Loans

Frequently Asked Questions
Knowledge center

Loan Against Property (LAP)

A secured loan is issued by providing a self-owned property as collateral to the lender, usually banks or NBFCs. It helps in access to immediate funds with low-interest rates and long repayment terms. The documentation and processing purpose is quick and customer efficient.

Features

Eligibility

Anybody who possesses the property in their name against which the loan has to be procured. Apart from this, your income, past credit history, and age will also determine the loan amount.

Process

You will have to submit the required documents for due diligence from the lender. Post satisfaction regarding your ability to repay the loan, a field visit will be undertaken by the company to assess the actual value of the property.

Charges

The major charge applicable to any loan is the interest rate incurred by the company. Apart from this, other charges like processing fees, mortgage stamp duty, etc are also levied.

Repayment

Typically the loan repayment tenure is 15 years, which can vary with different lenders. Also, in case of any prepayments, there are charges applied to the customer.

Transfer

If you come across any better loan terms from other lenders, there is an option to transfer. This transfer is accompanied by prepayment charges from the previous lender and processing fee from the next one.

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Business Loan

In business, the requirement of capital is an ongoing process ranging from the inception of the entity or ensuring cash flow or access to working capital or even hiring new employees. Such loans are designed to ensure all your capital needs are fulfilled with flexible repayment options and customizable loan to never turn back in business. Before applying for a business loan, there should be a concrete strategy to use these funds once disbursed.

Features

Type of Loans

Funding a business can be done in three ways- working capital loan, machinery loan, and MSME/SME loans. The working capital loan provides day to day funding solutions needed for running regular operations. Machinery loans provide capital to update your existing equipment or purchase new ones. While MSME and SME loans aid those businesses which want to expand and boost their ventures in the field of their choice.

No collateral required

These loans are disbursed only based on your credit score, age, and income of the past few years. There are no mortgages or collateral required to sanction such loans.

Fixed Interest Rate

The interest rate levied on such loans is fixed over the complete tenure, which makes it easier for the owner to strategize business capital.

Process

The process involves the submission of required documents and scrutiny from the loan department.

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Home Loan

The finance solution to ease your house buying is provided by a home loan, making it a cost-effective decision. If you are only hindered by the capital insufficiency to buy your own house, then this product is your resort. The plot, flat or other property will be kept as a mortgage to the lender in return of funds.

Features

Tax Benefits

Under Section 80C and Section 24B of Income Tax Act 1971, a home buyer is allowed to enjoy tax benefits on the principal as well as interest paid. This was initiated to encourage citizens to purchase their own homes.

No prepayment charges:

You can easily pay the entire amount whenever you have a surplus to prepay this loan without worrying about any charges.

Loan tenure

Generally, the other loan has shorter tenure withing with the repayment has to be done. In this case, the period can extend up to 30 years.

Apart from purchasing a home for personal use, you can also avail of home loans to buy property from DDA, MHADA, etc.

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Frequently Asked Questions

What security will I have to provide?

The property on which you are securing the loan is generally preferred. It is important, however, on your part to ensure any existing mortgage or loan or litigation which can affect the title of the property.

Do I get any tax benefits on the home loan?

Under Income Tax 1961, you are eligible for tax benefits on the principal and interest components of your home loan.

When can I make a home loan application?

The minute you decide to purchase or construct a house, you can apply for the home loan.

How do I repay a home loan?

There are several ways to pay your home loan’s EMI every month. You can opt for issuing a standing instruction to your bank through Electronic Clearing System or give post-dated cheques or even make direct deduction by your employer.

What does an EMI mean?

EMI or equated monthly installments are the specific amounts that you will have to pay on the defined date each month from the starting of the loan. This is designed in such a way that it comprises the interest and the principal component.

Who can get a business loan?

Business loans can be availed by professionals and self-employed with the following entities Sole Proprietorship Partnership Firm Private Limited Companies Closely held Public Limited Companies Societies Trusts Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs

What is the difference between a line of credit and a term loan?

The term loan is the classic product which provides fund and you have to repay an equated installments every month. There is an option to prepay with any extra funds you might have, but you cannot withdraw. While the line of credit is the special product that provides you with the funds and you are required to repay the interest only on the utilized amount.

Why should I take a business loan?

To fulfill your short or long-term business needs, you can take easily available business loans with a variety of repayment options.

What are the various reasons for which I can avail LAP?

You are allowed to avail LAP for any of the following reasons which include: i. Business growth Ii. Long-term working capital Iii. Factory tools or equipment purchase Iv. Holiday V. Child’s education

What is the percentage of the property that can be availed as LAP?

This will depend on the property type and bank or issuer, however up to 70% of the property can be availed as LAP.

Can Lap be offered as an OD?

This will depend on the issuer, however, up to 90% of the total LAP can be availed as an OD.

What type of property can I mortgage in LAP?

Residential and commercial properties can be easily mortgaged provided they are free from any charges or any loans.

How does the bank calculate the amount of LAP to be disbursed?

Assessment of the calculation is done based on the two parameters: the value of the property to be used as collateral and your financial health.

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Loan Blogs

Top Home Loan Benefits for Women in India

Buying a home is a key financial decision and it becomes even bigger when taken by awoman. With them reaching the sky in their careers, there has been a significant rise in thenumber of women home-buyers in the last decade. With this revolutionary shift, there areplenty of benefits and schemes provided to encourage ....

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Processing Personal Loan Vs Processing Business Loan

As the name suggests, both of the mentioned loans solve the purpose of credit aid for theindividual and the commercial requirements respectively. The individual objective for capitalrequirements can be anything like home renovation, abroad vacation, educational expenses.While the commercial needs can be loans for busines....

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How many types of loans are there?

Loans are simply the money borrowed with a promise to return the principal and the interest amount levied on the same. A consumer may require additional funds for purposes like purchase of property, business expansion, general living expenses, higher education, etc.In India, there is a range of loans avail....

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Disclaimer The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

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Important Message The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

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