Know About
Loan Against Property
Unlocking the hidden worth of your property is easy with a Loan Against Property (LAP). Small pleasures of life that you have been missing because of a lack of money can now be enjoyed. With this multiple-purpose loan, you have access to money whenever you need it. You can also use this loan to further your education, grow your business, or organise the wedding of your dreams.
-
Submission of an application form in its whole together with a photo.
-
submission of the necessary paperwork.
-
Internally conducted checks.
-
Interview with a bank representative in person.
-
Bank issues a sanction letter contingent upon title clearance and property appraisal.
-
Through our panel advocate, we cleared the title.
-
A panel appraisal of the property and a bank representative's examination.
-
Payment of the loan
-
A panel appraisal of the property and a bank representative's examination.
Features & Our Assistance
A loan with dual uses can be applied to both personal and corporate expenses.
Get the biggest loan possible based on your income.
Loan several kinds of property
100% of the property's worth may be financed.
Choice of up to 20 years of tenure
Low interest rates beginning at 6.9%
Less Complex Documentation
door-to-door services
cheapest processing costs
No additional fees
No post-loan complications
Loan Against Property Types
Loan against existing property
You may obtain a loan against any existing property you own. Depending on your needs, you may use this loan for personal or business objectives.
Commercial Property purchase Loan
This loan is for you if you're considering opening a new office or expanding your firm. For the purchase of commercial properties, we offer loans. We help you find new commercial real estate to accommodate the needs of your expanding company. We also provide loans for open industrial purchases and the purchase of industrial property. You may now develop hassle-free.
Lease Rental Discounting
By discounting the predicted rent on self-owned commercial property, cash can be raised. The ROI begins at 6.9%.
Balance Transfer & Top Up
You have the option to transfer the remaining balance of the loan you obtained from another bank using this facility. Additionally, you can use a Top-Up Loan to raise the loan amount.
Procedure
1. Submission of an application form in its whole with a photo. 2. The delivery of the necessary paperwork. 3. Internal reviews. 4. A face-to-face meeting with a bank representative. 5. Bank-issued sanction letter pending title clearance and property appraisal. 6. Title clearance with the assistance of our panel advocate. 7. A panel's appraisal of the property and a bank representative's visit. 8. Gathering pre-disbursement paperwork 9. Loan repayment
-
Who can avail a Loan against property?
Salaried Individuals
Any individual can avail this loan who is in permanent service in any government undertaking or any reputed private sector company. We also offer loans to salaried Non-Resident Indians (NRIs) working with reputed companies in select countries. Professionals: Doctors, architects, chartered accountants, cost accountants, practicing company secretaries, management consultants, and lawyers. Self Employed: Individuals like traders, distributors, manufacturers, service providers, etc.
Non-Individual Entities
Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies. -
I do not have documented financials, but I have the repayment capacity. Will I get a loan?
There are various options available under which we can offer you loans, i.e., income-based and surrogate income-based loans. We understand your business and can determine your loan eligibility accordingly. In Lease Rental Discounting, Your eligibility is computed based on the rentals that you receive against the property. Your EMI can be up to 70% of the gross rental income or 90% of the net rental income, whichever is lower.
-
What do I need to give as security?
The property you want to borrow will be kept as collateral security for the Loan. In Lease Rental Discounting, the tenant’s rent is payable directly into an escrow account with Financial Institution. The underlying leased property, commercial or residential property, will be taken as collateral. Only entirely constructed properties are eligible under this program.
-
Do I have the option of pre-paying the entire loan amount? What are the foreclosure charges?
Yes. There are no foreclosure charges for all individual borrowers in the case of floating rate loans. For all other borrowers, foreclosure Charges depend on the number of Installments Paid and Bank. It also depends on the type of Foreclosure, i.e., if you want to foreclose through your source of funds, then Foreclosure charges will be less, but you want to do a balance transfer, then foreclosure charges will be more. Foreclosure charges range from 0% to 5%.
-
Can I make part pre-payment?
Yes, banks generally provide the option of part prepayment. It varies from banks, and generally, it is up to 25% to 90% of the principal outstanding. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.
Eligibility And Documents Required
Eligibility requirements
Your eligibility is heavily influenced by the financial institution’s assessment of your ability to repay. When determining your eligibility, a variety of additional variables are taken into account, including your income, age, qualifications, number of dependents, spouse’s or co-applicant’s income, assets, liabilities, savings history, stability, property value, and continuity of employment.
Required Documents for Salaried
| Duly filled application | Documents |
|---|---|
| Identity Proof | Pan Card, Aadhar Card |
| Passport size photographs of all applicants | |
| Address Proof | Electricity bill |
| Latest form 16 and last 3-month salary slips | |
| Last 6 months bank statement of salary account | |
| Existing loans sanction letter/repayment track if any | |
| Processing fee cheque |
Sole proprietorship/ Partnership/ Pvt. Ltd Company
| Duly filled application | Documents |
|---|---|
| Identity Proof | Pan Card, Aadhar Card |
| Passport size photographs of all applicants | |
| Business proof | |
| Latest address proof/Business proof | |
| Last 2 years income tax return of firm/ company | |
| Last 12-month bank statement of main operating account of the firm | |
| Audited financials | |
| Certified copies of MOA /AOA / Partnership deed as applicable | |
| Professional qualification certificate if applicable | |
| Existing loans sanction letters/Repayment track record if any | |
| Copy of property papers | |
| Processing fee cheque |
A well-known business with a reputation for building futures is Banks Town. Banks Town is a top loan provider with over 10,000 clients and ten years of experience, offering doorstep services. One of our main services is to offer loans to SMEs for operating capital, loans for enterprises to expand, loans for machinery upgrades, loans for education, and loans for homes to help you realize your ambitions.
© Copyright Banks Town 2024. Designed and Developed by Webiz Square Software Solutions