Indiabulls Loan Against Property support its customers to start a new business venture or expand his business by providing them loan against his asset which is his residential/commercial property.
To help you concentrate on your business without feeling the burden of working capital, the loan against property helps to leverage the value of your commercial or residential property. Indiabulls Loan Against Property provides maximum capital against the market value of your property.
Objective of Loan Against Property
- Child’s education
- Purchasing machinery for the business
- Expanding the business
- Buying any property as an asset
- Debt consolidation
- To lower the current loan interest rate
Features of Indiabulls Loan Against Property
- This loan is available for small and mid-sized business, self-employed professionals, partnership firm, privately and closely held companies.
- The loan can be up to 70% of the market value of the property.
- This interest rates of this loan are quite feasible.
- For the non-individual floating rate loans, the prepayment fees are charged. It is not applicable for individual floating rate loans.
- For the floating interest rate loans, you can switch the rate of interest on the loan against property. The switch fee which you have to pay is the 50% of the differences in the interest rates which can be maximum of 2%.
- Minimum age must be 21 years and maximum age must be 65 years at the time of the loan maturity.
- Applicant must possess the required repaying capacity for paying the EMIs and other related charges.
- The applicant must have clearance proof of the mortgaged property.
- ID Proof
PAN card, AADHAR card, Passport, Driving License.
Non-individual need to have any of the following documents-
Educational documents of the professional, Trade License Certificate, SSI registration certificate, Sales Tax, Partnership deed (in case of a firm), Export-Import code Certificate.
- Address Proof
Passport, Driving License, Voter ID card, Rent Agreement, Property Sale Deed, Latest 3 months utility bills.
- Income Proof
Bank Statement of last 6 months, Last 3 year’s audited financials for proposals more than Rs. 2 crores, Income Tax return of the last 2 years
- Age Proof
Passport, Birth certificate, Domicile certificate, PAN card, SLC.
Interest Rates of Indiabulls Loan Against Property
Loan Against Property Variable Interest Rates
|Amount of Loan||Variable Interest Rate (%)|
|Up to Rs. 5 crore||10.75% to 13.25%|
|Above Rs. 5 crore||11.75% to 13.75%|
Loan against Property Fixed and Floating Rates
|Amount of Loan||Fixed Rate Tenure||Interest Rates (%)|
|Up to Rs. 5 crores||Up to 2 years||11.25% to 13.50%|
|Greater than Rs. 5 crores and less than Rs. 10 crore||Up to 2 years||12.00% to 13.75%|
Applicable Fees and Charges
|Late Payment Charges||24% p.a on the outstanding EMI|
|Processing Fee||Against Commercial
property- 1.5% of the loan amount.|
Against Residential property- 1% of the loan amount
|Charges for amortization schedule||Rs. 200|
|PDC or ECS amortization schedule||Rs. 750|
|Database Admin Fee||Rs. 650 (including service tax)|