LIC Housing Finance

Griha Vikas (Loan Against Property)


loan against property is given to individuals who have some property. It can be taken keeping a residential or commercial property as collateral. It is basically a loan with a longer tenure and lesser rate of interest than a personal loan. A loan against property can be used for any purpose almost like a personal loan. It can be used for a purpose like marriage, expanding business, taking a foreign trip or sending children to overseas for education.
Eligibility criteria
To apply for a loan against property, the property should be a self-owned property. The loan given by a bank is as a certain percentage, around 40-60%, of the market value of the property. The value of the property is decided by the bank offering you loan against property.
Your eligibility criteria for the loan against property depend on a host of factors. These normally include your income, the cost of the property to be mortgaged and your repayment track record. The eligibility criteria may vary depending on the bank.

LOAN AGAINST PROPERTY NEED FOR CHILDREN MARRIGE OR EXPANSION OF BUSINESS OR VAILD END USED PURPOSE
LOAN AMT Min. Rs. 100,000 - Max.Rs. AS PER ELIGIBILITY
DIS-Loan to Property Cost UP TO 7500000 LAKH 55% loan disburse market value own house or commericial property .0R 7500000 LAKH AND ABOVE 60% loan disburse market value own house or commericial property
Rate of interest Change as per company policy or RBI guide line
Loan Term Upto 15 Years for professional & 10 years for non-professional or Retirement Age 60
Repayment Mode Equated Monthly Instalments (EMI) - Monthly Rest Basis
Processing fees 1% total loan amt as per scheme applicable [ once paid will not refunded ]
POA MANDETORARY AS PER FORMAT
Sanction letter Valid for 90 days
Title or Legal charge In built in the processing fees [ DOCUMENT AS PER LICHFL REQUREMENT ]
Valuation In built in the processing fees [VALUATION PURPOSE REQUREMENT APPROVED PLAN COPY+ AGREEME.NT COPY OR OC COPY AS PER VALUAER REQUREMENT]
Disbursement Valid for your property document require as per company term & condition otherwise processing fees once paid will not refunded
INSURANCE APPICABLE AP PER SANCTION AUTHORITY
Security 0.20% total loan amt [example 100000 loan equitable mortgage]
1. Equitable Mortgage of House/Flat OR Deposit of Title Deeds
Security Other franking as per loan scheme + notary
Intimation mortgage applicable
TDS 1% TDS PAY TO GOVT AGREEMENT VALUE 49,99,999/ ABOVE MUST PAY 1% TDS
List of document Demand finance company
SECURE FEES AS PER COMPANY POLICY IF APPICABLE
FORECLOSER CHARGES AS PER COMPANY POLICY IF APPICABLE
EMI BOUNCE CHARGE 750 RS
RATE OF INTREST OPTIONS FIX & FLOTING AS PER SCHME
PREPAYMENT CHARGE NIL
SANCTION LETTER READ IT CAREFULY
COMMITMENT charges AS PER COMPANY POLICY IF APPICABLE
FAQ
Why should one take a loan against property instead of a personal loan?
A loan against property can be taken for any purpose like a personal loan. However, a loan against property has a lower rate of interest as well as longer tenure.

How much amount I can get in a loan against property?
The amount of loan against property given to you depends on various factors including your income, repayment capacity and your past credit history. It also depends on the value of the property used as collateral.

Can I take a loan against another property if I have a home loan from a bank?
Yes. Some banks offer loan against property even if you are repaying a home loan.

What is a fixed rate loan against property?
When a bank charges interest rates at a fixed rate then it is it is called a fixed rate loan against property. In this type of loan the interest on the loan about remain fixed and constant. You should opt for this only when you are sure that the interest rates have been at the bottom and can only go up.

What is a floating rate loan against property?
When the interest rate charged on a loan against property keeps changing with respect to the prevailing rates in the market over the tenure of the loan, then it is called a floating rate loan against property. This type of interest rates change periodically, and accordingly the tenure increases or decreases and also the EMI amount increases or decreases.

How the valuation of the property is determined?
The value of the property is determined by the bank offering you the loan against property.

What is an amortization schedule?
An amortization schedule is a table giving the information on reduction of your loan amount by monthly instalments. The amortization schedule has information about the breakup of every EMI towards repayment interest and outstanding principal of loan.

How can the loan against property be foreclosed?
A loan against property can be foreclosed by contacting the loan lending bank. Banks normally charge a small amount for foreclosing a loan amount. To foreclose the loan you have to issue a cheque favouring the bank. After clearance of the cheque the bank will release documents for that loan.

Get Enquiry Here

CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
JOIN US

Best Viewed in 1366 X 768 Resolution