Instant online approval. Apply online and get approved in 3 working days
Loan amount from Rs 5 lakhs - Rs 5 Crores
Flexible repayment tenures between 1 to 10 years

Apply for Loan Against Property

About Against Property

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.

Most banks and financial companies provide Loan Against Property that can help you meet your upcoming expenses. The best thing about this loan is that the financial institution doesn't have to know what the end purpose is, and you can continue using the property against which you have availed the loan. Whatever your end requirement is, when you need urgent cash and own a property, financial institutions like Finway Housing Finance Limited, provide loans against property for your financial requirements.

One of the main players in the finance industry in India, Finway Housing Finance works under the best of their abilities. As is obvious from its name, this bank specializes in Home Loans and Loans Against Property. Obtaining a Finway Housing Finance 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.

- 4/5

Laon credited in the account on the given time. Really appreciate your efforts.

Mukesh Singh, Delhi

- 5/5

Shubham Singh has been very helpful and informative at each step during the loan process.

Muzammil Ahmed Khan, Noida

- 5/5

Instant processing and response. Mr.Saif was very helpful and responsive each time.

DEEPIKA Lavakumar, Delhi

Why opt for Finway housing finance loan against property

Finway Capital's Loan Against Property loans with a personal touch!

Since Loan Against Property is secured with collateral, there are many financial institutions willing to offer this facility. So, why opt for Finway Housing Finance? The simple answer to this question is that it is a housing finance company and hence, specializes in housing loans and loans against property. Here are some of the major advantages that Finway Housing Finance enjoys over other financial institutions in the market:

The products and services offered by finway Housing Finance are customer-driven. They provide doorstep services to facilitate quick approval and disbursement of loans. This is especially advantageous when you are looking to get a Loan Against Property as it involves several inspections and assessments which require time while the end requirement might be time-sensitive. Finway Housing Finance specializes in loans against property and hence has a streamlined process in place for quick inspection, approval and disbursement.

Taking a loan is a long and drawn-out process. Applying and getting approved for the loan are the primary steps. Since, it takes years and sometimes even a couple of decades to repay the loan, having a provider with good post-disbursement services can be advantageous in many ways. When you opt for Finway Housing Finance Loan Against Property, you are provided with this advantage thanks to their excellent post-disbursement policies and services.

Another advantage of opting for Finway Housing Finance is the availability of loan enhancement option. In case there is an unexpected escalation of costs, you can opt for loan enhancement and get more to cover the added expenditure.

Finally, the best thing about a Finway Housing Finance Loan Against Property is that you are provided with several flexible repayment options so that you can choose one that is best suitable for you currently as well as in the future.

  • Provides an extensive range of loan against residential and commercial property, and lease rental discounting.
  • Doorstep services ensuring you get easy and fast approval and disbursal of loan.
  • Dedicated team of experienced employees
  • Various repayment options available

Features and Benefit of Finway housing finance loan against Property

Finway Housing Finance Loan Against Property allows you to meet your upcoming financial requirements in an efficient manner, without stretching your finances. If you are wondering as to why you should apply for a Finway Housing Finance Loan Against Property for your financial needs, here are some reasons that you must make a note of:

Finway Housing Finance 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.

Interest rates for Finway Housing Finance Loan Against Property start from per annum for residential properties and against commercial properties. Since Finway Housing Finance Loan Against Property is a secured loan, the interest rates are substantially lower than other unsecured loans such as personal loans. This means you are eligible for high-value loans and entitled to lower interest rates.

Generally, people who don't have a conventional job or a credit history often find it harder to get conventional loans. In such cases, opting for a Finway Housing Finance Loan Against Property increases one's chance of getting the required financial assistance. The reason being that as the property is offered as collateral, the company has the confidence that the risk associated with the loan has reduced significantly.

Finally, paying off the Loan Against Property on time helps you improve your credit score. As the information is automatically received by the credit bureau, if you successfully pay off the loan on time, your credit score definitely becomes better.

The loan can be repaid in maximum 20 years

  • Borrow up to Rs.40 lakh, if not more.
  • Opt for a loan tenure of up to 5 years and repay your loan in easy instalments.
  • Minimal paperwork and documentation required.
  • No restrictions on how the loan amount can be used.
  • Affordable interest rates ranging between 10% p.a. and 24% p.a.
  • Helps in consolidation of debts.
  • Quick approval.
  • Pre-approved loan offers.

Step to apply for Loan Against Property

Fill in the Loan Against Property Application form, to check your eligibility

Compare various Loan Against Property options, and apply for the best suatable option.

Get an instant e-approval, after successful submission of the application

Eligibility for Finway Loan against property

  • 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.

Document required for Finway loan against property

  • Employer ID card
  • Completely filled loan application with 3 recent passport size photographs
  • Identity proof (any one): Passport/ PAN/ Driving License/ Voter's ID card
  • Residence proof (any one): Copy of recent Telephone/Electricity/Water/ Piped Gas Bill or Passport/ Driving License/ Aadhaar Card
  • Statements of all bank accounts of the applicant for the last 6 months
  • Loan account statement for the last 1 year if there is any previous loan from another lender
  • Salary slip/ salary certificate for the last 3 months
  • Copy of last 2 years' Form 16/ IT acknowledged by IT Department
  • Proof of business address proof
  • IT for the last 3 years
  • Balance Sheet and Profit & Loss Account for the last 3 years
  • Details of Business License (or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Qualification certificate - for C.A./ Doctor, other professionals
  • 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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Features

  • Salary Certificate or salary slips
  • NRO/NRE bank statements of the last 6 Months
  • Proof of Identity, Residence, Income, and Assets
  • Recent passport-size Photographs of yourself and the guarantors

Why Finway

  • Salary Certificate or salary slips
  • NRO/NRE bank statements of the last 6 Months
  • Proof of Identity, Residence, Income, and Assets
  • Recent passport-size Photographs of yourself and the guarantors

FAQs

You can avail a loan against residential as well as commercial properties.

The quantum of loan ranges from to Crores depending upon the market value of the property and the income of the applicant.

The LTV ratio for loan up to and for loans above. The market value of the property is as per the Valuation Report given by the panel valuer of SBI.

The entire loan should be repaid within 5 years to 15 years. Pre-payment and part-payment option is available with no charges.

The following options are available for repayment of the Finway Loan Against Property:

  • Through Electronic Clearance Service (ECS)
  • By giving a Standing Instruction (SI) to debit the EMI from an account maintained with SBI
  • The loan repayment can also be done by Post Dated Cheques (PDCs)

Salaried individuals, professionals, and self-employed individuals who are IT assesses are eligible for the loan. The loan can be availed by Resident Indians as well as NRIs against self-owned property in their name or in the name of their spouse/children/parents/siblings. The borrower should have a minimum net monthly income of 25,000 (if salaried) or minimum annual income of 3 Lakhs (if self-employed or professional). The age of the borrower should be between 18 years to 70 years.

The process is as follows:

  • To begin with, decide the loan amount
  • Submit an application form duly filled along with the required KYC documents, income proof and documents relating to the property.
  • Legal Scrutiny of property documents and obtention of Legal Scrutiny Report from the panel advocate of Finway.
  • Valuation of the property by panel valuer of Finway
  • Interview with the banker
  • Sanctioning of the loan by the bank
  • Acceptance of the loan by you
  • Execution of loan documents
  • Disbursement of loan

No. Tax exemption is not available for Loan Against Property under the Indian Income Tax Act.

Loan Against Property is a type of Secured Personal Loan. Finway has different terms and conditions for secured and unsecured personal loans.

If you are going for a short-term loan, then an Unsecured Personal Loan is better since it does not require collateral security and the processing of the loan is hassle-free and quick. It can also be a great option to create a credit history if you do not have one. However, if the amount involved is huge, it is better to avail Loan Against Property since the rate of interest is much lower compared to the rate of Unsecured Personal Loan. Also, with the flexible repayment option ranging from 5 years to 15 years, the EMI will be considerably low and affordable with Loan Against Property.

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