Property Mortgage Loan in Pune

Salaried

Business Person

Self employed professionals

Property Loan Salaried Form

Loan Amount Looking For:

Your Company Name:

Your Full Name

Gross monthly income

Other monthly income

Total amount of EMIs you pay

Date of birth

Mobile No

E-Mail Id

Note : I authorize Findestination & its associates to call me or SMS me with reference to financial products. This consent will override any registration for DNC / NDNC.

Submit

Business Person Loan Form

Loan Amount Looking For:

Your Full Name

Type of Entity:

Business category:

Name of the Firm/Company:

Latest Year Turnover:

Latest Year Profit After Tax (PAT):

Other monthly income

Total EMI

Date of birth

Mobile No.

E-mail ID.

Note : I authorize Findestination & its associates to call me or SMS me with reference to financial products. This consent will override any registration for DNC / NDNC.

Submit

Self employed Professional Loan Form

Loan Amount Looking For:

Type of Profession:

Your Full Name:

Latest Year Profit After Tax (PAT):

Latest Year Gross Receipts:

Total amount of EMIs you pay

Date of birth

Mobile No.

E-mail ID.

Note : I authorize Findestination & its associates to call me or SMS me with reference to financial products. This consent will override any registration for DNC / NDNC.

Overview

Loan Against Property is the perfect way to unlock the hidden value of your property. With this loan, you can fully benefit from life’s little surprises you may have earlier passed over due to lack of funds. This multi-purpose loan puts funds at your disposal to use as you wish. What’s more, this loan is available at a reasonable rate and can be repaid comfortably over as many as 15 years.

You can use the funds to expand your business, plan a dream wedding or even finance your child's education.

A new home brings with it new hopes, joys and emotions. Our services are customized to provide you solutions for your unique concern.

Features & Our Assistance

A Multi-purpose loan for expansion of business or to meet your personal needs.
Maximum loan amount against your income
Loan against Residential property, Commercial property, Industrial property, Open Plots
Loan up to 100% of property value.
Choice of Tenure up to 20 years*
Attractive Interest Rates. Our associations with leading Banks and NBFC’s helps you in availing best financial product available in market at lowest interest rates.
Simplified Documentation
Door step services
Lowest processing fees
No hidden charges
No Post loan hassles

Loan Against Property Types

Loan against existing property

You can avail loan against any of your existing property like residential, commercial, industrial or open plot. This loan can be used for any of your personal use or business purpose

Commercial Property purchase Loan

If you are looking at moving into a new office or expanding your business, your search ends here. We provide loans for purchase of commercial properties. We assist you to acquire a new commercial property to meet the requirements of your growing business

Lease Rental Discounting

Lease Rental Discounting helps to raise funds against the future expected rentals of self owned commercial property. To avail this loan the property should be occupied by the Lessee.

Balance Transfer & Top Up

This is a facility offering you a choice to transfer the outstanding balance of the loan availed from other banks/ Financial institutions for more favorable terms & conditions. You can also increase the loan amount through a Top-Up Loan.

Applicable Interest Rate

Currently, rate of interest on loan against property starts at as low as 8.75%

Procedure

Submission of complete application form with photograph.
Submission of all required documents.
Internal verifications.
Personal interview with a bank official.
Sanction Letter issued by the bank subject to title clearance and property valuation.
Title clearance through our panel advocate.
Valuation of property by our panel valuer and inspection of property by bank official.
Collection of pre-disbursement documents
Loan disbursement

Eligibility & Documents Required

Eligibility Criteria

Your eligibility depends upon your repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility

Documents required

Salaried

Duly filled application
Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
Passport size Photographs of all applicants
Address Proof
Latest form 16 and last 3 months salary slips
Last 6 months bank statement of salary account
Existing Loans Sanction letter/repayment track if any
Copy of property papers
Processing fee cheque

Sole Proprietorship / Partnership / Pvt Ltd Company

Duly filled application
Identity proof : (Pan Card / Passport / Ration card / Voter Id Card )
Passport size photographs of all applicants
Business Proof
Latest Address Proof
Last 2 years income tax return of directors / partner
Last 12 months bank statement of main operating account of the firm
Audited financials
Certified copies of MOA /AOA / Partnership deed as applicable
Professional qualification certificate , if applicable
Existing loans sanction letters/Repayment track record , if any
Copy of property papers
Processing fee cheque

Frequently Asked Questions: FAQ

Who can avail a Loan against property?

Individuals

Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector company in India. We also offer loans to salaried Non Resident Indians (NRIs) working with reputed companies in select countries. Professionals: Doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers. Self Employed: Individuals like traders, distributors, manufacturers, service providers etc

Non-Individual Entities

Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies.

How much finance can I avail against the property value?

You can borrow up to 100% of the market value of your property subject to your income eligibility.

I do not have documented financials but I do have the repayment capacity, will I get a loan?

There are various options available under which we can offer you loans i.e. income based and surrogate income based loans. We have the understanding of your business and can determine your loan eligibility accordingly

In Lease Rental Discounting, Your eligibility is computed on the basis of the rentals that you receive against the property. Your EMI can be up to 70% of the gross rental income or 90% of the net rental income whichever is lower

For how long a period can I get loan?

We grant Loan against property for up to maximum 20 yrs. The term for the loan will be restricted to the retirement age or 60 yrs at loan maturity for salaried customers and 65 years for self employed customers. Lease Rent Discounting (LRD) can be taken for maximum 15 yrs. It will also be restricted to Tenure Left in the Lease Period

Do I need a co-applicant?

Yes. All the co - owners of your property will have to sign up as co-applicants. For a sole property owner or applicant, one adult member in the family will need to sign up as a co- applicant. In case of partnership firm or a company, partners and promoter directors respectively need to be co-applicants.

What do I need to give as security?

The property on which you want to borrow will be kept as a collateral security for the Loan. In Lease Rental Discounting, Rentals are payable by the tenant directly into escrow account with Financial Institution. The underlying leased property, which may be commercial or residential property, will be taken as collateral. Only completely constructed properties are eligible under this program.

What is the applicable rate of interest?

The rate of interest varies depending upon your loan amount, property type, income and financial institution. Currently Loan against property rates starting from 10.25%

Do I have the option of pre-paying the entire loan amount? What are the foreclosure charges?

Yes. For all individual borrowers in case of floating rate loans there are no foreclosure charges. For all other borrowers foreclosure Charges depends on number of Installments Paid and Bank. It also depends on type of Foreclosure i.e. if you want to foreclose through your own source of fund then Foreclosure charges will be less but you want to do balance transfer then foreclosure charges will be more. Foreclosure charges ranges from 0% to 5%.

Can I make part pre-payment?

Yes banks generally provide option of part prepayment. It varies from banks and generally it is up to 25% to 90% of the principal outstanding. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.