Loan Against Property Details
Loan Against Property- Overview
A Loan Against Property is secured form of loan that can be used to meet personal short to medium term financial as well as business needs. It is a secured loan and require collateral as security or a guarantor to avail the loan. Loan Against Property can be best used for multiple purposes such as for education, home renovation, electronic purchase ,travel, for marriage, in case of medical emergencies, for business purpose or debt consolidation and household expenditures.
Interest Rate Range: 8.25% to 12.00% (Annual Rate)
Tenure ( Repayment Period): 3 Years to 15 Years
Processing Fee : Upto 1.5% of the loan amount + GST
Though Loan Against Property Eligibility criteria varies between Financial Institutions.To ensure the same, they consider numerous factors before providing Loan Against Propertys:
1) Application form
2) Company bank statements for six months
3) Income Tax Returns for 2 years
4) Balance sheet and P&L accounts for 2 years
5) KYC documents of the company including PAN Card, Registration of Incorporation, Partnership deed, Memorandum & Articles of Association.
6) KYC documents of the owners
7) A report as to how the business loan intends to be utilised
