Loan Against Property

Your existing property can help you avail of a loan at interest rates lower than other consumer loans. Avail a Loan Against Property (LAP) today and unlock the potential in your property.

Loans-Against-Property
  1. Flexible loan eligibility for businessmen
  2. Loans amounts ranging from Rs. 10 lacks to Rs. 3 crores
  3. Loans available against residential as well as commercial properties
  4. Funds all your needs such as funding existing business, debt consolidation, emergencies, education, etc
  5. Flexible loan offerings – EMI based loan or Overdraft facility available
  6. Ease of repayment through flexible loan tenure

Disclaimers:

For loans: Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
NoFees

Loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owners. Specific eligibility criteria are as follows:

For self-employed professionals:

  • Minimum annual income should be Rs. 1.44 lakh as per the P&L.
  • Minimum 21 years of age.
  • Maximum 65 years of age at the time of loan maturity.
  • Firm/company should have been in operation for the last 3 years.
  • Firm/company should be making cash profits for the last two years.

For self-employed non-professionals:

  • Minimum annual income should be Rs. 1.44 lakh as per the P&L.
  • Minimum 21 years of age.
  • Maximum 65 years of age at the time of loan maturity.
  • Firm/company should have been in operation for the last 3 years.
  • Firm/company should be making cash profits for the last two years.

The following documents are required for the purpose of credit appraisal:

  • Completed application
  • Your income documents and bank statement
  • Your address and age proof

What is the maximum amount I can borrow?

In case of Commercial Property Loans or Loans against an existing property you can borrow up to 55% of the cost of the property

How will my loan eligibility be determined?

Your repayment capacity as determined by Bargain Loans will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent’s, spouse’s income, assets, liabilities, savings history and stability, and continuity of occupation.

In how many years can I repay the loan amount?

You can opt for a loan period of up to 12 years, which can vary depending on the purpose of the loan and your profile.

Who can be my co-applicant?

If you are an individual – your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.

When will the loan be disbursed?

You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement. Further, you should have invested your own contribution amount towards the property. ‘Own contribution’ is the difference between the cost of the property and the loan amount.

In how many installments can the loan be disbursed?

The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Bargain Loans.

Does the agreement for sale have to be registered?

Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.

Does the property have to be insured?

Your home is your pride and joy. Don’t let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. That way, you’ll always have peace of mind knowing that you and your loved ones will be assured of a roof over their heads.

What kind of security is required?

In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Bargain Loans (if available) can be provided.

Can I repay the loan ahead of schedule?

Yes. You can repay the loan ahead of schedule. An early redemption charge is payable as applicable.

Builders

Loan Point Finance is dedicated to understanding your specific needs, and to helping you move your inventory faster than ever before. We will work closely with you for a mutually beneficial relationship.

Distributors or Direct Sales Associates for other Financial Services

If you are currently distributing some other financial Products and would like to benefit from the real estate and Home-Finance boom, then  Bank is the place for you.

Real Estate Agents and Brokers

We provide one of the best Home-finance solutions in the industry. The speed is designed to give your business the necessary fillip.

To get in touch with us and find out more about how you can become an Associate, e-mail us at support@bargainloans.in with your detailed profile or contact us at following branches.

Home Loan

LowFee

Personal Loan

ploan

Business Loan

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