Have a property and want to start a new business by pledging that property?
Our team can help you get the best valuation of your possible and get maximum loan on it so that you can start your new venture easily.
2000+
50+
100%
8+ Years
Overview
Loan against your property is known as Mortgage loan. If you own a house you can give it up as collateral and get required finance for your business.
Loans are provided by the lender which is a financial institution such as a bank or a mortgage company. There are two types of loan widely offered to customer:
Fixed interest rate loan
Fluctuating/variable interest rate loan
Fixed interest rate loan: It is the type of loan where interest rate remains constant for the life of the loan.
Fluctuating/Variable interest rate loan: It is the type of loan where the interest rate is fixed for the period but then it fluctuates with the market interest rates.
Documents
Identity proof
Address proof
Copy of the documents of the property that is to be mortgaged.
Proof of business existence with at least a 5-year vintage (for self-employed applicants only)
Passport-sized photographs
Account statements for the last 6 months
Eligibility criteria
Loan Against Property Eligibility Criteria for Salaried Individuals:
Loan eligibility requirements for salaried individuals include:
He/she must be a residing Indian citizen
He/she must be in employment from atleast last 3years.
He /she shall have a stable source of income.
Note that the home loan qualifying requirements are only a guideline and may include additional requirements.
Loan Against Property Eligibility Criteria for Self-Employed Individuals:
Loan eligibility requirements for self-employed individuals include:
The applicant must be self-employed and have been with the current enterprise for at least 5 years.
He/she must be a residing citizen of India
Note that the home loan qualifying requirements are only a guideline and may include additional requirements.
Security required for lap
A loan against property are the most preferred secured loans in India as applicant are free to use the fund as they deem fit.
Provide any of the following as collateral for the mortgage loan:
Residential properties(Both self occupied or rented)
Commercial properties(Both self occupied or rented)
Residential plot without construction
Industrial property.
Process
01
The first step is filling the application form with all the relevant personal details.
02
The next step is to document submission.
03
Next comes the document processing and verification. In this step they will also conduct a credit enquiry to check your CIBIL score and credit report. Your loan application shall move to next step only if the the authority finds that the CIBIL score and credit rating is satisfactory.
04
You will receive the sanction letter after the successful completion of all the above steps. Sanction letter mainly contains the following details:
• Loan amount
• Rate of interest
• Tenure of repayment
• Type of interest rate
05
You need to sign the sanction letter and send it to the lender to accept their offer.
06
You need to pay one time secure fee after you sign the sanction letter.
07
The lender shall perform legal and technical check before disbursing your loan through their representative.
You will receive the final agreement after the lender has performed all their checks. Finally the loan get disbursed into your account.
Why Companies Trust Finaccle
Finaccle provides one-stop integrated Financial-Accounting-Legal solutions to its clients.
You get all Financial, taxation, Accounting and legal solution under one roof.
We are always Accessible, Approachable and Accountable.
We shall take relevant documents from you and apply for TCS registration on your behalf and then you can enjoy all the benefits of TCS registration.
Got a question?
We've got answers.
What is a mortgage loan (loan against property)?
It is a secured loan where you pledge your property to get funds for business or personal needs.
What types of properties can be used for a mortgage loan?
What factors affect mortgage loan eligibility?
What documents are required for a mortgage loan?
How does the mortgage loan process work?
Can Finaccle help me get a higher loan amount on my property?
Why should I take mortgage loan advisory from Finaccle?