A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan creates a lien against the borrower’s house and reduces actual home equity.
Most home equity loans require good to excellent credit history, reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types: closed end (traditionally just called a home-equity loan) and open end (aka a home-equity line of credit). Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person’s main mortgage in place of a traditional mortgage. However, one can not purchase a home using a home equity loan, one can only use a home equity loan to refinance. In the United States, in most cases it is possible to deduct home equity loan interest on one’s personal income taxes.
We will give you a loan against your property. Be it commercial or residential. You can also apply for this loan if you need funds to acquire new property. A take-over of your existing loan with refinancing is also possible with Loan Against Property
Attractive interest rates
Loan against property – Residential
Loan against property – Commercial
Loan for purchase of commercial property
Take-over of existing loan with additional refinance (Balance Transfer)
Lease Rental Discounting (LRD)
The following are the eligibility criteria depending upon the income profile-
Any individual who is in permanent service in government or a reputed company.
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to the age of superannuation
Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply.
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
Any individual filing Income Tax returns can apply
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
All resident individuals can apply. The lessee must however be a company as defined under the Companies Act, 1956. Funding will be done only against ready commercial property. The same will be restricted to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower.
An application for an Loan Against Property loan should feature the following documents:
Proof of identity Voter’s ID card or driving license or PAN card or photo credit card or employee’s ID card, or defense or police or government department ID card Voter’s ID card or driving license or PAN card or photo credit cardProof of income Latest salary slip showing all deductions or Form 16 along with recent salary certificate IT Returns for the last 2 years and computation of income for the last 2 years certified by a CAProof of residence Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or latest NSC or other similar instruments indicating the addressBank statement or pass book where salary or income is credited Last 6 months Last 6 monthsGuarantor form Optional OptionalLease Agreement Copy of lease agreement required for all lease rental discounting cases Copy of lease agreement required for all lease rental discounting cases
Capital requirement for Business.
For your Child’s marriage.
Send your Child for higher studies!
Fund Medical Treatments.
In Debt consolidation.
Loan Against Property Loan Quotes are free for customers. It’s a totally free service for customers.
All loans repayment period are over 6 months. No short term loans.