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Do you need funds to meet business / Personal expenditure?
Mortgaging existing property is a great way to get a loan at low-interest rates or for meeting any financial needs for emergencies, education, etc. This will allow you to meet your financial needs with ease through LAP, without actually selling your property.
Loan against property (LAP), are basically loans provided by banks against the security of one’s own property. LAP is designed to meet the financial needs of someone who already owns a house or multiple properties (commercial/residential/industrial) so as to get the best out of their assets. It is important to remember that the property which you are putting up for your loan should be free of any encumbrance (i.e. It is not given as security for any purpose or any other loan).
Banks provide LAP for both Salaried as well as Self-Employed individuals. The rates and loan amounts differ based on your property and your annual income.
Individuals apply for LAP for a variety of reasons. Some of the common ones are your child’s wedding, loans for new business ventures, second homes, vacations, medical treatment etc.
We can help you work out your financial needs by coordinating with banks and NBFC’s and assure you to take away all of your concerns with regards to documentation and work towards attaining speedy approvals with flexible repayment options through NBFC’s and Banks by helping you avail best deals for loans
Business Expansion Loans
Business entities can avail this facility for acquiring new machinery, purchase of plant, meeting working capital requirements, and invest in new technology or business. The lending banks require collateral in the form of property, residential, commercial, or industrial. Depending on the nature of the property available as collateral, the lending banks calculate the loan eligibility. For commercial properties, the LTV is around 55- 65%. In the case of industrial properties, the LTV reduces to 40-55% whereas the LTV in the case of residential property is in the range of 65-70%.
Working Capital Overdraft Facility
Banks sanction overdraft facilities against the property for meeting the day-to-day working capital requirements. Under such circumstances, the property is accepted as collateral. Lending banks estimate the amount of finance required based on the following figures:
1. Property value and nature of the property
2. Actual working capital requirement calculated as per the internal policies of the bank, usually the Projected Annual Turnover method.
Personal Expenses
Individuals can also avail Loan against the Property for personal expenses such as medical expenses, educational expenses, marriages, travel, as well as for purchasing consumer durables
Home Renovation
Usually, people do not avail this loan for renovating homes as there are separate schemes available at comparatively lower rates of interest. However, there can be circumstances when the borrower might have to resort to avail a Loan against Property for home renovation
Lease Rental Discounting
Some banks offer loans against the future rent receivables, especially in metropolitan and urban areas. One should note that the property that fetches the rent should also be mortgaged in favour of the bank. Banks usually finance in the range of 75% to 90% of the future lease/rent receivables. The tenure of such loans is shorter and should end before the expiry of the lease or the rental.
Flexible eligibility of loan for businessmen
You can avail loans against residential as well as commercial properties
Avail loan flexible offerings – EMI based loan or Overdraft facility available
Benefit of repayment through flexible loan tenure
Loans amounts ranging from Rs. 20 lakhs to Rs. 30 crores
Bankschoice loans Distribution Services , a one-stop-shop for all types of Loans, Credit Cards.
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