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What Is Advantageous? Purchasing A Resale Property Or Investing In A Builder Property

June 7, 2020 by admin

Mrs. Nayana- our family friend intends to buy a residential property. Baffled by flooded builders offers and calls from the estate agencies, she phones to seek guidance to her bewilderment towards builder and resale property. Soon after her request we directed her with the advantages of purchasing the either, leaving her with her decision to decide which one to invest. Hope our genuine opinions and thoughts expressed guide her to make a right decision. Opinion and thoughts expressed are genuine out of our sheer personal experiences. 

1) Identifying the purpose for purchase.

If you are purchasing a property with an intention of immediately moving into the property, going for a ready-to-move residential property will always be a suitable option. Here ready-to-move signifies resale purchase or newly constructed builder property ready for possession. What needs to be evaluated here is the property location, accessibility, road connectivity, its amenities, neighbourhood – markets, supermarket, hospitals, malls, restaurants, schools & colleges, power station, future developments, etc. However a lesser known fact is that a resale property will be cheaper than a newly constructed builder property. The cost of the builder property is usually high because of the various amenities provided by the builder such as swimming pool, gym, gardens, club house, etc. The more the amenities the higher will be the cost of the property. Therefore choose wisely between resale and builder property depending on your personal needs and requirements.  

2) Know the applicable taxes and charges. 

As per the property norms you are required to pay charges to the government for purchasing a property in India. These charges are in the form of stamp duty, registration, intimation to mortgage charge (applicable only in Maharashtra), GST, etc. You are required to pay GST of 5% for purchasing an under-construction builder property or ready possession builder property (where OC is not issued) valued at Rs. 45lakhs and above & GST of 1% for affordable housing for properties valued below 45lakhs. No GST is applicable on completed or ready to sale properties of the builder where the Completion Certificate i.e. CC and the OC are issued. Along with GST, you also need to pay stamp duty of 5% (in Maharashtra) and registration charges (Rs.30, 000 for properties valued above 30lakhs & 1% of the property value for properties valued below 30lakhs. Stamp duty and registration charges vary from state to state. Which means for buying an under-construction property you pay GST (5% or 1%) +stamp duty (6%) + registration charges (Rs.30, 000 or 1%). On the other hand, the advantage of buying a resale property is that you save on the GST cost. There is no GST applicable on the resale properties. You are liable to pay only the applicable stamp duty and the registration charges. 

3) Know the loan funding for purchase.

Buying a property with your own funds is a rare ratio. You mostly approach a lender bank/NBFC to fund your property. Banks/NBFCs provide loans on the basis of your income eligibility subject to the LTV (loan to value) criteria. The LTV is the percentage of the maximum funding available on the market value of your property. The LTV norms are, 90% for property less than 30lakhs, 80% for property between 30lakhs-75lakhs and 75% for property above 75lakhs. No lender can fund beyond the LTV norms. The LTV criteria remain the same for resale purchase or builder purchase of under-construction or ready to move property. But the final loan eligibility on the basis of the property is calculated as lower of the two i.e. percentage of the agreement value or applicable LTV of 75%-90% on the market value whichever is low. In resale purchase 100% of the agreement value will be considered while in builder case 80% of the agreement value is considered. 

For example: If the market value of the property is 1cr and the agreement value is 80lakhs, the loan eligibility will be:

In resale purchase

1cr * LTV of 75% = 75lakhs

80lakhs * 100% of 80lakhs = 80lakhs 

Therefore loan eligibility will be 75lakhs (lower figure).

Alternatively, if the market value of the property is 1cr and the agreement value is 60 lakhs, the loan eligibility will be:

1cr * LTV of 75% = 75lakhs

60lakhs * 100% of 60lakhs = 60lakhs 

Therefore loan eligibility will be 60lakhs (lower figure).

In builder purchase

1cr * LTV of 75% = 75lakhs

80lakhs * 80% of 80lakhs = 64lakhs 

Therefore loan eligibility will be 64lakhs (lower figure).

Alternatively, if the market value of the property is 1cr and the agreement value is 60 lakhs, the loan eligibility will be:

1cr * LTV of 75% = 75lakhs

60lakhs * 80% of 60lakhs = 48lakhs 

Therefore loan eligibility will be 48lakhs (lower figure).

However please note in the builder case the cost of the property (COP) is of vital importance. Many lender banks/NBFCs consider this COP as a base instead of agreement value to calculate the loan eligibility i.e. 80% of the COP is considered. The COP consists of the agreement value, legal charges, share money/society formation charges, club house charges, maintenance charges, development charges, water connection charges, GST charge, etc. Stamp duty and registration charges are not considered in COP.

4) Know the OCR requirements.

Own contribution refers to the own funds required for purchasing a property. The ground rule of the home loan mortgage industry states that banks do not provide 100% funding for your property. The standard ratio is assumed to be 20:80 percent i.e. 20% own funding and 80% bank funding. However as per the calculation of the property eligibility norms of the lender, it is seen that the loan funding in builder property is always lower in comparison to the loan funding available for resale property purchase. Low funding implies requirement of higher own contribution and maximum funding means less own contribution required. Particularly true in the resale purchase, especially when the market value of the property is high while the saleable value of the property is lower than the market value. In such a scenario, you can draw maximum funding at times more than 100% of the agreement value. What you pay is just a stamp duty and registration charges. But such a type of deal is a rare combination. 

For example- if the market value of the property is 1cr and the saleable value is 70lakhs, as per the property eligibility criteria the loan eligibility stands at 70lakhs. Which means if you make an agreement of 70lakhs, the entire 70lakhs will be funded. What you have to shell out from your own pocket is just the stamp duty and registration charges.

Alternatively, if the cost of builder property is 50lakhs (inclusive of stamp duty and registration cost of 3lakhs + 5lakhs other charges), agreement value is 40lakhs, your own contribution will be:

50lakhs – 3lakhs (stamp duty + registration) = 47lakhs * 80% (funding norms) i.e. 20% will be your own contribution which will be 9.4lakhs. Your total own fund required will be 9.4lakhs + 3lakhs.

5) Understanding the Pre- EMI cost.

Pre EMI is generally associated with under construction builder properties. In pre EMI you pay only the interest on the partial disbursements of your loan amount. The Pre-EMIs paid do not have any impact on your principal amount or loan repayment tenure neither is it deducted from the total interest you will be paying. It is not a part of loan repayment tenure. Your loan repayment tenure will consist of Pre-EMIs tenure + loan tenure. Also there are no tax benefits on Pre-EMIs. In resale purchase the concept of Pre-EMIs does not exist. In resale you directly start repaying the loan through EMIs which consist of both principal and the interest amount. Pre-EMI is suitable, if you have interrupted flow of funds or you are staying on rent or you have financial crises or medical emergencies to meet, etc. Pre-EMI is a cost incurred only when you opt for a housing loan on under-construction property. However if you are capable of paying the initial slab wise demand of your builder through your own funds, you can save a substantial amount of interest or you may simply save your Pre-EMI  by going for a ready to move property. 

Additional Read: IS PRE – EMI BETTER THAN FULL EMI. FIND OUT YOURSELF.

6) Identifying the investment opportunity.

The basic intention for investing in a property is to build an asset for you, an asset which will have an appreciation value in the future. Either of the properties whether resale or builder will have an appreciation value in the long run. With a personal note, a resale property that can go for redevelopment will be your bonanza. In redevelopment the re-developer/builder offers you an extra 20-25% square feet area in addition to your existing property area. This at once appreciates the value of your property by 20-25%. In urban cities like Mumbai, there exists a lot of scope for redevelopment projects. The properties as old as 30-100 years stand a chance of going for redevelopment. But before investing in 30year+ old property ensure the property has clear and marketable title and the minimum age of the property is 7years if you are going for a housing loan. Get a title search and structural audit done for the property. The title search gives the ownership details of the property over the years and the structural audit report shows the exact age of the property and its current condition. But be cautious with redevelopment investments, as the fact remains overshadowed that the properties going for redevelopment do not qualify for housing loans. 

Related Blogs:

  • Purchasing An Under-Construction Property? Here Are The Important Loan Facts You Must Know Before Making A Purchase
  • Quick Guide To Difference Between Home Loan Builder Case & Resale Case
  • What Loans Can I Get On My Property
  • Why Is It Difficult To Get A Loan On Grampanchayat Property?

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack- Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Loan Against Property Kotak Mahindra Bank

July 21, 2022 by admin
Loan Against Property Kotak Mahindra Bank
Kotak Mahindra Bank is an example of the fastest-growing private sector bank in India. Kotak offers the loan against property (LAP) popularly referred to as mortgage loan against the collateral of owned & jointly owned residential, commercial, and industrial property at attractive interest rates starting from 9.25% p.a. with flexible repayment tenures up-to 15 years for meeting the personal & business needs with maximum funding of 65% of the value of the property.

Prominent Features Of Kotak Bank Loan Against Property

  • Residential, commercial (shops & offices) & industrial properties can be pledged.
  • Loans are available for your personal & business needs.
  • Easy repayment options are available up-to 15 years.
  • Higher loan amounts can be enjoyed at a lower Kotak rate of interest starting from 9.25% p.a.
  • Overdraft and LRD facilities are available.
  • Loans are available up-to 65% of the property value.
  • Customized loan options and schemes are available for self-employed borrowers.
  • Quick processing of Kotak Mahindra Bank application.
  • Hassle-free documentation with Kotak Mahindra Bank online apply option.

Kotak Mahindra Mortgage Loan Eligibility

Eligible Profile * Salaried  
* Self-Employed  
* Self-Employed Professionals  
Firms & Companies
-> Proprietorship Firm
-> Partnership Firm
-> Private Limited Company
Age For salaried
18 years – 60 Years or retirement age
whichever is earlier.  
For Self-employed & Professionals
21 years – 65 years.
Property To Mortgage * Residential – self-occupied/rented/vacant  
* Commercial – Shops & Offices  
* Industrial property.
Kotak Loan Against Property Interest Rate Kotak Mahindra Bank LAP interest rate starts from 9.25% p.a. onwards.
Maximum Tenure for Kotak Mortgage Loan Up-to 15 years.
Loan Amount * Minimum – Rs.10 Lakhs  
* Maximum – Rs.5 Crores.
Minimum Income * Salaried – Rs.4,80,000/- p.a.  
* Self-employed – Rs.1,80,000/- p.a.
Minimum Business Vintage 3 years.
Turnaround Time For Disposal of Loan Application 21 working days on receiving the complete & clear documents.
Type Of Loan * EMI-based term loan.  
* Overdraft loan against property.
LTV 65% of the property value.
CIBIL Scores 750 & above.
Processing Fees Up-to 1% of the loan amount plus applicable GST.
Kotak Bank Information on Pre-Payment Charges * NIL – for floating Kotak Mahindra Bank interest rate loan borrower (the amount used only for personal uses)  
* Others – 4% on the outstanding amount plus applicable GST.
Mortgage Schemes * Mortgage loan  
* Mortgage loan balance transfer  
* Mortgage loan top-up  
* Mortgage overdraft loan  
* Lease rental discounting
Note: The above-mentioned Kotak Mahindra Bank Finance charges & Kotak Mahindra mortgage loan interest rates are subject to change without prior notice.

Click to read more on loan against property eligibility.

Kotak Mahindra Bank Loans Schemes For Loan Against Property

Customized loan against home in India, loans against commercial & industrial property, LRD, LAP transfers, & top-up, etc. are offered at competitive rates to fulfill the various needs of its customers. Details of these popular loan schemes of Kotak Bank with its features are given below: 

  1. Kotak Bank Loan Against Property

It is a term loan available for eligible borrowers to fulfill their business & personal financial needs at an affordable Kotak Mahindra loan against property interest rates. The loans can be easily repaid in equated monthly installments.

  • LAP loan current rate of Kotak Mahindra Bank starts from 9.25% p.a.
  • The maximum loan tenure offered is up-to 15 years.
  • Kotak Bank mortgage loan interest rate is variable interest rate.
  • Highest FOIR considered for self-employed customers.
  • Higher loan eligibility amounting to 150% of the net monthly income subject to the maximum loan amount of Rs.5 Crores.
  • Processing fees applicable is up-to 1% on the loan amount plus applicable GST.

    Also, read the best banks for mortgage loans in India.

2. Kotak Bank Loan Against Property Overdraft Loan

Overdraft facility is available only to self-employed borrowers who are manufacturers, retailers, traders, service providers, etc. to meet their working capital requirement.

  • Interest is paid only on the utilized loan amount.
  • Low Kotak Bank interest rates for LAP overdraft facilities starting from 9.50% p.a. Onwards.
  • One-time sanction of the OD limit for original tenure.
  • No need to renew the OD every year.
  • The maximum loan tenure offered is up-to 10 years.
  • A dropline overdraft facility is available. The limit gets reduced every year by 20% & 10% of the loan amount for loan tenures of 5 years and 10 years respectively.
  • Over 1 year the limit can be reset to actual tenure based on the new eligibility of the borrower.
  • Processing fees applicable is up-to 1% on the loan amount plus applicable GST.

Read more on mortgage overdraft loans.

3. Kotak Bank Loan Against Property Balance Transfer

Mortgage loan transfers with Kotak Bank are available for eligible borrowers at discounted rates as well as processing fees with an option to reset the loan tenure to the maximum.

  • Kotak Bank loan against property interest rate for transfer starts from 9.25% p.a.
  • Option to avail a dropline overdraft facility for takeover loans.
  • Mortgage refinancing is also available with a top-up facility. Also, read on home loan refinancing.
  • Longer repayment tenures of up-to 20 years.
  • Special offers to borrowers having good CIBIL scores and repayment records. (Also, read how your multiple loan inquiries impact your CIBIL score)
  • Refinancing is available for mortgage overdraft facilities, LRD loans & simple term loans mortgages.

Also, click to read how to deal with the increasing interest rates of housing loans.

4. Kotak Bank Loan Against Property Top-Up

Kotak top-up loans are available for existing borrowers only with a good repayment history for 6 months – 12 months. New borrowers can also apply for a top-up loan with Kotak Bank with their mortgage loan switch to Kotak Bank.

  • Top-up loans are offered at Kotak Bank LAP rate of interest.
  • Kotak Mahindra Bank interest rates for top-up loans start from 9.25% p.a. onwards.
  • Top-up can be applied after 6 months of loan disbursement.
  • Processing fee of up-to 1% on the top-up loan amount.
  • The maximum top-up amount is subject to the market value of the property and the income eligibility of the borrower.
  • The maximum amount availed is 65% of the property market value subject to the maximum mortgage loan limit of Rs.5 Crores.

Read more on mortgage top-up loans

5. Kotak Bank Lease Rental Discounting (LRD) Loans

It is a term loan provided to the borrower who earns a rental income from his rented out commercial property, which is leased to a reputed company. The borrower can either pledge his leased out commercial property or any other property in his ownership. 

  • LRD loans are available for both salaried & self-employed customers.
  • The maximum funding for LRD is up-to 8 times of the net monthly rentals received, subject to the lease expiry clause in the LRD agreement.
  • LRD is offered to commercial (shops & offices) as well as industrial (warehouse, workshop, factory, etc.) properties leased for 1-year with renewable clauses in the LRD agreement.
  • LRD EMIs are restricted to 90% of the net monthly rentals.
  • Kotak Mahindra Bank loan against property interest rates for LRD starts from 9.50% p.a.
  • The maximum tenure offered is up-to 10 years subject to the balance lease term.
  • The minimum loan amount is Rs.10 lakhs & the maximum is Rs.5 crore.
  • LRD loan transfers are available at attractive interest rates.

Read more on LRD loans.

6. Kotak Bank Commercial Property Loan

Commercial property loans with Kotak Bank are available for the purchase of ready-to-move & under-construction commercial property at the lowest interest rates in the industry for longer repayment tenures. (Keep these important things in mind if you are purchasing an under-construction property)

  • Available only for ready-to-move and under-construction commercial property with more than 80% of completion status.
  • Kotak Mahindra interest rates for commercial property start as low as 9.25% p.a.
  • Processing charges will be 1% on the loan amount plus applicable GST.
  • LTV is 40%-50% on the value of a commercial property.
  • Quick & hassle-free processing
  • Commercial property can be refinanced at low-interest rates and processing fees.
  • Minimum documentation is required. Click the links to get a complete list of documentation.
    > For Salaried-builder case & resale case
    > Self-Employed – partnership firm-builder case & resale case, private limited company-builder case & resale case, proprietorship firm-builder case & resale case.

            Also, read commercial property loans with ICICI Bank.

List Of Other Kotak Mahindra Bank Charges

(GST is applicable on all charges)

Documentation Charges Rs.10,000/-
Stamp Duty Charge 0.30% of the loan amount.
CERSAI Charge Rs.50/- for loans up-to 5 Lakhs & Rs.100/- for loans above 5 Lakhs.
Prepayment/ Foreclosure Charges * Nil – Micro & small enterprises & floating rate term loans for individuals for personal purposes.  
* 4% on the outstanding amount – for the part prepayment in excess of 25% of the loan amount.  
* 4% of the foreclosure amount plus amounts prepaid during the last 12 months – for full prepayment of the loans.
Commitment Fee for Non-Compliance to Sanction Terms 2% of the loan amount.
Account Statement & Interest Certificate Charges Free once in a financial year. Thereafter Rs.250/- per instance.
Switch Fee * Switch to lower Kotak mortgage loan interest rate – 0.25% of the outstanding loan amount.  

* Switch to Benchmark Index & reduce the floating Kotak LAP rate – 0.4% of the outstanding loan amount.
Account Swap Charges Rs.500/- per instance
Duplicate NOC Charges Rs.500/- per instance
Document Retrieval Charge Rs.500/- per instance
Cheque Dishonor Charges Rs.750/- per instance (inclusive of GST)
Penal Interest Rate of Kotak Bank 2% p.m. on the overdue installments.
Penal Interest Rate Kotak Bank for Overdraw of OD 3% p.m. on the overdrawn amount.
Collection Charges 30% of the cheque/ instrument dishonor charges plus substitute interest.
Mortgage Overdraft Renewal Charges 0.25% of the OD limit.
Note: The above-mentioned charges are subject to change without prior notice.

Also, read how to apply for a loan with a bad CIBIL Score.

Documentation For Mortgage Loan In Kotak Mahindra Bank

KYC

Pan Card, Aadhar Card & Photograph

Income Documents

For Salaried * 4 months salary slips.
* 2 years form 16 \
* 6 months bank account statement.
For Self-Employed * 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.
* 12 months bank account statement.
* Business profile.
* Business proofs.

Property Papers

  • Prior Chain of Agreement.
  • OC/CC + approved plans.
  • Index 2.
  • Share Certificate.
  • Society Registration Copy.
  • Property tax.
  • Property maintenance bill.

Other Important Documents

Additional Documents Required For Mortgage Loan Transfer * LOD (list of documents).
* Outstanding letter.
* 12 months repayment track record.
Additional Documents Required For LRD * Registered Valid lease agreement.
* 6 months bank account statement where the rent is received.
Other Documents * Duly signed Kotak Bank application form.
* Processing fee cheque.
* Any other document as required by the bank.

For complete Kotak Mahindra Bank information on documentation kindly refer to the following links:

  • Salaried
  • NRI
  • Self-employed – Proprietorship Firm, Partnership Firm, & Private Ltd. Company.

Also, read NRI loan against property In India.  

Important Highlights To Remember

  • The business/organization must be a profit-making unit for the last 2 years.
  • The property that is to be mortgaged must have a clear and marketable title.
  • Minimum graduate degree required for the salaried loan applicants working in a private limited company or partnership firm.
  • ESCROW account opening is mandatory for LRD loans.
  • Prepayment Conditions applicable are as follows
    > 6 months lock-in period on pre & part payment after EMI commencement for the borrowers other than – (i) Floating interest rate loan borrowers who have borrowed the funds for personal use & (ii) Micro & small enterprises.

    > After 6 months minimum of Rs.25,000/- & a maximum of 25% of the mortgage loan amount can be prepaid with Nil charges every 6 months.

    > A minimum difference of 6 months is required between any two prepayments.
  • If the overdraft limit utilized is less than 50% of the quarterly drawing power, a charge of 0.25% will be levied on the difference between the actual amount utilized and the OD threshold for utilization i.e., 50%.
  • Gram-Panchayat properties are not considered as collateral. Click to find out why, read Why is it difficult to get a loan on gram-panchayat property?
  • Tax rebates can be availed on Kotak Mahindra loan against property provided the basic requirements are fulfilled. Click to get the complete information.

Compare Kotak Bank LAP Loans With Top Lenders

Parameter Kotak Bank ICICI Bank HDFC Bank Axis Bank
Interest Rate 9.25% p.a. onwards 7.70% p.a. – 9.75% p.a. 7.50% p.a. – 10.95% p.a. 10.50% p.a. – 11.25% p.a.
Tenure Up-to 15 years. Up-to 20 years. Up-to 15 years. Up-to 20 years.
Processing Fees Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST.
Foreclosure Charges Up-to 4% on the balance loan amount + applicable GST. Up-to 4% on the balance loan amount + applicable GST. Up-to 2.5% on the balance loan amount + applicable GST. Up-to 3% on the balance loan amount + applicable GST.
Overdraft Facility Yes Yes Yes Yes
LTV 65% 70% 65% 55%
Maximum Loan Amount Up-to Rs.5 Crores Up-to Rs.10 Crores. Up-to Rs.25 Crores. Up-to Rs.5 Crores
    Click for more details. Click for more details. Click for more details.

Click to compare the rates of other leading banks.

FAQ

Q. How much is the Kotak Mahindra Bank mortgage loan interest rates 2021?

Ans: Mortgage loan interest rates in Kotak Mahindra Bank start from 9.25% p.a. onwards.

Kotak Mahindra Bank Loan Schemes Applicable Rate of Interest p.a.
Mortgage Loan 9.25% onwards
Mortgage Loan Balance Transfer 9.25% onwards
Mortgage Loan Top-up 9.25% onwards
Mortgage Overdraft Loan 9.50% onwards
Lease Rental Discounting 9.50% onwards
Commercial Property Loan 9.25% onwards
Note: The interest rates are subject to change without prior notice.

Q.  I am an NRI working in Saudi. Can I avail myself of a mortgage loan against land India?

Ans: Kotak Mahindra Bank NRI mortgage loans are not available. Kotak Bank does not provide a plot loan for NRI in India.

Also, read – Everything you must know before purchasing a land & availing the land loans & difference between home loan & land loans.

Q. Topping up mortgage, is it possible?

Ans: It is possible to top-up your mortgage with Kotak Bank through Loan Against Property Top-Up Loans & Loan Against property Balance Transfer Loans.

Q. I am an IT tech working in Mumbai for 4 years. I own a house in Bangalore of Rs.60 Lakhs. Can I apply for a mortgage loan from Mumbai or do I have to apply for a mortgage loan in Bangalore?

Ans: For quick, better & faster services it is recommended to apply for a loan against property in Bangalore.

Q. Is there any difference in the mortgage loan interest rates in Chennai & loan against property interest rates in Delhi?

Ans: Kotak Mahindra Bank has uniform interest rates irrespective of the locations/ cities.

 Q. How much is the overdraft limit against property interest rate?

Ans: Kotak’s overdraft loan against property interest rates starts from 9.50% p.a. onwards

Q. Will I will be charged a penalty for delayed payment of my EMI?

Ans: Yes, you will be charged with a penalty for the EMI bounce as per the charges schedule.

Q. Is Kotak Mahindra Bank account opening mandatory for a mortgage loan disbursement?

Ans: Kotak Mahindra account opening is important since the LAP EMIs will be served through these accounts.  Kotak Mahindra Bank current account is mandatory if you are availing of the LAP overdraft facility.

Q. How to apply for Kotak Bank Loan Against Property?

Ans: You can apply for Kotak LAP loans offline by visiting the branch or online by visiting the bank portal as well as the Kotak bank app.

Also, read the benefits of applying for online & offline loans.

Read for more FAQs.

Kotak Mahindra Bank Branches In Mumbai, Thane & Navi-Mumbai

Kotak Mahindra Bank All Branches In Mumbai

Kotak Mahindra Bank Andheri West J P Road (Andheri Manish Garden CHS Ltd; Manish Nagar, JP Road, Mumbai – 400 053) Kotak Mahindra Bank Andheri East Sher E Punjab (141, Sher E Punjab CHS Ltd., Off Mahakali Road, Mumbai – 400093) Kotak Mahindra Bank Borivali West (Aditya Towers, Chandavarkar Road, Mumbai – 400 092) Kotak Mahindra Bank Bhandarkar Road Matunga (Raj Niketan, Bhandarkar Road, Matunga, Mumbai – 400019)
Kotak Mahindra Bank Chembur (Basant Vihar Commercial Complex CHS, Dr.C. Gidwani Marg, Near Basant Cinema, Mumbai – 400074) Kotak Mahindra Bank Dahisar East (Ram Kumar, Gulmohar” “B” Wing, Ramkunwar Thakur Marg, Dahisar East, Mumbai – 400068) Kotak Mahindra Bank Goregaon West (Shop Nos. 3 & 4, Poonam Heights, Udyog Nagar, S.V. Road, Mumbai – 400062) Kotak Mahindra Bank Goregaon East (Mastermind 1, Unit 235, Adarsh Nagar, Mayur Nagar, Royal Palms, Aarey Colony, Mumba – 400065)
Kotak Bank Ghatkopar East (31 M.G. Road, Bedeshwar Building, Next To TBZ Showroom, Mumbai – 400 077) Kotak Bank Kandivali West (Unit No. 2, Basement / Ground / 1St Floor, Heena Gaurav Heights, Building No.2, S V Road, Mumbai – 400 067) Kotak Bank Kalina (159, Ground Floor, Vinay Bhavya Complex, Samsung Building, Kalina, 400098) Kotak Bank Lower Parel (Shop No.1, Aum Saheel Tower, Kashinath Dhuru Compound, Opp. Kamala Mills, S.B. Marg, Mumbai – 400013)
Kotak Mahindra Bank Mulund West (Marathon Max, Opp RTO, Junction Of LBS Marg And Mulund-Goregaon Link Road, Mumbai – 400 080) Kotak Bank Mira Road East (E Wing, Latif Park, Mira Bhayandar Road, Mira Road (East) – 401107) Kotak Mahindra Branch Nariman Point (5 C/ Ii, Mittal Court,224, Nariman Point, Mumbai – 400 021) Kotak Mahindra Bank Santacruz West (Sainara Building, Linking Road, Santacruz (West), 400054)
Kotak Bank Sion West (Kotak Mahindra Bank Ltd, Kum Kum CHS ltd, Jain Society, Off Eastern Express Highway, Behind Dominos, Mumbai – 400022) Kotak Mahindra Bank Tilak Nagar (24, Sainath Mandir Chowk, Chembur West, Tilak Nagar, Kurla, Mumbai – 400089) Kotak Bank Vasai Manikpur (Ground Floor, Marygreg, Main Road, Manikpur, Vasai (West), Thane – 401 202) Kotak Mahindra Bank Vile Parle East (Plot No.5, Gladdiola Building, Hanuman Road, Mumbai – 400057)
Kotak Mahindra Bank Branches In Thane, Kalyan, Navi-Mumbai
Kotak Mahindra Bank Airoli (Shop No. 3, Sector 6, Manas Co-Op Society, Airoli, Navi Mumbai – 400708) Kotak Mahindra Bank Belapur (Sharda Terraces, Plot No 65, Sec – 11, CBD Belapur, Navi Mumbai – 400 614) Kotak Mahindra Bank Kalamboli (Shop No. 9, Shree Apartment, Sector 1 Rd, Sector 1E, Kalamboli, Panvel, Navi Mumbai – 410218) Kotak Bank Kalyan West (Kamla Tower, Rambaug Lane No .1, Santoshi Mata Mandir Road, Thane – 421301)
Kotak Mahindra Bank Kharghar (Vaibhav CHS Ltd, 28, Sector 11, Kharghar, Navi Mumbai – 410210) Kotak Mahindra Bank Koparkhairane ( Shop No 2, 3, 4, 5, Channel Tower, Plot No. 75, Sector 18, Kopar Khairane Rd, Navi Mumbai – 400709) Kotak Mahindra Bank Nerul East (Shop 25 To 27, Krishnakamal CHS Ltd., Sector 21, Nerul (East) – 400706) Kotak Bank Vashi Palm Beach Road (47/48, Kotak Mahindra Bank Ltd, Arenja Corner Premises Chs ltd, Palm Beach Road, Sector 17, Vashi – 400703)
Kotak Bank Thane Hiranandani Meadows (Block No.4 Emerald Plaza, Ground Floor, Hiranandani Meadows, Near Vasant Vihar, Thane – 400 610)      

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack specialized services include providing:

  • The best bank for home loans.
  • Best Banks For Mortgage Loan In India.
  • Assured low-interest rates for loan against property in Mumbai.
  • Lowest home loan rates in Mumbai.
  • Instant loan in Mumbai &home loan in Mumbai.
  • Instant personal loan in Mumbai & business loan in Mumbai
  • Low-cost home loan balance transfer.

Additional Read

  • Axis Bank Home Loan.
  • How To Apply Online For Home Loan, Mortgage Loan & Loan Transfers.
  • Step-By-Step Guide Of Internal Processing Of Home Loan & Mortgage Loan.
  • Difference Between Personal Loan & Loan Against Property.
  • ICICI Bank mortgage loan for NRI in India.

(LAP) Loan Against Property In Axis Bank

July 30, 2022 by admin
(LAP) Loan Against Property In Axis Bank

Axis Bank, one of the largest private sector banks offers hassle-free loan against property for the eligible borrowers against the collateral of their residential & commercial properties for the Axis LAP loan amount starting from Rs.5 Lakhs at a competitive Axis mortgage loan interest rates starting from 10.50% p.a. with longest repayment tenures of up-to 20 years.

Axis Bank LAP loans are available against the residential, commercial property, or a loan to purchase a commercial property with quick approvals and an online process.

Prominent Features of Axis Bank LAP Loan

  • Both residential and commercial properties can be provided as security.
  • Enjoy comfortable EMI for mortgage loan with longer repayment tenure of 20 years.
  • Easy & hassle-free processing of Axis Bank home mortgage loan.
  • Loans up-to 55% of the property value.
  • Axis Bank property loan amount starts from Rs.5 Lakhs.
  • Can be applied online as well as offline.
  • Axis mortgage loans can be used for a variety of personal & professional needs such as home repairs & renovations, marriage expenses, medical healthcare, children’s higher studies, family vacations, investment in a business, business expansions, etc.
  • Overdraft and LRD facilities are available.
  • Attractive axis bank mortgage loan interest rates for mortgage loan balance transfers.
  • Offers unique eDGE loyalty reward points on loan disbursals.

Axis Bank Mortgage Loan Eligibility

Eligible Profile Salaried, Self-Employed, and Self-Employed Professionals.
Age * For salaried
24 years – 60 Years or retirement age whichever is earlier.  
* For Self-employed & Professionals
24 years – 65 years.
Property To Mortgage Residential & commercial property.
Axis Loan Against Property Interest Rates 10.50% p.a. – 11.25% p.a.
Maximum Tenure Up-to 20 years.
Maximum Loan Amount Up-to Rs.5 Crores.
Minimum Business Vintage 5 years.
LTV * For residential & commercial property 40% – 55% of the property value.  

* For purchasing commercial property – 20% – 30% of the property value.
CIBIL Scores 750 & above.
Processing Fees Up-to 1% of the loan amount plus applicable GST subject to a minimum of Rs.10,000/-.
Pre-Payment Charges Up-to 3% on the outstanding principal plus applicable GST.
Mortgage Schemes * Mortgage loan  
* Mortgage loan balance transfer  
* Mortgage loan top-up  
* Mortgage overdraft loan  
* Lease rental discounting  
* Commercial loan  
* Reverse mortgage loan.

Click to read more on loan against property eligibility.

Also, read a step-by-step mortgage loan processing guide.

Axis Bank Mortgage Loan Schemes

Axis Bank offers customized loan schemes to meet the various loan needs of its customers. Some of the popular loan schemes of Axis Bank with its features are mentioned below:

  1. Axis Bank Loan Against Property

Axis Bank mortgage loan is a term loan available for all eligible borrowers to fulfill their varied need of funds which is rapid in equated monthly installments.

  • Axis Bank mortgage loan interest rates range from 10.50% p.a. – 11% p.a.
  • The maximum loan tenure offered is up-to 20 years.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
  • Processing fees of up-to 1% on the loan amount subject to a minimum of Rs.10,000/-
  • The maximum loan amount that can be availed is up-to Rs.5 crores.
  • Get additional refinance on loans transferred in Axis Bank.

Also, read on home loan refinancing.

Additional Read, best banks for mortgage loans in India.

2. Axis Bank Overdraft Against Property

Axis Bank offers a dropline overdraft (reducing) facility only to self-employed & self-employed professionals to meet their working capital requirement.

  • Interest is paid only on the loan amount utilized.
  • Overdraft against property interest rates range from 11% p.a. – 11.25% p.a.
  • The maximum loan tenure offered is up-to 10 years.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
  • The overdraft limit is renewed every 12 months. Renewal charge levied will be 0.50% of the drawing power set or Rs.5,000/- whichever is low.
  • Fixed as well as reducing overdraft available. 
  • Avail higher loan eligibility on the banking behavior considering the average bank balances.

Read more mortgage overdraft loans.

3. (LRD) Lease Rental Discounting Axis Bank

Axis Bank LRD loan is a term loan offered against the rentals received against the ready commercial properties leased to a reputed company (as defined under the Companies Act, 1956) at attractive LRD loan interest rates.

  • All resident individuals- salaried/self-employed/professionals & firms and companies can apply.
  • Lease rental discounting interest rates range from 10.50% p.a. – 11% p.a.
  • The maximum tenure offered is up-to 9 years subject to the balance lease term.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
  • Loan finding will be subject to the lower of the two:
    a) 50% of the market value of the property.
    b) 85% of the net present value of the future rentals.
  • LRD loan transfers are available at attractive interest rates.

Also, read how to apply online for a mortgage loan.

4. Axis Bank Commercial Property Loan

Axis Bank offers a loan for the purchase of ready-to-move or under-construction commercial property at low-interest rates and maximum repayment tenures.

  • Axis Bank commercial property loan interest rate starts from 10.50% p.a.
  • The maximum tenure available is up-to 20 years.
  • LTV is 20%-30% on the value of a commercial property.
  • Processing charges will be 1% on the loan amount.
  • Refinancing of commercial property with Axis Bank is easy, quick & hassle-free.
  • Minimum documentation is required. Click the links below to get the complete list of documents.
    > For Salaried-builder case & resale case
    > Self-Employed – partnership firm-builder case & resale case, private limited company-builder case & resale case, proprietorship firm-builder case & resale case.

            Also, read commercial property loans with ICICI Bank.

5. Reverse Mortgage

Axis Bank offers reverse mortgage loans to senior citizens in India over 60 years to help them meet their money requirement post-retirement against the mortgage of self-owned and self-occupied residential property.

  • Avail a loan against a self-occupied residential property and retain the property ownership.
  • The maximum tenure of 15 years.
  • Axis Bank home mortgage loan interest rates start from 11% p.a.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.1 crore.
  • The loan amount can be extended as regular in a month, 3 months, 6 months 12 months, or in a lump sum.
  • No need to repay the loan in EMI.

            Read more on reverse mortgage loans for elderly

6. Axis Bank Loan Against Property Balance Transfer

Axis Bank offers mortgage loan transfer @ competitive interest rates & processing fees for eligible borrowers with longer repayment tenure.

  • Attractive LAP rate of interest Axis Bank for takeover loans starting from 10.50% p.a.
  • Longer repayment tenures of up-to 20 years.
  • Offers processing fees and rates for mortgage loan interest in Axis Bank from time to time for the borrowers.
  • Compare the mortgage loan balance transfers rates of Axis Bank with the top lenders.
  • Special offers for borrowers with good CIBIL scores and repayment track history. (Also, read how your multiple loan inquiries impact your CIBIL score)

Also, click to read how to deal with the increasing interest rates of housing loans.

7. Axis Bank Loan Against Property Top-Up

Axis Bank offers top-up loans to its existing LAP customers and the new borrowers with mortgage transfers @ the LAP rate of interest.

  • A top-up loan can be applied after 6 months of the LAP loan disbursement.
  • The maximum tenure offered is up-to 20 years.
  • Top-up loan interest rates start from 10.50% p.a. onwards.
  • Processing fee of up-to 1% on the top-up loan amount.
  • Top-up eligibility is subject to the borrower’s income eligibility and property market value.
  • Must have timely repayment of the loan to avail the additional loan amount.

Read more on mortgage top-up loans

List Of Other Charges in Loan Against Property

(GST is applicable on all charges)

Charges Loan Against Property Mortgage Overdraft Facility Lease Rental Discounting Loan
Stamp Duty / Equitable Mortgage Creation 0.30% on the loan amount. 0.30% on the loan amount. 0.30% on the loan amount.
Part Payment & Foreclosure Charges For part-payment above 25% of the outstanding principal during a quarter & full repayment of the loan:  
1) Non-individual – 3% on the outstanding principal.  

2) Individual

* NIL if the loan amount is used for personal needs.  

* 3% on the outstanding principal if the loan amount is used for business purposes.
Part Payment – NIL          
Full Repayment – 2% on the limit set in the foreclosure year.
For part-payment above 25% of the outstanding principal during a quarter & full repayment of the loan:  

1) Non-individual – 3% on the outstanding principal.  

2) Individual

* NIL if the loan amount is used for personal needs.  

* 3% on the outstanding principal if the loan amount is used for business purposes.
CIBIL Rs.50/- Rs.50/- Rs.50/-
CERSAI Mortgage loans up-to 5 Lakhs – Rs.50/-  

Mortgage loans above 5 Lakhs – Rs.100/-
Mortgage loans up-to 5 Lakhs – Rs.50/-  

Mortgage loans above 5 Lakhs – Rs.100/-
Mortgage loans up-to 5 Lakhs – Rs.50/-  

Mortgage loans above 5 Lakhs – Rs.100/-
NOC Nil Nil Nil
Duplicate NOC Rs.50/- Rs.50/- Rs.50/-
Cheque / ECS Bounce Rs.339/- Rs.339/- Rs.339/-
Duplicate Statement Rs.250/- Rs.250/- Rs.250/-
Document Retrieval Rs.250/- per document set Rs.250/- per document set Rs.250/- per document set
Cheque/ Instrument Swapping Rs.500/- Rs.500/- Rs.500/-
Floating Interest Rate Conversion from High To Low 0.50% on the principal outstanding subject to a minimum of Rs.10,000/- 0.50% on the principal outstanding subject to a minimum of Rs.10,000/- 0.50% on the principal outstanding subject to a minimum of Rs.10,000/-
Penal Interest 24% p.a. On the overdue installments 24% p.a. On the overdue installments 24% p.a. On the overdue installments
Overdraft Mortgage Renewal NA Rs.5000/- or 0.50% on the loan amount whichever is low. NA
Note: The above-mentioned charges are subject to change without prior notice.

Also, read how to apply for a loan with a bad CIBIL score.

Axis Bank Mortgage Loan Documents Required

KYC Pan Card, Aadhar Card & Photograph
Income Documents  
For Salaried * 4 months salary slips.
* 2 years form 16
* 6 months bank account statement.
For Self-Employed * 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.
* 12 months bank account statement.
* Business profile.
* Business proofs.
Property Papers * Prior Chain of Agreement.
* OC/CC + approved plans.
* Index 2.
* Share Certificate.
* Society Registration Copy.
* Property tax.
* Property maintenance bill.
Additional Documents Required for Mortgage Loan Transfer * LOD (list of documents).
* Outstanding letter.
* 12 months repayment track record.
Additional Documents Required for LRD Registered Valid lease agreement.6 months bank account statement where the rent is received.

For the complete documents required for loan against property Axis Bank kindly refer to the following links:

  • Salaried
  • NRI
  • Self-employed – Proprietorship Firm, Partnership Firm, & Private Ltd. Company.

Also, read NRI loan against property in India.

Important Highlights to Remember

  • Part Payments for Axis loan against property and LRD loans are not allowed during the first quarter after taking the loan.
  • Opening an ESCROW account is mandatory for lease discounting i.e., LRD loans.
  • There are nil prepayment charges for individual non-business borrowers.
  • If the overdraft limit utilized is less than 25% of the quarterly drawing power, a charge of 0.10% will be levied on the difference between the actual amount utilized and 25%.
  • Axis Bank does not lend funds for the mortgage of NRI property.
    Read more to find out about NRI mortgage loans in India with ICICI Bank.
  • You can use the Axis Bank mortgage loan EMI calculator for house to know your monthly EMI.
  • Axis mortgage loans are not extended to gram-panchayat properties.
    Also, read Why is it difficult to get a loan on gram-panchayat property?
  • Axis Bank mortgage loan also offers tax exemptions. Click to get the complete info on mortgage loan income tax benefits.

Compare Axis Bank Mortgage Loan Interest Rates with Top Banks

Parameter Axis Bank ICICI Bank HDFC Bank Canara Bank
Interest Rate 10.50% p.a. – 11.25% p.a. 7.70% p.a. – 9.75% p.a. 7.50% p.a. – 10.95% p.a. 9.95% p.a. – 12% p.a.
Tenure Up-to 20 years. Up-to 20 years. Up-to 15 years. Up-to 10 years.
Processing Fees Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST. 0.50% of the loan amount + applicable GST.
Foreclosure Charges Up-to 3% on the balance loan amount + applicable GST. Up-to 4% on the balance loan amount + applicable GST. Up-to 2.5% on the balance loan amount + applicable GST. Nil – 2% on the balance loan amount + applicable GST.
Overdraft Facility Yes Yes Yes No.
LTV 55% 70% 65% 50%
Maximum Loan Amount Up-to Rs.5 Crores Up-to Rs.10 Crores. Up-to Rs.25 Crores. Up-to Rs.10 Crores.
    Click for more details. Click for more details. Click for more details.

Click to compare the rates of other leading banks.

FAQ

Q. What is the Axis Bank mortgage loan interest rate 2021?

Ans: Axis Bank loans against property interest rates range from 10.50% p.a. – 11.25% p.a.

Q. How much time does it take for the sanction of a loan against property in Axis Bank?

Ans: Axis Bank conveys its decision within 5 working days once the complete documents are updated/ received from the customer.

Q. What will be my mortgage EMI for a loan of Rs.35 lakhs?

Ans: Your EMI for a mortgage loan of Rs.35 lakhs will be Rs.34,943/- for 20 years @ 10.50% p.a. LAP interest rate Axis Bank.

Q. What is the contact number for Axis Bank phone banking services?

Ans: You can contact 1-860-419-5555 or 1-860-500-5555 for your loan queries anytime between 8:am to 8:pm from Monday to Saturday excluding the national holidays.

Axis Bank Loan Centers In Thane

Thane- Wagle Estate Kalyan Mira Road
1st Floor, Acel House, Road No. 22, Wagle Estate, Thane – 400604. CTS No. 3203, 1st floor, Old Suchak Niwas, Murbad Road, Kalyan West, Thane – 421301. 3rd Floor, Asmita House, Naya Nagar, Mira Road East, Thane – 401107.

Read for more FAQs.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack specialized services include providing:

  • The best bank for home loans.
  • Best Banks For Mortgage Loan In India.
  • Assured low-interest rates for loan against property in Mumbai.
  • Lowest home loan rates in Mumbai.
  • Instant loan in Mumbai &home loan in Mumbai.
  • Instant personal loan in Mumbai & business loan in Mumbai
  • Low-cost home loan balance transfer.

Additional Read

  • Axis Bank Home Loan.

HDFC Bank Loan Against Property

July 26, 2022 by admin
hdfc bank loan against property
Lowest HDFC Bank Mortgage Loan Interest Rates Starting From 7.50%* p.a.

What Is The Loan Against Property?

A loan against property is a loan provided against the collateral of the property. It is commonly also referred to as a mortgage loan, LAP loan, or property loan.

HDFC Bank Mortgage Loans

HDFC mortgage loans are available to meet your immediate requirement of funds at competitively low HDFC mortgage loan interest rates with flexible repayment options i.e.,15 years of maximum tenure for loan against property in HDFC Bank. Since the HDFC LAP rate of interest offered is low, you enjoy paying lower EMIs on your loan.

Prominent Features Of HDFC Loan Against Property

  • Both residential and commercial rented, self-owned or vacant properties are accepted as collateral.
  • Low HDFC loan against property interest rates from 7.50%* p.a. Onwards.
  • Concessions on the HDFC Bank LAP interest rates for women borrowers.
  • HDFC overdraft against property available in the form of dropline overdraft facility.
  • No hidden charges or fees in HDFC LAP loans.
  • Enjoy comfortable EMIs with HDFC Bank LAP loan with longer repayment tenure of 15 years.
  • Quick & easy processing of HDFC house mortgage loan.
  • Customized loan options are available for self-employed applicants.
  • HDFC bank property loans can be used for a variety of personal & business needs such as home renovations, weddings in a family, medical emergency, children education, investment in a business, etc.
  • Fixed and floating interest rates available.
  • Loan up-to 65% of the market value available.
  • Attractive HDFC LAP loan interest rate for mortgage loan balance transfers.

HDFC Mortgage Loan Eligibility

Loan against property eligibility HDFC Bank – is assessed based on your income and the market value of the property offered as collateral by using FOIR & LTV parameters. Other equally important parameters used to assess your HDFC Bank mortgage loan eligibility are your CIBIL scores, age, employment details, type of loan, loan tenure & HDFC LAP rate. You may also add an earning co-applicant to enhance your mortgage loan eligibility HDFC.

Also Read: 4 Important Benefits Of Applying For Joint Home Loans.

Below are the details of the  HDFC loan against property.

Eligible Profiles Salaried, Self-Employed, and Self-Employed Professionals.
Property To Mortgage Residential, Rental, or Commercial.
Age Of The Borrower * Minimum: 24 Years
* Maximum:
Salaried – 60 Years or retirement age whichever is earlier.
&
Self-employed – 70 Years for.
Type Of HDFC Home Mortgage Loan * EMI- based term loan
* Drop-line HDFC Bank overdraft against property loan.
Loan Amount Rs.10 lakhs – Rs. 25 crores.
Maximum Tenure For Loan Against Property In HDFC Bank Up-to 15 years.
HDFC Bank LAP Rate Of Interest Starts from 7.50%* p.a.
HDFC Mortgage LoanProcessing Fees Maximum of 1% on loan amount + applicable GST subject to minimum processing fees of Rs.7500/-.
LTV (Loan To Value) 65% on the market value of the property.

Also Read: Difference Between Home Loan And Loan Against Property

HDFC Mortgage Loan Rate Of Interest

HDFC Bank LAP loan, commercial loan, and LAP overdraft loans are linked to repo rates while HDFC Bank’s loan against rent receivables (LARR) are linked to MCLR (marginal cost of fund-based lending rate).

HDFC Bank loan against property interest rate 7.50% p.a. – 10.95% p.a.
HDFC Bank commercial property loan interest rate 8% p.a. – 10.95% p.a.
Dropline overdraft LAP interest rate HDFC 8% p.a. – 10.95% p.a.
HDFC Bank LAP loan interest rates for LARR 8.25% p.a. – 10.50% p.a.

Note: HDFC home mortgage loan interest rates are subject to change without prior notice.

Compare HDFC commercial property loan with ICICI Bank commercial property loan.

HDFC Mortgage Loan Products

  1. Simple Mortgage Loan

It is a regular mortgage product where the residential & commercial property is pledged to obtain a loan. Following are the features of simple mortgage loans.

  • Attractive hdfc mortgage loan rates ranging from 7.50%* p.a. – 8.95% p.a.
  • Maximum tenure offered under loan against property in HDFC Bank is up-to 15 years.
  • Maximum funding of up-to 65% of the market value of the property.
  • Processing fees of up-to 1% of the loan amount subject to minimum of Rs.7500/-.
  • Prepayment charges are up-to 2% on the outstanding loan amount.
  • Loan against property HDFC Bank interest rate concession for women applicants.

Also Read: Housing Loan Benefits For Women Borrower In India.

Compare HDFC Bank loan against property with ICICI Bank loan against property.

2. Dropline Overdraft Against Property

HDFC Bank offers the facility of overdraft loan against property in the form of dropline o/d. Given below are the salient features of dropline overdraft against property HDFC Bank.

  • Customized loans option available for self-employed borrowers to meet their requirement of working capital.
  • A current account is mandatory. The loan amount will be credited only to the current account.
  • In dropline O/D the withdrawal limit is reduced every month from the original sanctioned limit.
  • The O/D limit against property HDFC is assigned for up-to 15 years.
  • HDFC Bank LAP loan interest rate for overdraft facility is charged monthly.
  • Overdraft mortgage loan interest in HDFC Bank ranges between 8% p.a. – 8.95% p.a.
  • Overdraft LAP rate of interest HDFC for non adherence of the ESCROW (current) account will be 10% p.a. – 10.95% p.a.
  • Processing fees will be a maximum of 1% on the loan amount subject to a minimum of Rs.7500/-.
  • Prepayment charges will be up-to 4% of the outstanding loan amount.

 Also Read: Know All About Mortgage Overdraft.

3. Loan Against Rental Receivables (LARR)

LARR is a loan given against the mortgage of a rent out commercial property. The commercial property can be a shop or an office. Below are the salient features of LARR.

  • The commercial property must have been leased to reputed establishments.
  • Opening an ESCROW account is mandatory for LARR.
  • Loan tenure offered under LARR is 1 year – 9 years.
  • HDFC loan against rent receivables range from 8.25% p.a. – 8.50% p.a.
  • Interest rates for nonadherence of the ESCROW account will be 10.25% p.a. – 10.50% p.a.
  • Minimum loan amount under loan against rent receivables in HDFC Bank & maximum loan amount under loan against rent receivables in HDFC Bank depends on the net rentals receivables, balance tenure of the rental agreements, etc.
  • The maximum loan availed is up-to 50% of the market value of the property.
  • Processing fees – maximum 1% of the loan amount subject to a minimum of Rs.7500/-
  • Prepayment charges will be up-to 2.5% of the outstanding loan amount.

Also Read: What Loans Can I Get On My Property.

4. HDFC Bank Mortgage Loan BalanceTransfer

It is a loan for the mortgage loan takeover from another bank. HDFC offers attractive interest rates and processing fees for mortgage loan transfers. The following are its features:

  • HDFC interest rate on loan against property transfer starting from 8% p.a.
  • Special HDFC Bank LAP rate of interest of 7.50% p.a. for takeover loans of self-employed professionals (Doctors, CAs, etc.) & others having a CIBIL score of 780-800 above.

Also Read: Know How Your Home Loan Inquiry Impacts Your CIBIL Scores.

  • Discounted processing fees available.
  • Repayment tenures are available for up-to 15 years.
  • Two important conditions for the balance transfers include -Good CIBIL scores and good repayment track history of the loan applicants.
Transfer your mortgage loan to HDFC Bank, only at a processing fee of 0.50%

Also Read: Know How To Deal With The Increasing Interest Rates Of Housing Loans.

5. HDFC Bank Top Up Mortgage Loan

A top-up is borrowing additional funds on your existing mortgage loan. HDFC top up loans are available at the mortgage loan percentage in HDFC. Following are its features:

  • HDFC loan against property top up loan can be applied after 6 months of the disbursement of the mortgage loan.
  • The eligibility for the top-up loan amount is subject to income eligibility and property market value.
  • The maximum tenure for HDFC LAP loan top-up is 15 years.
  • HDFC top up interest rate starts from 8%* p.a.
  • Top-up processing fee is up-to 1% on the top up amount.
  • Top-up can also be applied along with the mortgage loan balance transfer.

Pre & Part Payment Charges Schedule

For non-individual borrowers other than salaried and self-employed loan borrowers, part payments and prepayments cannot be made until 6 months of repayments. The detailed list of applicable pre & part payment charges is mentioned below.

Part Prepayment Charges

HDFC Bank Commercial Property Loan & HDFC Property Mortgage Loan & Loan Against Rent Receivables HDFC   For repayment of up-to 25% of the outstanding loan amount, once every financial year – NIL Charges.   For repayment above 25% of the outstanding loan amount – Charges will be applicable on the entire prepayment amount.   For prepayment post 60 months after the date of the last disbursement of the loan – Nil Charges.
Dropline Overdraft Against Property HDFC Nil Charges.

Also Read: 13 Important Things To Remember Before Prepaying Your Home Loan

Pre- Payment / Foreclosure Charges

The loan foreclosure charges applicable in HDFC Bank differ with the end-use of the mortgage loan, the type of interest rate, and the type of loan applicant.

Foreclosure Charges For Individual Loan Applicant Applying For A Mortgage Loan @ Floating Interest Rate

For Business Purpose

HDFC Home Loan Against Property Dropline Overdraft Against Property HDFC Loan Against Rent Receivables
* Prepayment within 60 months of the loan disbursement – 2.5% of the outstanding amount + Applicable GST.    

* Prepayment after 60 months of the loan disbursement – NIL Charges.
* Prepayment within 12 months of the loan disbursement – Up-to 4% of the operating limit prevailing at the time of prepayment + Applicable GST.  

* Prepayment after 12 months of the loan disbursement – Up-to 2% of the operating limit prevailing at the time of prepayment + Applicable GST.
* Prepayment within 60 months of the loan disbursement – 2.5% of the outstanding amount + Applicable GST.    

* Prepayment after 60 months of the loan disbursement – NIL Charges.         

For End Use Other Than Business Purpose

NIL Charges * Prepayment within 12 months of
the loan disbursement – Up-to 4% of
the operating limit prevailing at the
time of prepayment + Applicable GST.

* Prepayment after 12 months of
the loan disbursement – Up-to 2%
of the operating limit prevailing
at the time of prepayment + Applicable GST.
NIL Charges

Foreclosure Charges For Micro & Small Enterprises For Mortgage Loan Taken @ Floating Interest Rate & Prepaid With Own Funds

HDFC Home Loan Against Property Dropline Overdraft Against Property HDFC Loan Against Rent Receivables
NIL Charges NIL Charges Not Applicable

Prepaid With Borrowed Funds

* Prepayment within 60 months of the loan disbursement – 2.5% of the outstanding amount + Applicable GST.    

* Prepayment after 60 months of the loan disbursement – NIL Charges.
* Prepayment within 12 months of the loan disbursement – Up-to 4% of the operating limit prevailing at the time of prepayment + Applicable GST.  

* Prepayment after 12 months of the loan disbursement – Up-to 2% of the operating limit prevailing at the time of prepayment + Applicable GST.
Not Applicable

Foreclosure Charges For Non- Individual Loan Applicant Applying For A Mortgage Loan @ Floating Interest Rate

HDFC Home Loan Against Property Dropline Overdraft Against Property HDFC Loan Against Rent Receivables
* From 6 months – 60 months – 2.5% on the outstanding loan amount + applicable GST.      
 
* Above 60 months – Nil Charges.
* Prepayment within 12 months of the loan disbursement – Up-to 4% of the operating limit prevailing at the time of prepayment + Applicable GST.  

* Prepayment after 12 months of the loan disbursement – Up-to 2% of the operating limit prevailing at the time of prepayment + Applicable GST.
* From 6 months – 60 months – 2.5% on the outstanding loan amount + applicable GST.        

* Above 60 months – Nil Charges

The above-mentioned charges on LAP HDFC Bank are subject to change without any prior notice.

List Of Other Charges For Property Against Loan HDFC Bank

(GST is applicable on all charges)

Stamp Duty 0.30% on the loan amount.
EMI Late Payment Charges 2% per month. (not applicable on overdraft facility)
CERSAI Rs.500/-
Cheque / ECS / EMI Bounce Charges Rs.550/-
Repayment Schedule Charge Rs.200/- per schedule
Cheque/ SI/ECS Swapping Charges Rs.500/-
Conversion Charges NIL
Document Retrieval Charges Rs.500/-
Partial Property Release/ Property Swapping Charges 0.10% of the loan amount subject to a minimum of Rs.10,000/-
Interest On Over Utilized Overdraft Amount 18% p.a
Commitment Charges For Overdraft Accounts Up-to 0.10% subject to Minimum of a Rs.5000/-

HDFC Mortgage Loan Calculator

HDFC mortgage loan EMI calculator helps you to calculate your monthly mortgage loan installment. To know your monthly mortgage installment you need to enter the following details on the HDFC loan against property EMI calculator

  • Your desired loan amount
  • Mortgage loan HDFC Bank interest rate
  • Your desired loan tenure

By entering these details on the HDFC LAP EMI calculator you can easily get the per month installment figure along with the interest payable.

You can also compare between EMIs for different loan tenures and different interest rates with the help of Loanfasttrack’s EMI calculator. The EMI calculator also gives you the figure for the total interest payable on the loan amount.

HDFC Mortgage Loan Documents Required

  Salaried Self-Employed
KYC Pan Card, Aadhar Card, Residence & Office Proof Pan Card, Aadhar Card, Residence & Office Proof
Income Documents 1) 4 Months Salary Slips  
2) 2 Years Form 16  
3) 6 Months Bank Account Statement.
1) 3 Years ITR Copy with Saral Copy, Computation of Income, Balance Sheet, P&L account, Capital Account – CA certified with membership no.  
2) 12 Months Bank Account Statements Of All Accounts.  
3) Business Profile  
4) Business Proofs.
Property Documents 1) Prior Chain Of Agreement  
2) Oc/Cc + Plan Copy
3) Index 2  
4) Share Certificate  
5) Property Tax  
6) Property Maintenance  
7) Society Registration Certificate
1) Prior Chain Of Agreement  
2) Oc/Cc + Plan Copy  
3) Index 2  
4) Share Certificate  
5) Property Tax  
6) Property Maintenance  
7) Society Registration Certificate
Additional Documents Required For LARR 1) Leave & license agreement copy.  
2) 12 months bank statement to which rentals are credited.
1) Leave & license agreement copy.  
2) 12 months bank statement to which rentals are credited.
For Detailed List Refer HDFC loan against property documents required for salaried customers – Click. Documents required for loan against property HDFC for self-employed – Proprietorship Firm, Partnership Firm & Private Ltd. Company.
  HDFC Bank mortgage loan documents required for balance transfer for salaried customers- Click.  

Check the additional links for the commercial loan list of documents for the salaried-builder case, salaried- resale case, partnership firm-builder case, partnership firm-resale case, private limited company-builder case, the private limited company- resale case, proprietorship firm-builder case, proprietorship firm-resale case.

Comparison Of HDFC Mortgage Loan Interest Rates With Other Banks

Compare the best banks for a mortgage loan in India with the help of the following chart.

Bank Name Mortgage Loan Rate Of Interest Mortgage Processing Fees Loan Tenure
ICICI Bank 8.35% p.a. onwards. 1% of the loan amount + applicable GST Up-to 20 years
Limited period offer with ICICI Bank 0.50% Processing Fee waiver for cases above Rs.50 Lakhs CLICK.
Special ROI for a commercial loan with ICICI Bank @ 8% p.a. Discounts available on processing fees. CLICK.
Canara Bank 9.95% p.a. – 12% p.a. 0.50% of the loan amount + applicable GST Up-to 10 years
Kotak Mahindra Bank 9.25% p.a. onwards 1% of the loan amount + applicable GST Up-to 15 years
Axis Bank 10.50% p.a. 11.25% p.a. Rs.10,000/- or 1% of the loan amount (whichever is higher) + applicable GST Up-to 20 years
SBI Bank 8.80% p.a. – 9.65% p.a. 1% on the loan amount + applicable GST Subject to minimum a of Rs.50,000/- Up-to 15 years
Bank Of Baroda 8.05% p.a. – 13.20% p.a. 1% of the loan amount + applicable GST Subject to a maximum of Rs.1,50,000/- Up-to 10 years
Bank Of India 8.85% p.a. – 9.35% p.a. 1% of the loan amount + applicable GST Subject to a maximum of Rs.50,000/- Up-to 15 years

HDFC Loan Mortgage FAQ

Q. What is the lowest mortgage loan rate of interest in HDFC?

Ans: The interest rate lowest with HDFC starts from 7.50%* p.a.

Q. I am an NRI working in UAE. Can I get a loan against property for NRI in HDFC Bank?

Ans: HDFC Bank is not doing the mortgage loan for NRIs. 

Q. What is HDFC loan against property customer care number?

Ans: HDFC Bank customer care number for Mumbai, Pune, Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, and Kolkata is 61606161.

For Chandigarh, Cochin, Indore, Jaipur & Lucknow is 6160616

Q. Can I apply for a reverse mortgage loan HDFC Bank?

Ans: HDFC Bank does not provide reverse mortgages and therefore you may not be able to apply for HDFC reverse mortgage loans. Click to get the list of banks that offer reverse mortgage loans in India.

Q. Can I apply for a mortgage loan online with HDFC Bank?

Ans: Currently the HDFC loan against property apply online is restricted & only the physical mortgage loan applications are processed with HDFC Bank. Therefore you might have to apply offline for a mortgage loan with HDFC Bank.

Read to know the difference between online and offline loan processing.

Q. I own a bungalow in my village in Hyderabad? Can I get a mortgage loan against my village bungalow?

Ans: HDFC Bank does not fund the gramanchyat properties.

Also Read: Why Is It Difficult To Get A Loan On Grampanchayat Property?

Click to get the complete questionnaire on loan against property.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack’s specialized services include providing:

  • The best bank for home loan.
  • Best Banks For Mortgage Loan In India.
  • Assured low-interest rates for loan against property in Mumbai.
  • Lowest home loan rates in Mumbai.
  • Instant loan in Mumbai &home loan in Mumbai.
  • Instant personal loan in Mumbai & business loan in Mumbai
  • Low-cost home loan balance transfer.

Additional Read:

  • How To Apply Online For Home Loan, Mortgage Loan & Loan Transfers.
  • 8 Business Conditions for self-employed if you are applying for a Home Loan or Mortgage Loan.
  • Step-By-Step Guide Of Internal Processing Of Home Loan & Mortgage Loan.
  • Difference Between Personal Loan & Loan Against Property.
  • 10 Easy Ways To Know How To Repay Home Loan Faster.
  • Loan Against Property Balance Transfer @ Lowest Interest Rates In India.

Commercial Property Loan With ICICI Bank – By Loanfasttrack

August 24, 2022 by admin
Commercial Property Loan With ICICI Bank – By Loanfasttrack
Commercial Property Loans @ lowest interest rates with ICICI Bank starting from 8% p.a. with extended loan tenure of up-to 20 years.

Introduction: What is Commercial Loan?

A loan taken to purchase a commercial property – office premises, shop, factory, industrial unit, manufacturing unit, gala & commercial plot loan/ commercial land loan, loan for construction of commercial property, etc. used only for commercial purposes is referred to as Commercial Property Loan, also referred to as Non-Residential Premises i.e., NRP Loans.

Funding taken for the extension, improvement, repairs & renovations and construction of the commercial property is also covered under the head of NRP loans.

It is easier to find and apply for residential property loans i.e. home loans with Banks & NBFCs, but finding a Bank/NBFCs to fund your requirement for commercial real estate loans might not be that easier because of the limited know-how of the borrower and since the business property loan is provided by only limited Banks/NBFCs. But the most popular and the leading name in the mortgage industry -The ICICI Bank Ltd. has made it easier for the buyer of the commercial property to avail loan to fund their commercial property at an attractive low ICICI commercial property loan interest rates with maximum loan tenure for commercial property loan. The borrower can take a loan to buy a resale/ready to move or under construction commercial property/ office/ shop/ industrial unit either to be self-used or for investment purposes.

Features & Benefits of Commercial Property Loan ICICI Bank: –

  • Provider for a lowest interest rate for commercial property loan.
  • ICICI commercial property loan for purchase of commercial property -office premises, shops, loan for industrial property, for purchasing the ready to move or under-construction commercial property, loan for commercial land purchase and construction, etc. are available at competitive interest rates in the mortgage industry.
  • ICICI Bank commercial property loaninterest rate starts from 8% p.a.
  • Both salaried and self-employed/ self-employed professionals can apply for loan to buy commercial property with ICICI Bank.
  • Lowest per lakh EMI starting from Rs.836/- onwards.
  • Maximum funding up-to 70% of the cost of the property.
  • Various range of commercial property loans including the loan against commercial property & lease rental discounting & balance transfer of commercial property loan.
  • Faster loan processing.
  • Simplified documentation.
  • No hidden costs.

Commercial Property Loan Eligibility with ICICI Bank

  • Profile:
    * Both salaried and self-employed borrowers can apply for commercial loan with ICICI Bank.
    * ICICI’s commercial loan is also available for NRI loan borrowers. NRIs can apply for commercial loan in India with ICICI Bank.
  • Eligibility Criteria: Eligibility criteria for all eligible loan borrowers: –
    * Age – minimum 21 years & maximum up-to 70 years.
    * Minimum Income – Rs.25,000/- p.m. for salaried & net profit of Rs.2,50,000/- p.a. for self-employed.
    * Co-Applicant – An earning Co-applicant/s (spouse, children- son or daughter, parents-father or mother & siblings -brother or sister) with minimum 18 years can be added to the loan application in order to increase the loan eligibility. A Co-applicant has to be in blood relation to an applicant.
  • Minimum Sq. Ft. Area Requirement:
    Minimum area required for the commercial property is 200 sq. ft.
  •  Geographical Location of the Property:
    * The commercial property has to be within the approved corporation limits i.e., within the city limits.
    * Grampanchayat property or plot is not considered for the loan.
  • LTV (Loan To Value):
    ICICI provides the maximum LTV under loan for commercial purchase which is up-to 70% of the market value of the property.
  • Commercial Property Loan Rate Of Interest:
    Uniform commercial property interest rates for all (salaried/self-employed/self-employed professionals/NRI) (including loan against commercial property interest rates) starting from 8% p.a.

    Compare home loan interest rates of leading banks
  • Commercial Property Loan Tenure:
    Up-to 20 years is the commercial property loan maximum tenure with ICICI Bank.
  • Processing Charges:
    * Processing Fees: 1% of the loan amount plus applicable GST.
    * Administration Charges: Rs.5,900/-.
    (Click to know the complete loan charges applicable)
  • Commercial Loan Takeover:

Commercial loan takeover is available for all eligible loan borrowers at lowest interest on commercial property loan starting from 8% p.a. with a good repayment history/ track record for 12 months.

 Also Read: Loan transfer requirements, Benefits of loan transfer.

  • Top Up Loan on Commercial Property Loan:

Existing loan borrowers can easily fulfil their personal & professional funding needs by applying for a top-up amount on commercial loan at attractive commercial property loan interest rates ICICI Bank (commercial shop loan interest rates, commercial building loan interest rates, commercial home loan interest rates commercial land loan interest rates). Pre-requisite to apply for top up loan – the loan must be at-least 3 months old & the borrower must have a satisfactory EMI repayment track record with no EMI bounce for the last 12 months.

Top up interest rate ranges from 8% p.a. – 8.50% p.a.

Know more on ICICI Bank home loan top up.

  • Foreclosure Charges:

Up-to 4% on the outstanding commercial loan amount.

  • CIBIL Score:

Minimum CIBIL score of required is 750 and above.

(Understand the significance of CIBIL in home loan & know how does an home loan inquiry impacts the CIBIL score.)

Additional Read: How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack

  • Tax Benefits:  The tax rebate on commercial property loan is allowed in the year in which it accrues irrespective of the year in which it has been paid.
    * Principal Repayment: No deduction is available under Section 80C for repayment of principal for commercial property loan.
    * Interest Paid: The interest deduction is applicable for any loan amount whether borrowed from bank, private financer/ patpedi or friends or relatives.
    => The interest paid on loans taken for construction/ purchase/ repairs or reconstruction of the commercial property, can be claimed under section 24 of the Income Tax Act.
    => The processing fees and prepayment fee paid for commercial property loans is also treated as interest and can also be claimed under Section 24.
    => The borrower can claim tax on the whole interest amount paid. There is no limit for interest deduction on commercial property unless for the rent out commercial property which is up-to the net annual value i.e., the gross rent received p.a. Less municipal taxes paid on the property.
    => For under construction builder commercial property – no interest deduction available for loans taken for repairs/ renovations / reconstruction. However aggregate interest paid during the construction on the purchase/construction of the commercial property can be claimed in next 5 years on the completion of the construction.

(Read important loan facts before purchasing an under construction property.)

Commercial Real Estate Loan Documentation Checklist for ICICI Bank

  • KYC: Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.
  • Income Documents:
    * For Salaried:
    4 months Salary Slips, 6 months Bank Account Statement & 2 years Form 16
    * For Self-Employed:
    3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified & 12 months bank account statements of all bank accounts (savings + current account)
  • Property Documents:

Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy & Property Tax Receipt.

  • Additional Documents for Commercial loan transfer:

LOD, Outstanding Balance Letter & 18 months repayment track record.

  • Other Documents:

Duly signed ICICI Bank commercial loan application form & Processing fee cheque.

Click for detailed documents required for commercial property loan for salaried resale case, for salaried builder case, for self-employed proprietorship firm builder case / resale case, for self-employed partnership firm builder case / resale case, for self-employed private limited company builder case / resale case.

Apply for other loan products of ICICI Bank

Home Loan Mortgage Loan Home Loan Balance Transfer Mortgage Loan Balance Transfer Top Up Loan Mortgage Overdraft

Commercial Property Loan Interest Rate Comparison Chart of 2020

ICICI Bank 8% p.a. Up-to 20 years
HDFC Ltd. 8.25% p.a. – 9.75% p.a. Up-to 15 years
Canara Bank 12% p.a. onwards Up-to 10 years
Axis Bank 10.50% p.a. onwards Up-to 20 years
Bank Of India 10.50% p.a. onwards Up-to 15 years
PNB Housing Finance Limited 9.50% p.a. – 11% p.a. Up-to 15 years
Bajaj FinServ 10.10% p.a. – 14.50% p.a. Up-to 20 years
IDBI Bank 10.25% p.a. onwards Up-to 15 years
South Indian Bank 10.05% p.a. – 10.30% p.a. Up-to 12 years
Kotak Mahindra Bank 9.60% onwards Up-to 15 years

Additional Read: Why interest rates with NBFCs are higher than rate of interest with Banks.

Commercial Property Loan Questionnaire:

Q. Is it mandatory to have an ICICI Bank account to apply for a commercial loan?

Ans:Yes. It is mandatory to have an account with ICICI Bank in order to service the commercial loan EMIs.

Q. What is the commercial property interest rate today?

Ans: ICICI Bank provides the best commercial property loan rates starting from 8% p.a. Onwards.

Q. What is the processing charge for ICICI bank loan for commercial property?

Ans: ICICI Bank commercial real estate financing processing fees applicable is 1% of the loan amount plus applicable GST.

Q. Is it mandatory to have a co-applicant to the loan application?

Ans: Yes. It is mandatory to have a co-applicant to the commercial real estate loan application with ICICI Bank.

Q. How much loan can I get on the property value of Rs.1 Crore?

Ans: Maximum loan funding provided by ICICI bank is 70% of the market value of the property and therefore maximum commercial property finance that can be availed on a commercial property worth Rs.1 Crore is Rs.70 Lakhs.

Use Loanfasttrack’s commercial property loan eligibility calculator to calculate your loan EMI.

Q. I am an NRI working in London & investing in a commercial property in India. Can I get a commercial loan?

Ans: Yes. ICICI Bank commercial home loan is also available for NRIs.

Q. Is there any limitation on the property sq. ft. area?

Ans: The minimum sq. ft. area required for commercial property is 200sq. ft.

Q. How to find a commercial mortgage broker near me?

Ans: Simply visit Loanfasttrack on www.loanfasttrack.com.

You may also email on info@loanfasttrack.com or call on 9321020476.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Loanfasttrack’s specialized services includes providing:

  • The best bank for home loan.
  • Best Banks For Mortgage Loan In India
  • Assured low interest rates for loan against property in Mumbai.
  • Lowest home loan rates in Mumbai.
  • Instant loan in Mumbai.
  • Instant personal loan in Mumbai & business loan in Mumbai
  • Low cost home loan balance transfer.

Home Loan List Of Documents For Self-Employed- Proprietorship Firm-Builder Case

June 18, 2020 by admin

A complete document checklist for self-employed proprietor from home loan sanction till disbursement is as follows: –

Sanction List Of Documents

KYC

1) Pan Card copy of all applicants.

2) Latest passport size colour photograph of all applicants. 

3) Residence proof – copy of aadhaar and electricity bill.

Financial Documents

1) 3 years latest financials of the applicant with Saral Copy, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

2) Latest 3 years Form no-26 AS.

3) Latest 1 year Copy of GST returns – 3B form.

4) For rental income receivable- if any:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

5) Latest 12 months bank account statement of the current account (if any).

6) Latest 12 months bank account statement of all savings account.

Other Documents

1) Business profile on the letter head of the company.

2) Business proof – GST registration, Ghumastha or Copy of AAdhar Udoyg.

3) Copy of contract letter if any.

4) If proprietor profile is:

            a) Chartered Account (CA) – Copy of COP & passing certificate.

            b) Doctor – Copy of Degree Certificate.

5) Details of all existing loan along with the sanction letters (for calculating loan obligation).

6) Processing fees cheque in favour of bank/NBFC.

7) Bank form duly signed by applicant & co-applicant.

Documents For Conducting Legal & Technical Process -Of The Property

For APF Projects- APF means where the builder project is approved by bank & NBFC

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for legal – Nill. (Legal is not mandatory in APF projects).

For NON- APF Projects – Non-APF means where the builder project is not approved by bank & NBFC. Under such cases both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer makes the property’s legal report. The legal report may demand for additional documents from builder. List of such additional documents required would be:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) Allotment letter or Possession letter from Builder.

5) Payment receipt from Builder.

6) Architecture report from Builder.

7) Copy of ROC and Lien letter from Builder- if project is funded by bank.

8) OCR clearance. (Own contribution –requires bank statement details & OCR Source confirmation via Email).

9) Docket kit duly signed by all applicants.

10) Facility agreement duly franked and signed.

11) Cheque or DD-demand draft towards Administration Fess.

12) Sanction letter copy duly signed.

13) 7 security cheque in favour of Bank.

14) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Note:   1) All documents have to self -attested by respective, applicants & Co-applicants.

            2) All property owners have to be on the loan structure.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Home Loan List Of Documents For Self-Employed- Private Limited Company-Builder Case

June 18, 2020 by admin

I) Checklist for loan sanction.

II) Documents required for legal and technical – (For APF & Non- APF projects).

III) Document checklist for disbursement process.

I) Checklist for Loan Sanction

KYC

1) Company pan card copy along with stamp & director signature.

2) Self attested Pan card copy of all directors. 

3) One Passport size colour photograph of all applicants.

4) Copy of residence proof (passport/electricity bill & Aadhaar card copy) of all directors.

5) Copy of office proof (electricity bill/telephone bill).

6) Pan card of shareholders having minimum stake of 51%.

Financial Documents

1) CA certified copies with membership number:

a) 3 years latest financials of the company including Saral Copy, computation of income, Balance Sheet, P&L account, Capital Account.

b) 3 years latest financials of all directors including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.

            c) Company Annual report.

            d) Directors report.

            e) Auditor Report and Annexure to auditor’s report.

            f) Tax audit report (Form 3CB & 3CD) (42 Points) -If applicable.

            g) Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under banking product.

2) Latest 12 months bank account statement of all directors.

3) Latest 18 months bank account statements of all current accounts of the company.

4) Latest 3 years Form no-26 AS.

5) Latest 1 year Copy of GST returns – 3B form.

6) Director’s self attested copies of: –

            a) Latest 4 months salary slips.

            b) Latest 2 years form 16.

            c) Updated salary credit statement for 6 months.

            d) For any rental income receivable b y the director:

                        i) Copy of registered rental agreement.

                        ii) Latest 1 year rental credit – bank account statement.

Other Documents

1) MOA & AOA of the company. 

2)) List of directors and share holding of the company- CA certified.

3) Business/company profile on the letter head of the company.

4) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

5) Copy of contract letter- if any.

6) If applicant Director is:
a) Chartered Account (CA) – Copy of COP & passing certificate.

b) Doctor – Copy of Degree Certificate.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant-director.

8) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the company.

9) Processing fees cheque in favour of bank/NBFC.

11) Bank form duly signed by applicant (director) and co-applicant/directors/company.

12) Any other documents as required by the credit manager.

II) Checklist For Legal &Technical Document

For APF Projects- APF means where the builder project is approved by bank & NBFC

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for legal – Nill. (Legal is not mandatory in APF projects).

For NON- APF Projects – Non-APF means where the builder project is not approved by bank & NBFC. Under such cases both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer makes the property’s legal report. The legal report may demand for additional documents from builder. List of such additional documents required would be:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Checklist For Disbursement Process

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –requires bank statement details & OCR Source confirmation via Email).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

16) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Note:   1) All documents have to self -attested by respective, applicants & Co-applicants.

            2) All property owners have to be on the loan structure.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Home Loan List Of Documents For Self-Employed- Partnership Firm-Builder Case

June 18, 2020 by admin

I) List Of Documents Required For Loan Sanction Process

KYC

1) Pan card copy of all partners.

2) Company pan card copy along with stamp & director signature.

3) Residence proof- copy of passport/electricity bill & Aadhaar card copy.

4) Office proof – copy of electricity bill/telephone bill.

Financial Documents

1) CA certified copies with membership number:

a) 3 years latest financials of the applicant including Saral Copy, computation of income, Balance Sheet, P&L account, Capital Account.

b) 3 years latest financials of all partners including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.

            c) Tax Audit Report (Form 3CB & 3CD) (42 Points).

            d) Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under banking product.

2) Latest 3 years Form no-26 AS.

3) Latest 1 year Copy of GST returns – 3B form.

4) For rental income receivable- if any:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

5) Latest 12 months bank account statement of all partners.

6) All current account statements of the partnership firm updated for a latest of 18 months.

Other Documents

1) True certified copy of partnership deed.

2) Business/company profile on the letter head of the company.

3) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

4) Copy of contract letter if received any contracts.

5) If applicant partner is:
a) Chartered Account (CA) – Copy of COP & passing certificate.

b) Doctor – Copy of Degree Certificate.

6) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the partnership firm.

8) Processing fees cheque in favour of bank/NBFC.

9) Bank form duly signed by applicant and co-applicant/partner/company.

II) Legal &Technical Document checklist

If APF- If the project is approved by bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents for technical – cost sheet & approved plan copy from builder.

Documents for legal – Nill.

If NON- APF– If the project is not approved by bank & NBFC, both legal and technical of the property is mandatory.

Documents for technical – cost sheet & approved plan copy from builder.

Documents for Legal – copy of draft agreement from the builder.

Additional documents required from builder on the basis of legal report generated by the lawyer taking draft agreement as a base are: –

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) Payment receipt from Builder.

5) Allotment letter or Possession letter from Builder.

6) Architecture report from Builder.

7) ROC and Lien letter from Builder – if project is fund by bank.

8) OCR clearance. (Own contribution –requires bank statement details & OCR Source confirmation via Email).

9) Docket kit sign duly signed by all partners/ loan applicants.

10) Sanction letter copy duly signed.

11) Facility agreement duly franked and signed.

12) 7 security cheque in favour of Bank.

13) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

14) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two additional documents:

1) Title search Report.

2) Any other documents as per property legal report.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

List Of Documents For Commercial Loan–For Self-Employed –Proprietorship Firm-Builder Case

June 17, 2020 by admin

A complete document checklist till disbursement of NRP / Commercial loan is givens below:

Sanction List Of Documents

KYC

1) Applicant and co applicant pan card copy.

2) Applicant and co-applicant latest passport size colour photograph. 

3) Residence proof – copy of aadhaar and electricity bill.

4) Bank form duly signed by applicant & co-applicant.

Financial Documents

1) 3 years latest financials of the applicant with Saral Copy, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

2) Latest 12 months bank account statement of the current account.

3) Latest 12 months bank account statement of all savings account.

4) Latest 3 years Form no-26 AS.

5) Latest 1 year Copy of GST returns – 3B form.

6) For rental income receivable- if any:

a) Copy of registered rental agreement.

b) Latest 1 year bank account statement reflecting the rental credit.

7) Debtors & Creditors statement aging for 1 year-CA certified.

Other Documents

1) Business profile on the letter head of the company.

2) Business proof – GST registration, Ghumastha or Copy of AAdhar Udoyg.

3) Copy of contract letter if received any contracts.

4) If proprietor profile is:

            a) Chartered Account (CA) – Copy of COP & passing certificate.

            b) Doctor – Copy of Degree Certificate.

9) Details of all existing loan along with the sanction letters (for calculating loan obligation).

10) Processing fees cheque in favour of bank/NBFC.

Documents For Conducting Legal & Technical Process (Of The Property)

If APF- If the project is approved by bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents required for technical process– cost sheet & approved plan copy from builder.

Document required for legal – Nill.

If NON- APF– If the project is not approved by bank & NBFC, both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Document required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer’s opinion is taken on non-APF project and a legal report for the property is generated by the lawyer, wherein he might demand additional copies of few documents from the builder. Such lists of copies demand are:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

List Of Documents For Commercial Loan–For Self-Employed –Private Limited Company-Builder Case

June 17, 2020 by admin

I) Checklist for loan sanction.

II) Documents required for legal and technical – (For APF & Non- APF projects).

III) Document checklist for disbursement process.

I) Checklist for Loan Sanction

KYC

1) Company pan card copy along with stamp & director signature.

2) Pan card copy of all directors. 

3) One Passport size colour photograph of all applicants.

4) Copy of residence proof (passport/electricity bill & Aadhaar card copy) of all directors.

5) Copy of office proof (electricity bill/telephone bill).

6) Pan card of shareholders having minimum stake of 51%.

Financial Documents

1) CA certified copies with membership number:

a) 3 years latest financials of the company including Saral Copy, computation of      income, Balance Sheet, P&L account, Capital Account.

b) 3 years latest financials of all directors including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.

            c) Company Annual report.

            d) Directors report.

            e) Auditor Report and Annexure to auditor’s report.

            f) Tax audit report (Form 3CB & 3CD) (42 Points) -If applicable.

            g) Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under   banking product.

2) Latest 12 months bank account statement of all directors.

3) Latest 18 months bank account statements of all current accounts of the company.

4) Latest 3 years Form no-26 AS.

5) Latest 1 year Copy of GST returns – 3B form.

6) Director’s latest 4 months salary slips.

7) Director’s latest 2 years form 16.

8) Director’s salary credit statement for 6 months.

9) For any rental income receivable b y the director:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

Other Documents

1) MOA & AOA of the company. 

2)) List of directors and share holding of the company- CA certified.

3) Business/company profile on the letter head of the company.

4) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

5) Copy of contract letter- if any.

6) If applicant Director is: a) Chartered Account (CA) – Copy of COP & passing certificate.

                                       b) Doctor – Copy of Degree Certificate.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant-director.

8) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the company.

9) Processing fees cheque in favour of bank/NBFC.

11) Bank form duly signed by applicant (director) and co-applicant/directors/company.

12) Any other documents as required by the credit manager.

II) Checklist For Legal &Technical Document

For APF Projects- APF means where the builder project is approved by bank & NBFC

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for legal – Nill. (Legal is not mandatory in APF projects).

For NON- APF Projects – Non-APF means where the builder project is not approved by bank & NBFC. Under such cases both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer makes the property’s legal report. The legal report may demand for additional documents from builder. List of such additional documents required would be:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Checklist For Disbursement Process

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

16) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Note:   1) All documents have to self -attested by respective, applicants & Co-applicants.

            2) All property owners have to be on the loan structure.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

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