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info@indoliyaassociates.com +91 07665900665 | +91 07665900666

Flexible Loan Eligibility

Loans value from Rs.10 Lakh to Rs. 5 Crore

Loans against commercial, residential or industrial property

Loan for your business as well as personal needs

Features and Benefits of our Loan Against Property

Secured Loan: The loan is secured against the value of your property. The property acts as collateral, reducing the risk for the lender. This generally leads to lower interest rates compared to unsecured loans.

Loan Amount: The loan amount is determined based on the value of the property you pledge. Generally, you can get a higher loan amount compared to personal loans or other unsecured loans.

Flexible Tenure: The tenure (repayment period) for a Loan Against Property is usually longer compared to other types of loans, often ranging from 5 to 20 years. This allows for lower monthly installments.

Multipurpose: The loan amount can be used for a wide range of purposes, giving you the flexibility to address various financial needs without any restrictions.

Improves Credit Scores: Successfully repaying a Loan Against Property can positively impact your credit score, as it demonstrates responsible borrowing behavior.

Mortgage Loan Eligibility Criteria

Nationality: You need to be a Citizen of India with documents to prove your claim.

Occupation and Income: Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.

Credit History: Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a Mortgage Loan.

Banking Relationship: Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.

Market Value of Property: Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.

Title of Property: Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.

Documents required to apply for Personal Loan

Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

Income Proof – 1 year Bank statement, 3 months Salary Slips

Employment Proof – Employment Certificate, Office address proof

Registration Certificate - GST or VAT Registration for Self-employed

Photograph – Passport-size photographs

Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Frequently Asked Questions

What is dropline OD in LAP?

A borrower can overdraw funds from their current account up to a certain limit, but at the same time the actual withdrawal limit of the overdraft reduces every month from the sanctioned limit.

Can I take Top- up in LAP?

Yes you can take Top-up from existing Bank as well as you can do a Balance Transfer in another Bank and take a Top up.

What are the benefits of LAP OD over regular LAP?

LAP OD offers flexibility, interest savings on utilized amounts, revolving credit, emergency funds, cash flow management, and business support.

What is a loan against property overdraft (LAP OD)?

LAP OD is an overdraft facility against your property’s value. It allows flexible fund withdrawal and repayment, similar to a credit card.

What can I use a loan against property for?

LAP funds can be used for diverse needs, including New Business expansion and growth, working capital, machinery purchase, medical emergencies, debt consolidation, and home renovations.

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