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- SME Banking
- Business Expansion
- Loan against Property
Loan against Property
Loan Against Property is a property backed term loan for SME entities to finance fixed asset acquisition, business expansion and other long term business requirements. This product is useful for sole proprietors, proprietorship firms, partnership firms and companies with annual turnover in the range of Rs. 90 lakhs to Rs. 168 crores
Special features
- Loan up to 70% of the market value of the property*
- Loan up to a maximum of Rs. 10 crore
- Tenor up to 15 years
- Competitive interest rates * Conditions apply
FAQS
For whom is the LAP product useful?
- Sole proprietors / proprietorship firms
- Partnership firms
- Pvt. Ltd. Companies
- Closely held Public limited companies
What is the minimum and maximum annual turnover eligibility?
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Minimum turnover – Rs. 90 lakhs. Maximum turnover – Rs. 168 crores.
What is the maximum tenor of the loan?
- The maximum tenor for which you can avail the facility is upto 15 years.
What do I need to give as security?
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We accept both residential and commercial property as security. No plot or under construction properties will be allowed.
What is the interest rate on the facility?
- We offer attractive interest rates on the facility depending on loan amount, credit assessment and other parameters. Further details will be provided by our sales officer.
What are the basic documents required for applying for the facility?
- Bank statements for last 6 months
- 2 year financials including Profit & Loss (P&L) Statement , Balance Sheet and Income Tax returns
- Documents related to establishment of entity, identity and address proof documents
- Specific details would be provided by the sales officer.
Can I prepay my loan?
- Pre-payment is not permitted in the first 12 months of the loan. You can pre-pay your loan with pre-closure charges of 2% of the outstanding at the time of closure (service tax will apply additionally)
Can I part prepay my loan?
- You can part prepay your loan with pre-closure charges of 2% of the amount being part prepaid (service tax will apply additionally)
What is the turnaround time for the disbursal of the loan?
- Disbursal of the loan may take a minimum of 5 working days from the time of submission of loan related documents as requested by the Bank.
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