Friday, 15 April 2016

Loan Against Property





Loan Against Property popularly known as Mortgage Loan is popular amongst businessmen as it is a good alternative to personal loan. People get attracted to this product due to its low rate of interest (especially among nationalized banks) and its flexible tenure (maximum of 12 years). The procedures are simple and banks usually do not insist upon the end use of the amount financed. The only eligibility criterion is the income of the customer approaching for the loan, it is measured on the basis of Form16 in the case of salaried individuals and last 3 years IT returns in the case of businessmen and self employed individuals. The value of the property to be mortgaged is also an important criterion for arriving at the loan amount.

1. Purpose:


To meet the credit requirements for business, education, repair renovation extension of residential and commercial property or to purchase construct personal property and also for other personal requirements.

This facility should not be extended to speculative purposes like buying and selling of shares or real estate. So builders and stock brokers should not be financed.

2. Target:


Businessmen, Professionals, Self Employed people with high networth and salaried people are eligible for availing these loans subject to banks guidelines.

3. Insurance: 


The property mortgaged should be kept insured to the full value of asset including fire, natural calamities, riots and earthquake. Vacant lands are exempted from getting insurance coverage.

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