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How can I apply for a Barclays Bank Loan Against Property? |
Call us on
– 1800 233 6565 (for MTNL and BSNL users)
– 6000 7888 (for private service users)
OR
Sms LAP <space> <your city> to 56161
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What are the purposes for which I can take a Loan Against Property? |
You can avail a loan for your business expansion, debt consolidation, your childs education, a marriage in the family etc. The disbursed amount cannot be used for any speculative / illegal purposes.
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Can I get additional funding against my property already mortgaged with Barclays Bank for a Loan against Property? |
If you already have a Loan against Property with Barclays Bank, you can apply for a top-up loan.
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What are the documents that I would need to submit when I apply for a Barclays Loan Against Property? |
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What is the minimum and maximum loan amount I can avail of? |
You can avail a minimum of 15 lakhs and a maximum of 5 crores against your property.
However, these amounts may vary according to your repayment capability, the value of your property, city in which the property is located and certain other factors, which may be decided by the Bank.
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Who can be applicants for a Loan Against Property? |
All individuals (only resident Indians), sole proprietorship firms, or Pvt. Ltd. companies can apply for a loan against property with Barclays Bank.
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What is the maximum tenure over which I can repay my loan? |
You can repay your loan upto a maximum tenure of 15 years. However, the tenure applicable on your loan will be as communicated to you in your loan sanction letter.
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What is the maximum funding I can get for my property? |
You can get up to 55% of your property value as a Loan against property. However, this amount may vary according to the bank's assessment of your repayment capability, the property being offered by you as collateral and certain other factors, which may de decided by the Bank. The maximum extent of funding you can avail of would be as mentioned on your loan sanction letter.
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Will Barclays Bank refund my processing fee if my loan doesn't get approved for any reason? |
If we are unable to sanction the loan to you, the processing fee paid by you shall be refunded after deducting INR 3,500 (plus applicable taxes) if the loan amount is less than INR 2 Crores and INR 5000 (plus applicable taxes) for loans above INR 2 Crores. No amount from the processing fee would be refunded if the loan gets sanctioned, even if you decide not to avail of the facility.
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How long will it take for my loan to get sanctioned? |
On receiving the completed application form with the necessary documents, we shall endeavour to process your loan application within 7 working days.
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What are my options for repaying the loan? |
You can re-pay your loan through either of the following options:
- Electronic Clearing System (ECS)
- Standing Instruction (SI) on your Barclays Bank account
- Post Dated Cheques (PDCs)
- Online EMI payment
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Can I make part-payments on my Loan Against Property account? |
Yes, you can make such payments by paying a fee as mentioned in the Schedule of Charges. Please note that you cannot make any such payments for the initial 6 months after the disbursal of your loan.
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Can I pre-close my loan before completion of the entire tenure I was sanctioned? |
Yes, you can do that provided you clear all your remaining arrears and the loan outstanding and pay a pre-closure fee as mentioned in the Schedule of Charges.
