Mortgage Loan
Mortgage loan or loan against property means the borrower takes a loan which is secured against his current residential or commercial property. The benefit of mortgage loan is that it considers the market value of the property as on date. As such, the borrower can get higher amounts of loan. Best is, the loan money can be used to meet financials requirements of any kind.
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LOANS
- Salaried Individual
- Salaried Individual
- Professional Individual
- NRI's
- Company
Why loan against property?
- Working capital requirement
- To fill short term financial requirement
- Business Expansion
- To set up new business
- To set up new business
- Home Extension or Renovation
- Marriage, Travel or Education
Loan Amount & Loan Tenure
- 10 Lac to 30Crore
- Decided on Market Value of Property
- Decided on repaying capacity of the borrower basis income documents
- 5 yrs to 15 yrs
Mortgage Loan
Standard Documentation
Proprietary Firm
Partnership / LLP Firm
Private Limited Firm
KYC’s
2 passport size photo of Proprietor
2 passport size photo of all the partners
2 passport size photo of all the directors
PAN card & Aadhar Card of proprietor
PAN card & Aadhar Card of all the partners
PAN card & Aadhar Card of all the directors
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PAN Card of the Firm
PAN Card of the Firm
Residence proof of proprietor
Residence proof of all the partners
Residence proof of all the directors
Latest office addressed proof
Latest office addressed proof
Latest office addressed proof
Shop & Establishment /Msme Certificate/ GST registration Certificate (as applicable)
Shop & Establishment /Msme Certificate/ GST registration Certificate (as applicable)
Shop & Establishment /Msme Certificate/ GST registration Certificate (as applicable)
Financials
Last Three Years financial with CA Certificated.
Last Three Years financial with CA Certificated.
Last Three Years financial with CA Certificated.
latest provisional financials statement
latest provisional financials statement
latest provisional financials statement
GST return latest 12 Months
GST return latest 12 Months
GST return latest 12 Months
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Partnership Deed with registration certificate
MOA- AOA with certificate of registration
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Current dated Share holding pattern & list of Directors on company’s letterhead with CA & Directors sign & Stamp
Company Profile on company’s letter head
Company Profile on company’s letter head
Company Profile on company’s letter head
Existing Loans
Sanction Letter / Loan Schedule of all the existing loans – if any
Sanction Letter / Loan Schedule of all the existing loans – if any
Sanction Letter / Loan Schedule of all the existing loans – if any
Last 18 months bank statement reflating EMI debits or Loan Account Statement
Last 18 months bank statement reflating EMI debits or Loan Account Statement
Last 18 months bank statement reflating EMI debits or Loan Account Statement
Banking
Last 6 months to till date all the bank account statements as shown in balance sheet.
Last 6 months to till date all the bank account statements as shown in company & partners balance sheet
Last 6 months to till date all the bank account statements as shown in company & directors balance sheet
Other Documents
- Application form & formats to be signed by Applicant & Co-Applicant
- Initial Processing Fee cheque
- Initial Processing Fee cheque
Please note * All the property owner need to submit KYC’s
SME Loan FAQ
The word Loan against Property means when you apply for a loan against already owned residential or commercial property & end use of the fund could be investment in business, renovation of property, extension of property, education expenses or a foreign trip etc
In case of loan against property bank don’t issue the In-principle / Pre-Approval letter because you are taking a loan on existing property so after calculating eligibility based on income & property valuation bank will issue sanction letter
Validity of sanction letter varies from 30 days to 90 days, depending upon bank to bank.
in Retail loans 7 working days once documentations are completed
Surly joint application can be processed but decision varies bank to bank.
Since this is a loan against property bank requires a mortgage of your existing residential or commercial property
Processing fee in loan against property varies bank to bank, normally it’s start from 0.25% to 1.50% of loan amount
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
In Loan against property bank do offer loan from 5 yrs to 15 yrs which varies bank to bank & age of the borrower. Q. Can I prepay the loan? Are there any penalties? A. Surely Part-Payment & Prepayment in loan against property can be done at any stage. Normally bank gives an option for free part payment only up to 20% to 25% of loan amount once in a year and over & above that bank will charge 2.00% to 5.00% penalty. In case of complete prepayment of loan penalty will be charged from 2.00% to 5.00% which varies from product to product & bank to bank.
