Mortage Loan

Mortage Loan

Home Loan

  • Best Interest rate in the markets - The rate of interest on the loan, which will influence the EMI and the total interest paid by you, must be considered before applying for the home loan.You do not have to Shop around for rates and choose the most competitive one.
  • Quick and Transparent Loan Processing
  • Higher Loan Amount and Eligiblity - The quantum of loan you are likely to get will depend on your monthly income and the value of the property. Typically, the loan amount would be 80-85% of the property value. However, it could be more in some cases. "For property valued up to Rs 30 lakh, the customer can avail of a maximum of 90% funding, subject to his income eligibility as assessed by the lender.The RBI, through a notification last year, allowed a loan-to-value ratio (LTV) of up to 90% for home loans.
  • Processing Charges and Prepayment Charges* - Get upto 50% waiver on PF and NIL prepayment charges on Home Loan.
  • Affordable Housing* - Get upto waiver of 12 EMI on Home Loans upto INR 30 Lakhs.

Loan Against Property

A loan given against the mortgage of property is called Loan against Property. This is one of the cheapest retail loans after Home Loans

  • Multiple purposes - Loan against property can be availed for multiple purposes. It could be for business, education, medical needs, property purchase, marriage or any other personal or professional need.
  • Longer tenure - Loans against property can be taken for tenure periods ranging up to 15 years or more, enabling the borrower gets sufficient time to clear the loan.
  • Hassle free - Banks are willing to provide loans against property without hassles, provided the criteria are met.
  • Easy repayment - Borrowers can choose from multiple EMI options to choose one which best suits their repayment capacities.
  • High upper limit - A borrower can avail loans upto Rs 10 crore and more against property, if the property meets the required criteria.
  • Property Type - Any property type can be kept as security to avail this loan. It could be a residential or commercial property or just an empty plot.

Loan for Purchase of Commercial Property

Customers who intent to purchase commercial property for their business. The funds thus procured can help businesses actualise their expansion and diversification goals. The loan for commercial property can be utilized for the start of a new business, the purchase of new premises, expansion of the size and the scope of the current enterprise, etc.

  • Collateral: Commercial property.
  • Tenure: Up to 10 years.
  • Minimum loan amount: 60% of property value
  • Minimum loan amount: Evaluation on the basis of the customer's cash flow.
  • Other benefits: Attractive interest rates; easy repayment option through EMIs or structured repayment; door step services, balance transfer options.

What is Lease Rent Discounting (LRD)?

Lease Rental Discounting (LRD) is a term loan offered against rental receipts derived from lease contracts with corporate tenants. The loan is provided to the lesser based on the discounted value of the rentals and the underlying property value.

It is another method to obtain finance from bank or other financial institute or lending institutes. Lease Rent Discount (LRD) consideration is between the borrower who owns the premises, the tenant who has rented the said premises or taken on lease and the bank or financial institute or Corporate. The rent is considered as fixed income over a stipulated time i.e. Lease or rent period or tenure. The agreement is between the borrower and lender and the major term of repayment is the rent which is directly deposited with the lender and not with the borrower. The Borrower is sanctioned a loan based upon the rent to be collected over the period of lease.

This loan against rental receivables differs from other loan products in two ways:

  • The loan agreement is made between the lending institution, the lesser and the lessee.
  • The rent is not collected by the lesser, but is credited every month via an escrow account to the lending institution. The lessee/current occupant deposits the rent directly in the escrow account.