₹ 2 Crore
The eligibility criteria mainly depends on your employment. Calculate the EMI & check your eligibility.
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We are in the business of financial planning but the day I finalized my property, I needed to get a loan I found Piramal Finance to be the best option. They cater to all the requirements of their customers and helped me at every single step to get a business loan.
We, at Piramal Finance, are the ideal choice for a loan against property for any business for the following reasons:
Getting authorized for just a loan gets more challenging when you're not a salaried employee. This is due to the fact that you do not have a consistent source of money to fall depend on. However, it is far easier for self-employed persons to secure a loan against property with minimum documentation. These are some examples:
Loans against property are popular among business executives since there are no restrictions on how the huge quantity borrowed may be used. This isn't always the scenario with something like a home loan.
Debtors who get a Loan Against Property (LAP) can deploy the funds for a variety of commercial objectives, such as starting new companies or acquiring additional enterprises to fulfill their working capital needs.
A LAP might be the ideal option if you require large amounts of funds at one time and are required to spend the funds at your discretion. You may utilize a LAP to generate funds, settle loans, meet a liquidity crisis, or just scale your business.
The loan you take by keeping a self-owned property as collateral is called a Loan Against Property (LAP) or a secured loan. The value of the property determines the amount of loan that can be sanctioned. The property will be owned by the lenders if you are unable to pay the loan.
Lenders look at your repayment capability and asses your eligibility based on your income, age, employment stability, and other assets and liabilities. The loan doesn’t exceed more than 60% of the property’s market value. With a co-applicant, a higher amount can be borrowed.
You can use it for any purpose, like a personal loan. From renovating your home, starting a business, funding medical expenses, or even going on a long vacation, you can take a loan to fulfill all your needs.
You can avail loan on property using
Depending on your employment status, the bank or financing institution decides the loan against the property amount you’re eligible for. The maximum loan limit for self-employed people is INR 5 crore, and the same goes for salaried individuals too.
When it comes to home loan eligibility, banks or financing institutions make the decision based on the age of the property. If your property is aged 20 years or more, you may not get any loan against it.
Yes, you can get a loan against both residential and commercial land. You can keep either one as a mortgage or collateral to avail of a loan against property.
A primary applicant and a co-applicant can apply for a loan against property. However, they must meet these criteria:
Now that you know how beneficial a loan against property is for your business, you should understand its worth, especially during any emergency. This loan, for salaried or self-employed individuals, lets you keep your asset. You can keep residing in the property and utilize it for various other reasons, in addition, to producing it as security to help your company grow.