Apply for Citi Bank Loan Against Property

Basically, the bank looks at your repayment capacity. For calculating the loan amount, your income, age, eligibility, number of dependents, the income of spouse, assets, liabilities, stability, and business continuity and savings history are taken into consideration. However, the loan eligibility generally does not exceed 60 percent of the market value of the property.

You can include your spouse as a co-applicant and as a result, more amount is borrowed. However, if the property is co-owned, all the co-owners must mandatorily be co-applicants.

The processing fee for a loan against any property varies from bank to bank and is generally around 1 percent.

Interest is calculated on the daily decreasing balance. Your monthly out-go (Equated Monthly Installment - EMI) is very less as compared to the interest on the annual reducing balance.