Loan Against Property
Loan Against Property in Ahmedabad
Loan Against Property in Ahmedabad, issued by banks against the security of a person’s own property are known as Loan Against Property (LAP). LAP was created to help people who currently own a home or several homes satisfy their financial demands and maximize their assets. It’s crucial to keep in mind that the property you are using as collateral for your loan should be clear of any encumbrances.
Mortgage Loan in Ahmedabad
Banks offer LAP to both salaried and self-employed customers. Depending on Customer’s income and Property valuation, eligible loan amt and ROI may be different. Ideally, LAP (Mortgage Loan in Ahmedabad) can be availed for the Home renovations, debt consolidation and for working capital requirements. LAP loan is typically available for 3 to 15 years.
Feature & Benefits of LAP
- Lowest ROI compare to Other unsecured loans.
- Repayment tenure upto 15 years, EMI would be lower than any of unsecured loan (Business loan).
- Max Top up for+ Home Renovation, Home extension and working capital requirement etc.
- Consolidate your debts, such as your credit card bills or any other loans, to ease the strain of higher EMIs.
- Transfer or switch your higher ROI loan to a bank or NBFC with a lower ROI.
- Over draft facility available in LAP loan- Interest will be charged in utilized amount only.
Type of Loan Against Property
- Term loan based LAP-The EMI would be fixed for the specified period or time during the Entire Tenure of loan
- OD based LAP-The EMI would be flexible and you need to pay monthly Interest on money utilized only.
Minimum Criteria Requirement for LAP
- Age of 23 and CIBIL score of 650+ are basic requirements.
- For salaried circumstances, a person should be employed by a Pvt Ltd, Ltd, LLP, Partnership firm, or sole proprietorship.
- A person shouldn't have missed or defaulted on any EMI payments in the previous 12 months.
LAP ROI & Charges
| Loan Amount | Rs. 10 lac- 10 Cr |
|---|---|
| Tenure | 3 Year – 15 Years |
| ROI | 8.20 % – 10 % (Floating) |
| Processing Fees | 0.50% -2% + GST |
| Foreclosure Charges | 4%+GST |
| Part Payment Charges | 2%+GST |
Document Requirement for LAP
| Salaried Person | Self Employed | |
|---|---|---|
| ID Proof | PANCARD | PANCARD |
| Address Proof | Passport /Voter ID card / Driving License | Passport /Voter ID card / Driving Licence |
| Registration Proof | Company ID Card | GST Certificate / MSME Certificate/ Gumastadhara |
| Income Proof | Last 3-month Salary slip | last 12-month GST Return |
| Banking | Last 12-month Salary banking | Last 12 month Current & Saving bank Ac statement |
| ITR | Last 2 years ITR or Form 16 | Last 2 years ITR along with computation of income, Balance Sheet and P & L Ac |
| Repayment Track Records | Last 12-month EMI banking or SOA of all live loans | Last 12-month EMI banking or SOA of all live loans |
| Legal Property Documents | Legal Master file including Sale deed copy | Legal Master file including Sale deed copy |
| Technical Property Documents | Approved Unit & Layout Plan | Approved Unit & Layout Plan |
How Moratorium Financial Services Will help you ?
As a financial service provider, we will help clients to get Loans Against Property in Ahmedabad from various banks/ NBFC as we have a tie-up with all the financial institutions and a good relationship with them. we are able to provide hassle-free processes and smooth services at the client’s doorstep across India.
We are having a team of experienced and expert people hence; we are able to provide Mortgage Loan in Ahmedabad to our clients as per their requirements. In accordance with the client’s profile and financial eligibility, we suggest them a bank or NBFC and help them to obtain the best offer from financial institutions. Our motto is “Not to lend but to help”.
Loan Against Property in Ahmedabad
Getting a Loan Against Property is not an easy task you have to go through a lengthy documentation process. Financial Services Providers like Moratorium Financial Services assist their clients and make Mortgage Loan in Ahmedabad process smooth for the clients.
We are assisting our clients to get Mortgage Loan in Ahmedabad from the financial institution as per their paying back ability. Our connections with banks and NBFCs help our clients to get a loan with ease. If you want to get Loan Against Property in Ahmedabad at a low-interest rate, contact Moratorium Financial Services.