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Loan Against property
If you own a commercial, residential or special-use property, it’s an asset that could serve as collateral for a loan(Loan Against Property).Loan Against Property can be obtained by any person or Organization/Business that owns a property.
Loan Against Property can be used for expansion of your business, Working capital requirements, machinery purchase, miscellaneous business expenses, Debt consolidation or for medical emergencies. You can easily get the loan you need through the mortgaging of your property.
Loan Against Property (LAP) will help you achieve your goals. LAP can be utilized to meet business or personal needs. It is not necessary to sell your property, it can be used as collateral when lenders offer you the necessary amount of loan. Loan Against Property is one of the most effective methods to raise funds. It provides a large amount of loan, a lower interest rate, and a flexible loan term. Furthermore, you can make use of our attractive deals to meet your financial requirements, without hassle.
Loan Against Property Features
We at MSME Finserv will guide you for selecting the best lender for your requirements at the best rates possible. We will also guide you for documentation and application processes of the lending institutions. Both salaried employees as well as business professionals/ self-employed persons who have commercial, residential or a special-purpose property that is registered in their names can apply and enjoy the comfort of EMIs/Dropline Overdrafts with a loan term upto 15 years.
High Loan Amount
High Loan Amount Based on the worth of the property offered as collateral MSME Finserv lets you avail an amount that is high in terms of up to 15 crore at the best available rate of interests.
Flexible Loan Tenure
Loan against Property has a longer time period for the loan, with a term that can be between 5 and 15 years meaning you will pay less EMIs
Loan Transfer
MSME Finserv will guide you to transfer your current Mortgage Loan and any Loan Against Property with other financiers making use of the Loan Against Property Balance Transfer facility.
Attractive LAP With MSME
Attractive LAP With MSME Finserv you can take advantage for Loan against Property with an interest rate that are best in the industry.
Nature of Properties with MSME
Nature of Properties with MSME Finserv you can check for mortgage of residential, commercial , Industrial or warehouse properties
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FAQs Loan Against Property Eligibility
Q1. What is Loan against Property?
Any loan which is availed against any eligible immovable asset (Property). The proceeds of such a loan can be used for both personal and business purposes.
Q2. What types of properties can be considered?
Any residential, commercial, industrial or in some cases special use properties can be considered.
Q3. How much loan can be availed against a given property?
The loan to Value (LTV) differs against property types and their occupancy status. The maximum possible LTV is offered against self-occupied residential properties. The maximum possible LTV I any case will not exceed 70% of the market value of the said property.
Q4. Can co-applicants be added to the loan application?
Yes, co-applicant can be added to the loan structure at the time of applying and their income can be clubbed together for the .purpose of loan calculations.
Q5. What are the processing fees for such a loan?
Processing fee for loan against any property varies from bank to bank and is generally around 1 percent plus taxes.
Q6. How is the rate of interest on loan against property calculated?
Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment – EMI) is much lower as compared to the interest on annual reducing balance.
Q7. What is the tenure of the loan?
Loans against property have a maximum tenure of 15 years subject to fulfillment of all the lending conditions of the respective lenders.
Q8. What is an EMI?
You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.
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Loan Against property Document requirements
1) Income Documents – General and can vary from one institution to other *
- KYC Documents of applicants and Co-applicants –PAN Card Copy, Aadhar card copy, address proofs of the establishments/ residence.
- Salaried – For salaried the following documents are required to be submitted Salary Slips for last 3 months (6 months in case of some financial institutes) Form -16
- Property Documents –Copies of all the chain agreements along with the latest executed sale deeds, Society share certificates etc.
- Property Documents –Copies of all the chain agreements along with the latest executed sale deeds, Society share certificates etc.
*The said list of documents is for indicative purpose only and varies as per the respective cases and financial institutions.
Loan Against Property Eligibilty
Property Value – The property value (Market Value) of the property proposed as collateral. This value is ascertained by the financial institution for calculation along with the nature of the property.
Income Documents- To ascertain the EMI paying ability income documents needs to be submitted.
Other Important parameters the financial institutions generally based their calculations/eligibility
a) Age of the applicant and co-applicants at the time of loan maturity
b) Overall financial stability of the business/ salaried individual.
c) Business Vintage and the business segments in case of businesses.
CIBIL Score – CIBIL score/report is one of the important aspect to ascertain previous loan tracks and repayment history of the applicants as well as co-applicants.