Financial Services
Financial Services
Financial solutions help individuals and businesses manage money effectively through services like budgeting, saving, investing, and debt management. These tools simplify financial decisions and support long-term goals, ensuring a secure financial future.
Loans are a key part of financial solutions, offering support for various needs. Personal loans handle unexpected expenses, home loans help purchase property, and business loans provide funds for growth. Education loans make higher studies accessible to students.
With flexible options tailored to specific needs, financial solutions empower people to achieve their goals. They provide stability and guidance for managing money and building a better future.
Our Providing Services & Excellence
Business Loan
A business loan is a financial product designed to help businesses secure funds for various purposes...
Loan Against Property
Loan against property allows individuals or businesses to borrow money by using an owned property...
New Car Loan
New car loan is a type of loan specifically designed to help individuals finance the purchase of a brand-new vehicle...
Used Car Loan
Used car loan is a type of loan designed to help individuals purchase a pre-owned vehicle. Similar to a new car loan,..
Working Capital Limit
A Working Capital Limit is a financial arrangement or credit line provided by a bank or financial institution to help a business...
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Learn More About Loan against Property
Loan against Property Details
Loan against Property (LAP) can be availed against the mortgage of a self-owned property for any personal or business purposes. The property acts as a collateral to support the finance provided by the lender. The margin for Loan against Property usually ranges from 50-90% of the value of the property (also known as LTV or Loan-to-Value).
Features and Benefits of Loan Against Property
Easy to get: LAP is a secured loan making it easier for lenders to offer money to the borrower as it is backed by collateral.
- Longer tenure: Usually banks sanction a LAP between Rs. 3 Lakhs to Rs. 100 Crores. It is the only loan facility other than the Housing Loan that allows banks to stipulate repayment period of up to 20 years.
- Lower interest rate: In comparison to Personal Loans, a LAP loan has a lower rate of interest. The reason is the security offered to the banks.
- Lower EMI: When you have longer tenure and a lower interest rate, the EMIs are bound to be lower.
- Flexibility: Various banks have flexible loan products in this category, including term loans, overdraft facilities, reverse mortgage, etc.
- Types: LAP can have various types, such as loan against residential/commercial property, loan against rent receivables, reverse mortgage, and so on.
- Tax benefits: You get benefits tax benefits if you avail a loan against property for home renovation purposes. Usually, customers go for home renovation loans if they have to carry out repairs to the same property to be mortgaged to the bank. You might carry out repairs to your home but avail a mortgage loan by mortgaging another property. Under such circumstances, you have to prove that the end use of the loan is for carrying out renovations to the property you reside in.
Loan Against Property Eligibility
Each lender has their own eligibility criteria for availing LAP. Below are some common criteria to be eligible for a mortgage loan:
- Age: Minimum 21 years and maximum 65 years.
- Profession: Both self-employed individuals and salaried persons with a regular source of income are eligible for a Loan Against Property.
- Joint applications: Co-applicants are permissible. Lenders can accept the income of the co-applicants for arriving at the eligibility.
- Ownership:
- The applicant should have unencumbered property in their name. The property can be residential, commercial, or industrial.
- Agricultural land is not acceptable as security for the loan.
- Many banks stipulate that the property should either be vacant or self-occupied.
- Some of the banks do not consider a property that is let out on rent or lease to third parties.
- Some lending institutions sanction loan against vacant residential plots
- Margin: The margin requirement for Loan Against Property can be 10% to 50% of the market value of the property.
- Current obligations: The take-home pay norms come into effect. Usually, one should have a take-home pay of 50% after accounting for all the EMIs including the proposed one for the Loan against Property. Hence, it is imperative for the borrowers to declare their current obligations.
- Credit history: The lending banks are members of CIBIL (Credit Information Bureau (India) Limited). They can pull out the records from CIBIL to determine your credit score. Usually, a credit score in the range of 600 and above is acceptable.
FAQs
✅ Can I get a mortgage loan with bad credit?
Yes. Being a secured loan, your application can be approved with a low credit score as well. You can also co-apply for the loan with your earning spouse or other co-applicants.
✅ What is the process of Mortgage loan?
- Fill in the application form and submit it along with the required documents.
- Lenders will verify all the details.
- The property to be mortgaged will be evaluated by the lender.
- After evaluation and your eligibility check, your application will be approved if you are eligible.
- You will receive the loan agreement.
- If you agree with all the terms and sign the document, the loan amount will be transferred to your account within a few days.
You can also check mortgage loan interest rate
✅ How to get a loan against property without income proof?
- Elaborate your income to the lender.
- Maintain a high average monthly balance in your savings bank account.
- Opt for a lower loan-to-value (LTV).
- You can also consider Peer-to-Peer lending alternatives.
- Apply with a co-applicant.
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