A loan for industrial property is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent.

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  1. PRODUCT INFO
  2. DOCUMENT REQUIRED
  3. FAQ
  4. EMI CALCULATOR

A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent.

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What is the process of applying for a Home Loan/Mortgage Loan?

1. Submit your loan application along with required set of documents.

2. Your application would be accessed on the basis of various eligibility and funding norms.

3. The bank also checks your credit history through the CIBIL score, which is crucial in getting an approval for your loan application. After the credit appraisal, the bank decides the loan amount you are eligible for. You then receive an offer letter, which highlights details such as rate of interest, duration of your loan, etc. If the terms and conditions are acceptable, you send an acceptance copy to the bank.

4. A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.

5. Based on the internal and regulatory guidelines, BANK/NBFC may approve or reject the loan application.

6. Submission of the original property documents are required along with signing of agreements, handing over of registered property papers and submission of post-dated cheques/ECS.

7.Upon finding all the documents in order, BANK/NBFC will disburse the loan amount to the developer/contractor based on the progress of construction. The EMI/Pre-EMI will commence after the disbursement.

What is a CIBIL Score?

To minimise defaults and maximise credit penetration, the Credit Information Bureau (India) Limited (CIBIL) in association with Dun & Bradstreet and Trans Union, gives India's first generic score. This CIBIL score is a trusted indicator for prudent decision-making by lending institutions. With this score, the lender can effectively predict your credit-taking ability and payment track record. A low CIBIL score implies that the bank rejects your application upfront on the basis of earlier credit defaults; a high credit score eases your loan approval.

Am I eligible for a Home Loan/Mortgage Loan?

You are eligible for a loan if you are a salaried, self- employed professional or a businessman. Your loan eligibility will be determined by BANK/NBFC on the basis of factors such as income, age, qualifications, number of dependants, co-applicant's income, assets, liabilities, stability and continuity of occupation and savings history. Further, the loan eligibility will also be dependent on the value of property selected by you.

What percentage of property value can be funded for Home Loan/Mortgage Loan?

We can fund upto 80% of the property value in case of Home Loan and upto 65% in case of Loan Against Property. However, BANK/NBFC funding norms may change from time to time.

I purchased a property 3 months back; can I get a Home Loan/Mortgage Loan ?

Yes, you can avail re-finance at applicable Home Loan rate within 6 months from the date of property purchase.

What is EMI and Pre-EMI ?

Your loan is repaid through Equated Monthly Instalments, which include principal and interest component. EMI repayment starts from the subsequent month of full loan disbursement, while Pre-EMI is the simple interest, payable every month till the time loan is fully disbursed.

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