Loan against Property In Delhi
Financial problems have become an integral part of modern life. Expenditures for higher education, marriage, starting new businesses, medical care, etc. require a large amount of money in advance. If you don’t have that much money in your account, you may be in a panic. In such situations, real estate, land, or off-the-shelf homes can be a great asset to you.
Most banks and financial companies offer loans for real estate that can help you cover future expenses.
The best thing about this loan is that the financial institution doesn’t need to know the end purpose and you can keep using the property you loaned.
Whatever your ultimate requirement, if you are in urgent need of cash and own property, financial institutions like Loan EMI offer loans against property for your financial needs.
As one of the major players in the Indian financial industry, Loan EMI works under the best of their abilities. As is obvious from its name, this is specializes in mortgages and real estate loans. Obtaining a cowl loan for real estate is a simple and convenient process and is beneficial in many ways. In addition, interest rates are much lower than other options accessible in the face of a financial crisis. such as a Personal loan or credit card.
Financial problems can knock your door when you don’t expect it the most. But Loan EMI, a major financial institution, is here for you. You can apply for a mortgage or mortgage to meet your financial needs. If you pay EMI, the apartment you keep with us for security will be returned to you. With LAP, you can prepare to deal with problems from home. It allows you to become your boss and lead a comfortable life.
Any assets, big or small, can serve as a great blessing when you need it. What makes a loan against property in Delhi perfect for you is that it can meet some of your financial needs. The processing time on the LAP is similar to the processing time on the mortgage. To get a loan, you need to keep your existing home as collateral with us. It can be a house, your property, your property but rent a business, or your property but a house. In addition, it is legal and must be registered in your name.
Why LOANEMI for loan against property?
Don’t worry, it won’t be long before the real estate mortgage loan is approved. His well-known lending platform, LOANEMI, offers a lot with a customer-centric approach. We offer a wide range of loans for commercial and residential real estate. Repayment by the due date will prevent the loan burden from being overwhelmed.
Therefore, we offer first-class post-payment services that make loan repayment easier. This means that you can choose from multiple repayment options.
Choosing a loan to Delhi NCR real estate from us can remove all financial concerns from your life.
The document review process is generally too time consuming as there is a lot to do. increase. However, one of the many benefits we offer is the efficient and quick checking of documents. Our professional and experienced team cherishes your time and there is no room for complaints.
And what’s better than a top-up loan you can get when you need it?
Real estate loans are secured, so there are many financial institutions that are willing to offer this facility. So why choose LOANEMI? The simple answer to this question is that it is a mortgage company and therefore specializes in mortgages and real estate loans. Here are some of the key benefits LOANEMI enjoys over other financial institutions in the market:
Loan Against Property Key Features
LoanEMI Loan against Property Loan fully constructed, freehold residential and commercial properties for: Business Needs; Marriage, medical expenses and other personal needs; transferring your outstanding loan availed from another Bank / Financial Institution
Finally, paying off the Loan Against Property on time helps you enhance your credit score rating. As the information is automatically received by the credit score bureau, in case you effectively repay the mortgage on time, your credit score rating genuinely will become better.
Interest rates for LoanEMI Loan Against Property Loan start from per annum for residential properties and against commercial properties. Since Loan EMI 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
Easy and hassle free documentation
Step to apply for Loan Against Property in delhi
Fill in the Loan Against Property Application form, to check your eligibility
Compare various Loan Against Property options, and apply for the best suitable option.
Get an instant e-approval, after successful submission of the application
Eligibility for LoanEMI 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 loan against property in Delhi
- 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.
FAQ
Loan against property is a secured loan that financial institutions provide against fully constructed, freehold residential and commercial properties. A mortgage loan can be availed for Personal and Business Needs(other than for speculative purposes) like marriage, medical expenses and child’s education etc.
Yes ,Loan Against Property(LAP) can be availed against a fully constructed and freehold commercial properties .
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 entire loan should be repaid within 5 years to 15 years. Pre-payment and part-payment option is available with no charges.
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 Loanemi.
Valuation of the property by panel valuer of Loanemi
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.
