Avail Customized Loan Against your Commercial Property
Do you own any residential or commercial property you would like to put to use? If you need to raise funds for personal or business purposes, you can do the same with your commercial property. Loan against commercial property is a quick and hassle free form of borrowing to fulfill your purpose. Banks and Financial Institutions offer loans at a low interest rate and a long repayment tenure. With the flexibility of the prepayment of your loan, you can ensure that your business functions uninterrupted at all times.
Before you take a loan against property, it is advisable to know that you should have a consistent flow of income so as to be able to pay the EMIs on time. In case you are unable to repay the loan, you could lose your property to the Bank. The eligibility criteria for loan against commercial property varies from institution to institution. But it is important that the applicant has a business or employment and owns a property. The eligibility for the loan requires a minimum age of 25 years and the applicant should be salaried, a manufacturer or a trader. For an applicant to seek for a loan against property, it is extremely important to have complete documents of the property. The property should not be older than 50 years and should have a minimum value of Rs.50 lac.
After the applicant approaches the Bank or Financial Institution for the loan, the lenders will verify the documents and seek for valuation of the property. The property is to be mortgaged to the Bank, hence the bank will require a valuation of the property to determine the market value. The loan amount will be determined based on the market value of the property. An amount of 60% of the value of the property is approved as a loan amount. The maximum loan amount sanctioned could be 80% of the property value, but this depends on the age of the property and the profile of the applicant.
This form of financing is secured and offers a loan to individuals as well as businesses. If you have an idle property that you want to put to good use, you can raise finance by seeking a loan against your property. This way, you will be able to generate finance for your business or personal needs and also make use of the property. The entire process of loan application to approval is quick and transparent. It is advisable for you to compare the interest rates offered by the Banks and Financial Institutions across the sector. Loan against commercial property is a preferred loan option for many businesses due to the access and the easy options for repayment. It offers customized solutions as well, and aims to cater to the growing needs of finance for every type of business. You can also apply for a loan on your residential property using the same application and documentation process, it is a quick and hassle free form of finance.
Before you take a loan against property, it is advisable to know that you should have a consistent flow of income so as to be able to pay the EMIs on time. In case you are unable to repay the loan, you could lose your property to the Bank. The eligibility criteria for loan against commercial property varies from institution to institution. But it is important that the applicant has a business or employment and owns a property. The eligibility for the loan requires a minimum age of 25 years and the applicant should be salaried, a manufacturer or a trader. For an applicant to seek for a loan against property, it is extremely important to have complete documents of the property. The property should not be older than 50 years and should have a minimum value of Rs.50 lac.
After the applicant approaches the Bank or Financial Institution for the loan, the lenders will verify the documents and seek for valuation of the property. The property is to be mortgaged to the Bank, hence the bank will require a valuation of the property to determine the market value. The loan amount will be determined based on the market value of the property. An amount of 60% of the value of the property is approved as a loan amount. The maximum loan amount sanctioned could be 80% of the property value, but this depends on the age of the property and the profile of the applicant.
This form of financing is secured and offers a loan to individuals as well as businesses. If you have an idle property that you want to put to good use, you can raise finance by seeking a loan against your property. This way, you will be able to generate finance for your business or personal needs and also make use of the property. The entire process of loan application to approval is quick and transparent. It is advisable for you to compare the interest rates offered by the Banks and Financial Institutions across the sector. Loan against commercial property is a preferred loan option for many businesses due to the access and the easy options for repayment. It offers customized solutions as well, and aims to cater to the growing needs of finance for every type of business. You can also apply for a loan on your residential property using the same application and documentation process, it is a quick and hassle free form of finance.
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