Loan Against Property
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about Loan Against Property
How it works?
Loan Against Property Loans in 3 simple steps
Overview
Financial emergencies have become part and parcel of modern lives.
Expenses like higher education, marriage, starting a new business, medical treatment, etc. require you to spend a lot of money upfront. If you do not have such amount of money in your account, there is a possibility that you might panic. In such a situation property, a piece of land or a completely built home can be a great asset for you.
As one of the main players in the finance industry in India, Finway FSC works under the best of their abilities. Obtaining a Finway Loan Against Property is a simple and convenient process and is advantageous in many ways. Additionally, the interest rates are much lower as compared to any other options that you can access in situations of financial crunch, such as a personal loan or credit card.
Why opt for Finway FSC Loan Against Property
Do not worry, as your mortgage loan against property will no longer take ages to get approved. Finway FSC has a lot to offer you with its customer-centric approach. We deliver a wide range of loans against commercial or residential assets. You can prevent the burden of any loan from falling on your shoulders by repaying it on time. Therefore, we offer you top-notch post-disbursement services, which makes loan repayment less of a hassle. This means that we provide you several repayment options to choose from.
Selecting for a loan against property in Delhi NCR from us can help you throw all the financial worries out of your life. The process of verification of documents generally takes too much time as there is a lot to go through. However, one of the many advantages that we offer you is the efficiently quick inspection procedure of documents. Our professional and experienced team values your time and leaves no room for complaints. Moreover, what is better than a top-up loan which you can get in times of urgent need?
Since Loan Against Property is secured with collateral, there are many financial institutions willing to offer this facility. So, why opt for Finway FSC? The simple answer to this question is that it is a housing finance company and hence, specializes in housing loans and loans against property.
Features & Benefits
You get many benefits on applying with Finway FSC. The interesting thing to note here is that the interest rates charged on such a loan are way lower than those you have to pay on personal loans. The main reason behind this is because it is a secured loan, which requires you to provide collateral for availing it. This reduces the risk and makes it easy for us to approve your loan. Moreover, with a good credit score, the loan amount can go up to 60% of your property’s value.
The repayment tenure we offer on LAP is 20 years. This means that you can easily pay it off with lower monthly EMIs. On-time repayment of the loan increases your chances of getting an improved credit score. Also, you can borrow a loan against property from us close to ₹40 lakh without too much paperwork.
High-Value Loans
Finway FSC Loan Against Property is a secured loan. Hence, the main advantage of opting for this type of loan is that the loan amount available is substantial and directly linked to the value of the property. Depending on your credit profile, you can get loan amount as high as 60% of the value of the property.
Finway Advantage
- Instant online approval. Loan sanction in 30 mins, disbursal in as low as 2 hours.
- Loan amount from Rs 5,000 - Rs 5 Crores
- Tenure: 3 months to 18 months
- Interest rate from 12% to 26% per annum
- Processing Fee: 3% to 5% OR Rs. 500, whichever is Higher
Finway Advantage
- Salaried individuals, professionals, and self-employed individuals who are IT assesses are eligible for the loan. For Rent Plus scheme owners of residential building/ commercial property which are to be rented/ already rented to MNCs/ banks/ large and medium size corporate are eligible.
- The loan can be by an Indian resident as well as NRI against self-owned property in their name or in the name of their spouse/children/parents/siblings.
- Minimum net monthly income should be 25000 (for salaried individuals) and minimum annual income of (for self-employed/professionals).
- Regular income from all sources will be considered for arriving at the loan eligibility.
- In addition to the applicant's income, the income of spouse/children/parents/siblings will also be considered for arriving at the eligible loan quantum. If the property is held in joint names, then all the joint holders will be co-borrowers for the loan. If the property is held in the name of the applicant and the loan availed jointly to increase the eligible amount, the spouse/children/parents/siblings can either be co-borrowers or guarantors.
- The age of the borrower should be minimum 18 years at the time of applying for the loan and up to 70 years at loan maturity.
Trusted Banks
Best loan against property offers
from India’s most trusted banks
| Salaried | Self-Employed | ||
Age |
21 years to 60 years
|
22 years to 55 years
|
|
Net Monthly Income |
Rs.15,000
|
Rs.25,000
|
|
CIBIL Score |
Above 750
|
Above 750
|
|
Minimum Loan Amount |
Rs.50,000
|
Rs.50,000
|
|
Maximum Loan Amount |
Rs.25 lakh
|
Rs.30 lakh
|
|
Documents Needed
- Identity Proof (Aadhaar Card, Voter ID, Driving License, Passport, etc.)
- Address Proof (Valid ID proof with permanent address)
- Income Proof (Bank statement from the last 3 months)
Property Related Papers
- Permission for construction (if required)
- Registered Agreement for Sale / Stamped Agreement for Sale/ Allotment Letter
- Occupancy Certificate (for ready to move property)
- Share Certificate (for Maharashtra only), Electricity Bill, Maintenance Bill, Property Tax Receipt
- A copy of Approved Plan and Registered Development Agreement by the builder, Conveyance Deed (in case of new property)
- Payment receipts/ bank account statements showing all the payments done to Builder/Seller.
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