Personal Loans
The most important thing to achieve success is to dream. And when you have a dream, the next challenge is how to achieve it. Loan Against Property helps you in fulfilling that dream.
So go on, while you make your plans, allow us to make sure they reach their heights.
In Loan against property the borrower needs to mortgage his/her property as a collateral security towards the loan. Collateral offered should be freehold (few banks lend against leasehold or power of attorney basis also). The property in case of loan against property can also be offered of the individuals which can be of directors / partners The best in its kind, (Loan against property) are also known as all purpose loan where one can use the funds to expand or start ones business, purchase/renovate a property, debt consolidation i.e. To consolidate multiple EMI's into one single loan, emergencies, education, plan a dream wedding, and the list goes on.
Loan against property are structured against residential & commercial properties and are funded upto a maximum of 75% of the market value of the property.
The Loan amount is determined by a credit check of the profile of the borrower & considering his repayment capacity . Nowadays there are various products of different banks where the borrowers can get a higher loan amount as compared to their income.
Features & Benefits
• Loans up to Rs. 15 crore*
• Tenor of up to 15 years
• Simple documentation
• Attractive interest rates
• Loan transfer
You can also transfer your existing loan against residential property from another bank to .
• Fees & Charges
• Processing fees
A processing fee of 0.50% to 1% will be applicable.
Pre-payment charges
There will be no pre-payment charges up to a maximum of 25% of your outstanding loan, once, every financial year.
A pre-payment charge of 4% shall be levied for amount in excess of 25%.
Products under Loan against property
1. Lease Rental Discounting:
These are loans where the loan is given to the borrower on the basis of monthly rental received by him against the property offered o be mortgaged. Banks take an installment equivalent to 90 percent of the net of the rental received every month & give a loan for the period for which. Rent deed/lease is executed.
2. Term Loan :
Here the borrower pays a fixed monthly installment towards the repayment of the loan . The longer the tenure the lesser the monthly installment borrower needs to pay.
Term loans are best for:
Long Period
Debt Consolidation
Any Personal Expense Such As Foreign Tour, Marriage or Children Education
3. Loan for Commercial Purchase (LCP) :
These are loans which the borrower takes for the purchase of a commercial property. These loans are given against the mortgage of the property the borrower wishes to buy. These loans are generally capped upto 50 to 60 percent of the market value or 65 – 100 percent of the registry value of the property which ever is lower.
• LCP are best for:
Individuals, Companies Who are looking to expand their business by opening more showroom or office space/outlets.
Investors who are foreseeing the appreciation in a particular property.
4. Dropline Overdraft Facility:
This is a new generation overdraft facility in which both the features of Term Loans & Overdraft Facility, are available. these limits can be for a period of 10 years where the drawing power of the borrower is reduced on month on month basis. These limits do not have a yearly renewal charge but it has a one time processing fees. These are only offered to self employed persons or companies. DOD are best for Manufactures, traders & retailers where booking capital requirement is needed for day to day transactions.
DOD's don't require a charge to be made on your stocks book debts, it also not requires any quarterly or half yearly audits of the stock
