Mumbai City Financial Advisor

Loan Against Property

Loan Against Property

Now Right Bank will come at your doorstep for Loan Against Property (LAP). Loan from INR 10 Lacs onwards depending on your needs, Borrow up to 100% of market value of the property, Flexibility to choose between an EMI based loan or an overdraft. High tenure loans for ease of repayment. Cheapest interest rates. Simple and speedy processing. Loan for salaried, self-employed individuals & Businessman. Loan for Personal & Business use also.

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There are different types of home loans available in the market to cater borrower’s different needs. Home Purchase Loan : This is the basic type of a loan which has the purpose of purchasing a new house. Home Improvement Loan : This type of loan is for the renovation or repair of the home which is already bought. Home Extension Loan : This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc. Home Conversion Loan : It is that loan wherein the borrower has already taken a housing loan to finance his current home, but now wants to move to another home. The Conversion Housing Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfils the money required for new home.

  • Charges
  • Criteria
  • Documents

The Rate of interest alone should not be judged before you finalise your application. Apart from the rate of interest, Personal Loan also constitutes other charges levied by the lender which affect the overall cost of your loan & should be considered while comparing it across banks. Following are the lists of charges

  • Banks charge borrowers with a fee when they pay the loan EMIs before the tenure which normally is between 2-5% of the outstanding loan amount.
  • When there is a delay in paying your monthly EMI of your loan, banks charge a late payment fee with your EMIs. They normally range from 2-3% of the EMI.
  • These are the charges for verifying the borrower’s documents to processing the loan application. These vary from Rs.500 – Rs.3000.You should note that the above charges vary across different banks. You should consider these charges before choosing personal loan as they will determine its real cost.
  • You should note that the above charges vary across different banks. You should consider these charges before choosing personal loan as they will determine its real cost.

MOA & AOA copy / Partnership Deed / For proprietorship firm – registration certificate or Business Proof (List of Directors/ Partners & Shareholder Pan card copy of Company Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC GST certificate of the Company

  • Self-employed
  • Salaried

In addition to the above factors banks also consider other aspects such as age, work experience, existing relationship with the bank, repayment capacity etc.To find your eligibility Criteria across various banks in accordance with the above parameters. Loan Ka Setting has brought in the Eligibility Criteria Check for Personal Loan seekers.

The documentation process in personal loan is very fast as against secured loans. Following documents are required by financial institutions to process the loan application

  • Passport size photograph
  • Copy of PAN Card
  • Copy of Adhar Card
  • Current Residence Proof
  • Permanent Address Proof
  • Latest 3 months Salary Slip
  • Latest 3 to 6 months Bank Statement of salaried Account

In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other mandatory documents etc.