Need help call : +91-8130700088
Contact Email : info@ourloanguru.com
Need help call : +91-8130700088
Contact Email : info@ourloanguru.com
If you find yourself in a need of earmarked funds towards your business expansion plan funds to meet the unexpected other personal expanses to deal with, unlock the potential of your own property and use it as a security and avail a loan against property. Loan against property has emerged as popular funding option for many due to the advantage of the relatively long repayment tenure (up to 15 years) by ensuring that the monthly repayment instalment is within your reach
10.05% Interest Rate
As the name suggests, Loan Against Property, (LAP) is a secured loan that is advanced by mortgaging a self-owned property with the lender. This loan is not only for the salaried, but also for self-employed professionals and businessmen. The lender does not restrict the use of the sum lent. Salaried people opt for mortgage loans to cater to expenses like the educational needs of their children, medical expenses, home renovation, and so on where as Business enterprises prefer the Loan against Property as collateral towards Business Loans and for procuring working capital requirements.
There are various types of Loan against Property i.e. Business Expansion Loans, Working Capital Overdraft/Drop-Line Overdraft Facility, Personal Expenses Mortgage Loan, Home Renovation, Lease Rental Discounting etc.. At OurLoanGuru, we research the entire options of mortgages for you and handpick the one that best suits your objectives.
Various factors go into the determination of your Loan Against Property eligibility. The basic rules for salaried people and self-employed people are the same.
| Age Limit | The minimum age of the borrower at the time of application of the HL should be 21. The age at the time of maturity should generally be 65 years. Some banks stretch this limit to 70 years. |
| Income | Income of the multiple members in blood relations can be clubbed either they are salaried or self- employed |
| Turnover | Rs. 250,000 p.a. should be the minimum annual income |
| Continuity of Employment/Business | You should be at least 2 Years of job continuity. In case you are Self-employed businessmen and professionals, the continuity of business and income is the most critical |
| Current Obligations | Pre-existing monthly instalments play a vital role in calculating Loan Against Property |
| Credit History | This is the most crucial eligibility factor. The repayment track record of the applicant is of utmost importance. A credit score of 650 or above is typically considered good score. The better your credit score, the higher are your chances of getting a Loan Against Property. |
| Value of the property | The value of the property you purchase is important. Banks usually finance up to 55% - 80% of the value of the property. It is also known as LTV or Loan to Value Ratio. |
| Legality of the property | The legality of the property is one of the critical eligibility criteria of getting Home Loan. prime security for any Loan Against Property is a mortgage of the land and building they have financed so it must be able to be mortgaged as per the rules of the respective registering authorities. |
| Who Can Apply | Salaried persons, self-employed professionals, and self-employed persons are eligible to apply for a Loan Against Property. |
The following are the common documents required for a Home Loan:.
Yes! Some banks structure Loan Against Property either as a Term Loan with an EMI repayment option or as a Drop-line Overdraft Facility..
. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant on the loan. You may also consider adding your spouse or parents or children as co-applicants to boost the eligibility on your loan
Yes, Bank provides Loan Against Property for NRIs.
. From the day an application is being given, banks usually take about 4 – 5 working days to disburse the loan. This is subject to complete information & documentation given at the time of the application