Nivara Housing Finance Loan Against Property
Last Updated : Nov. 18, 2016, 12:32 p.m.
In life, we all have gone through our tough times when things were really out of our control. But, the time has gone when we had no option to come out of that phase. Nivara Housing Finance is here to provide loan against property to all owners of the property to be compulsorily co-applicants/borrowers, but no minor can be the borrower of this loan. Other than this, if the applicant is married and wants to get the loan from Nivara housing finance, the spouse has to be a mandatory co-applicant.
Nivara Housing Finance Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | Fixed – 22% per annum Floating – 21% per annum |
| Loan Amount | Rs. 35,00,000/- |
| Tenure | Up to 15 years |
| Processing Fees | 3% + Service Tax |
| Prepayment Charges | NIL |
| LTV (Loan-To-Value) ratio | Up to 60% |
| Repayment Mode | EMIs to be paid on monthly basis |
How to Apply
The borrower/s has to submit all the documents as mentioned above as per the eligibility along with the filled application form.
Loan Against Property EMI Calculator
EMI calculator is a tool that lets you know the total interest outgo, total amount and all the EMIs for the chosen loan amount. Here is one example for you:
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 35,00,000 | 21%-22% | 1 | 3,25,898-3,27,580 | 4,10,778-4,30,964 | 39,10,778-39,30,964 |
| 35,00,000 | 21%-22% | 2 | 1,79,850-1,81,574 | 8,16,395-8,57,765 | 43,16,395-43,57,765 |
| 35,00,000 | 21%-22% | 3 | 1,31,863-1,33,667 | 12,47,058-13,11,997 | 47,47,058-48,11,997 |
| 35,00,000 | 21%-22% | 4 | 1,08,380-1,10,271 | 17,02,237-17,93,021 | 52,02,237-52,93,021 |
| 35,00,000 | 21%-22% | 5 | 94,687-96,666 | 21,81,206-22,99,972 | 56,81,206-57,99,972 |
| 35,00,000 | 21%-22% | 6 | 85,876-87,941 | 26,83,071-28,31,784 | 61,83,071-63,31,784 |
| 35,00,000 | 21%-22% | 7 | 79,843-81,991 | 32,06,795-33,87,228 | 67,06,795-68,87,228 |
| 35,00,000 | 21%-22% | 8 | 75,534-77,760 | 37,51,219-39,64,939 | 72,51,219-74,64,939 |
| 35,00,000 | 21%-22% | 9 | 72,362-74,662 | 43,15,100-45,63,459 | 78,15,100-80,63,459 |
| 35,00,000 | 21%-22% | 10 | 69,976-72,344 | 48,97,130-51,81,269 | 83,97,130-86,81,269 |
| 35,00,000 | 21%-22% | 11 | 68,151-70,582 | 54,95,972-58,16,824 | 89,95,972-93,16,824 |
| 35,00,000 | 21%-22% | 12 | 66,738-69,226 | 61,10,278-64,68,583 | 96,10,278-99,68,583 |
| 35,00,000 | 21%-22% | 13 | 65,633-68,173 | 67,38,717-71,35,036 | 1,02,38,717-1,06,35,036 |
| 35,00,000 | 21%-22% | 14 | 64,762-67,350 | 73,79,992-78,14,725 | 1,08,79,992-1,13,14,725 |
| 35,00,000 | 21%-22% | 15 | 64,071-66,701 | 80,32,857-85,06,263 | 1,15,32,857-1,20,06,263 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 33,672-37,308 | 7,31,544-7,66,740 | 34,62,692-34,66,328 |
| 2 | 41,876-45,943 | 7,22,909-7,58,536 | 34,16,749-34,24,452 |
| 3 | 52,076-56,575 | 7,12,277-7,48,336 | 33,60,174-33,72,376 |
| 4 | 64,761-69,668 | 6,99,184-7,35,651 | 32,90,506-33,07,615 |
| 5 | 80,538-85,793 | 6,83,059-7,19,874 | 32,04,713-32,27,077 |
| 6 | 1,00,157-1,05,649 | 6,63,203-7,00,255 | 30,99,064-31,26,920 |
| 7 | 1,24,556-1,30,102 | 6,38,750-6,75,856 | 29,68,962-30,02,364 |
| 8 | 1,54,895-1,60,210 | 6,08,642-6,45,517 | 28,08,752-28,47,469 |
| 9 | 1,92,627-1,97,291 | 5,71,561-6,07,785 | 26,11,461-26,54,842 |
| 10 | 2,39,551-2,42,951 | 5,25,901-5,60,861 | 23,68,510-24,15,291 |
| 11 | 2,97,906-2,99,181 | 4,69,671-5,02,506 | 20,69,329-21,17,385 |
| 12 | 3,68,421-3,70,473 | 4,00,431-4,29,939 | 17,00,908-17,46,912 |
| 13 | 4,53,688-4,60,721 | 3,15,164-3,39,691 | 12,47,220-12,86,191 |
| 14 | 5,58,690-5,72,947 | 2,10,162-2,27,465 | 6,88,530-7,13,244 |
| 15 | 6,89,641-7,14,458 | 80,858 87,894 | 0 |
Eligibility Criteria
For Salaried
- Minimum age of 21 years at the time of loan application for borrowers where income considered
- Maximum age of 60 years at the time of loan maturity
- 2 Years of job experience with current Job stability of 12 months
For Self-employed
- Minimum age of 21 years at the time of loan application for borrowers where income considered
- Maximum age of 65 years at the time of loan maturity
- 2 Years of experience in business
Documents Required for LAP
| Nature of Document | Proof of Document |
|---|---|
| Name & Age Proof | Passport PAN Card Driving License Election ID Voter ID Aadhaar Card |
| Photo ID Proof | Passport PAN Card Driving License Voter ID |
| Address Proof of Residence | Ration Card Electricity Bill Telephone Bill Municipality tax receipt Property tax receipt Leave & License agreement Bank passbook/Latest bank account Aadhaar Card |
| Address Proof of Business | Current Utility Bills Property Tax Bills in the name of individual/firm Shop & Establishment License VAT Registration |
| Income Proof for Salaried Individuals | Latest Salary Slips Last 6 months bank statement For 16/IT Returns |
| Income Proof for Self-employed/Business Category | Income Tax Returns for Self and/or business entity for last 2 years Last 6 months bank statement Last 6 months current account statement Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules for last 2 years for the firm Any other income proof as indicated by Nivara |
Features & Benefits
- Loan from Rs. 3,00,000 to Rs. 35,00,000
- Tenure Period of up to 15 years
- Loan up to 60%
- Multi-purpose loan for personal needs like marriage, education, travelling, etc.
- Processing fee of 3% of the loan amount
- Interest rate ranging from 21% to 22% per annum
- Applicants from 21 years to 65 years
- Loan to salaried as well as self-employed
Nivara Housing Finance Loan Against Property Interest Rate
The housing finance limited, Nivara, offers loan against property at floating as well as fixed rate of interest. The floating and fixed rate of interest is 21% per annum and 22% per annum respectively.