Can NRIs avail loans against property?
Yes, most banks offer loans against property to NRIs, subject to verification of all documents.
Does one have to provide any security to avail this loan? If yes, what kind of security?
Yes, a loan against property can be availed only after attaching the property as security. The property so attached should have clear titles and should be free from encumbrance. It should not have any existing loan, mortgage or litigation which can impact the title of the property.
What is the maximum loan one can avail against property?
Most banks offer loans ranging from 40 “ 65% of the current market value of the property. Thus the loan amount depends entirely on the property in question.
What does the market value of a particular property mean?
The market value of a property refers to the estimated amount a particular property can fetch if it is sold at prevailing conditions.
Can loan against property be availed against property which is jointly owned by multiple individuals?
Yes, the loan can be availed if all the co-owners of the property become co-applicants for the loan.
Are self-employed individuals eligible for loan against property?
Yes, self-employed individuals can avail of this loan provided they have sufficient documents and repayment capacity.
Is prepayment of loan allowed?
Yes, the loan can be prepaid, subject to certain rules as stipulated by individual banks.
Does the property in question have to be insured?
Yes, most banks require the property to be insured before providing a loan.
How does one get back the property pledged as security?
The property pledged as security will be returned back to the owner once the entire loan amount is cleared and there are no pending dues.
Can a loan against property be availed against rented property?
Loan against property can be availed only against own property of the applicant.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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