Loan Against Property


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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.

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.

Why opt for Finway housing finance loan against property

Finway Capitalal's personal 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:

Customer is the king

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.

Post-disbursement services

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.

Loan enhancement option

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.

Flexible repayment options

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:

High-value loans

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.

Low interest rates

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.

High chances of approval

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.

Improve your credit score

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.

Longer repayment tenure

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.

Processing Fee and other charges of Finway loan against property

Processing fee

  • For Loan Against Mortgage of Immovable Property: of the loan amount (a maximum of ) + GST
  • For Rent Plus: of the loan amount (a maximum of ) + GST

Penal interest

  • Penal interest for loans above , if the irregularity exceeds EMI amount for month: p.a. over & above the applicable interest rate on the amount overdue
  • Charges collected prior to sanction of loan

    • Advocate fee for property Legal Scrutiny Report
    • Valuer's fee for property Valuation Report

    Charges collected after sanction of loan

    • Stamp duty for loan agreement and mortgage
      • Property insurance premium
        • CERSAI registration charges of + GST for loan amount up to Lakhs and + GST for loan amount beyond 5 Lakhs.

Eligibility for Finway Loan against property

The eligibility criteria for Finway Loan Against Property is as mentioned below:

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

KYC Documents:

  • 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

Account Statements:

  • 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

Income Proof - Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary slip/ salary certificate for the last 3 months
  • Copy of last 2 years' Form 16/ IT acknowledged by IT Department

Income Proof - Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • 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

Property 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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