Loan Against Property

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    What is a Loan Against Property?

    In a Loan Against Property (LAP) or Mortgage Loan a borrower can use any self-owned immovable property – piece of land or a constructed residential, commercial and industrial property as collateral to borrow funds from a Bank / NBFC. Borrowers can use the credit amount to fund a child’s education, medical expenses, start a business, business expansion, investment in another property, and debt clearance.

    The value of the property plays a crucial role in determining the loan amount eligibility. Most lenders extend up to 80% of the property’s market value as the maximum credit available to the applicant, at competitive interest rates. Borrowers are required to repay the loan in regular EMIs over an agreed-upon tenure, usually up to 30 years.

    Why choose OneNDF for a Loan Against Property


    • Pioneers in video-conferencing & digital consultation.


    • Seamless Customer Experience


    • Lending Uncomplicated


    • Disbursement Simplified

    Pioneers in video-conferencing & digital consultation.
    We are using Combinatorial technology; a unique combination of conventional & contemporary loan process. Our platform will empower you to negotiate with multiple Loan Officers in one window at one time; saving you time, efforts and most importantly MONEY. It will lead to higher productivity & transparency for all the stake-holders (Loan Officer, Consultant and the Customer).

    Lending Uncomplicated
    Through our platform; you can clear all your queries with the Loan Officers directly without having to meet them in-person. Our Omnichannel platform will safeguard critical information from being lost in transition; also saving your precious time for multiple discussions.
    At OneNDF; our Home Loan Pundits are equipped to evaluate and present to you top 5 Lending Banks / NBFCs (using our proprietary software) to evaluate from our exhaustive list of Lending Partners. It will automate you to decide which bank to go with to get the required loan product.

    Seamless Customer Experience
    Customers are our priority, and our motto is to make the entire loan process incredibly smooth by bringing clarity from the first day, for the main attributes of the loan application. You can experience our platform for complete transparency – in terms of Loan Product, Loan Amount, ROI, Processing Fee, Foreclosure Charges, Insurance and On-time Disbursement.

    Disbursement Simplified
    Our work does not end at just ensuring the file is processed in the Bank; we are with you at each step of the way. We will help you complete the entire process of Disbursement; ensuring the transaction is complete, property papers are submitted with the Bank;. In the entire process; we ensure that and the EMI debit form – NACH is dully submitted and updated with the Lender and the Bank (from where the EMI is deducted).

    Loan Against Property Fees & Charges

    Here are some common fees and charges pertaining to Loan Against Property:

    • Processing Charges

      Most lenders request a nominal fee as administration and processing charges to process your application.

    • Insurance Premium

      We recommend taking insurance for Loan Against Property; it safeguards your property and your family.

    • Pre-payment Charges

      You can understand all about prepayment or foreclosure charges by contacting your Loan Pundit. The charge varies across Banks and NBFCs, generally between 2% to 5%. As we are in your corner, we try to negotiate this on your behalf.

    • Late-payment fee or Check-Bounce fee

      If you cannot pay the EMI by the due date or your EMI cheque bounces, the lender will levy a penalty on the outstanding balance amount of your EMI.

    Loan Against Property Features and Benefits

    The major features and benefits of a Loan Against Property are:

    • Access to Substantial Credit This is one of the forms of Loan, a businessman can use to get substantial credit to fuel his business.
    • Guaranteed security Mortgaging property as a collateral makes the approval process uncomplicated and expeditious. It enables highly-qualified borrowers to get secured credit at competitive interest rates.
    • Balance Transfer Facility If you are not sure that the Current Rate of Interest of your loan is the best you should be getting; at OneNDF we will help you assess that and also get you the Best Rate of Interest that can be offered for a Balance Transfer. Let us bring down the monthly outflow of your EMIs; with that saving you can invest in other income generating assets
    • Overdraft Facility Many Banks and NBFCs offer borrowers the LAP OD / Dropline Overdraft facility to draw cash exceeding the agreed-upon loan amount. Interest is paid on the amount the borrowers withdraw and not the total Overdraft Loan Amount.

    With OneNDF’s Loan Pundits, you do not have to worry about eligibility and documentation, as they will guide you every step of the way. We are here to help you meet all the requirements for quick approval and to make the journey comfortable.

    The common LAP eligibility requirements among lenders are as follows:

    Eligibility Criteria Requirement
    Age Should be 21years at the time of application and up to 65 years at the time of the maturity of the loan.
    Resident Type Indian Citizen
    Eligible Property
    • Residential Property
    • Commercial Property
    • Industrial Property

    To know more about the Property Type; click here.

    Credit score Above 650
    Salaried Employees Self Employed Individuals
    Duly filled Application Form with Passport size Photograph Duly filled Application Form with Passport size Photograph
    Individual (s) KYC Individual (s) KYC / Company KYC
    Proof of Residence  Proof of Residence 
    Documents supporting the Income proof of an Individual.

    Bank Statements (salary account) – previous 6 months

    Documents supporting the Income proof of an Individual / Individual (s) / Company.

    Last 12 months bank statement for operative account both professional and business.

    Complete chain of the Property Documents  Complete chain of the Property Documents 
    Proof of Business Ownership 

     

    FAQs

    Any person or group of people who owns property, residential, commercial or industrial or insitutional, can apply for a Loan Against Property. You will need to establish clear ownership of the property against which you are seeking a loan.

    Yes, you can get tax benefits under Section 24-B of the Income Tax Act, 1961. Accordingly, if the borrowed amount is invested in purchasing another property, salaried individuals can claim tax benefits of up to Rs 2lakhs.

    The different property types considered under LAP are: Residential, commercial or industrial plot of land Constructed residential building or apartment Constructed commercial or industrial building Institutional properties like school, hospitals, nursing homes etc

    The maximum LAP that a person can avail is determined by lenders after reviewing the Credit profile of the Borrower and the market value of the property you will use as collateral.

    While it is highly advisable to get the property insured, it is not a mandatory requirement of the Reserve Bank of India or the Insurance Regulatory and Development Authority.

    Loan-to-Value ratio, better known as LTV, helps to determine the loan amount you can borrow against the appraised market value of the property.

    Yes, you can get a LAP if you own the property with relatives, if the relatives are co-borrowers to the loan. If your relatives do not agree to be co-borrowers, you are not eligible for a loan.

    Generally, the maximum tenure allowed to repay a Loan Against Property is 30 years. But, it can vary across Banks and NBFCs.

    Yes, you can definitely apply for that. The Bank will assess the value of the property as per current market scenario, assess your current portfolio, check repayment; and in case your requirement is befitting the risk and profile assessment, a property can possibly be released.

    Yes, you can avail Lease Rental Discounting. The Bank / NBFC may set up a Rental Escrow in the account where the rental is credit.

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