest rate. With the help of these details and the arithmetic formula used to derive the EMI, the tool takes almost no time to churn out the results. This saves a lot of time and effort of the applicant which would otherwise be wasted by visiting the bank branch time and again and performing heavy calculations.Now let us understand the function of this tool with the help of an example.

Take for example, that you wish to avail a credit facility against your property worth ₹ 10,00,000. The bank offers the interest rate of 10% on this amount for a tenure of 10 years. Now apart from calculating the EMI, you would also want to know the total interest levied on you by the bank during the tenure and the total amount that you would be paying in return. If you enter the above given values in an EMI Calculator, the device would churn out the following details:

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Monthly EMI: ₹ 13,215

Total Interest Levied: ₹ 5,85,809

Total Amount inclusive of principal and interest: ₹ 15,85,809

Take a look at the table given below for a better understanding of this tool. Here, you can know your EMI, interest amount and total amount payable on the amount of loan throughout the loan tenure.

Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

Amortization Schedule of Loan Repayment

Year Principal Interest Balance Amount

Documentation Required for Nainital Bank Loan Against Property

Income Documents

  • Salaried Professionals:
    • Payslip for the last 3 years,
    • Salary account bank statement for the last 6 months
    • Latest Form 16
    • other installments (EMIs)
    • number of credit cards owned along with their credit limits
  • Self-employed Individuals:
    • Latest 2 years ITR,
    • Financial Documents which would include P & L account, Balance Sheet, Schedules to Balance Sheet and Tax Audit report
    • Company Primary Current account statement for the last 6 months
    • other installments (EMIs)
    • number of credit cards owned along with their credit limits

KYC Documents

  • Pan Card, Driving License, Adhaar Card and/or Voter’s ID
  • Passport size photo

Proof of Employment/Business Continuity

  • Salaried Professionals:
    • Form 16 and/or Appointment letter not older than last 2 years
  • Self-employed Individuals:
    • Sales/Service Tax registration certificate and/or ITR not older than last 2 years

Features & Benefits of Nainital Bank Loan Against Property

  • Easy documentation
  • Online access
  • Attractive interest rates
  • Swift loan approval
  • Availability of maximum credit facility
  • Credit available for residential and/or commercial building property
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