Loans Against Property

Loan against property is one of the best loan options for people that own commercial or residential properties. By keeping the property as collateral, you can get a loan against property easily via Shree Finance. When you apply for a loan against property via Shree Finance, you get a loan that is hassle free with faster approvals and lowest interest rates. Below we will mention how you can benefit from taking a loan against property via Shree Finance

How does Loan against property work?

When you apply for a loan against property, the Bank will evaluate your property and accordingly will provide you with a certain percentage of the property amount. This percentage will usually hover between 50-75%*. The Bank will give you these funds in advance so you can utilize the loan amount and sort all your problems. But please remember that this money that has been given to you will be repayable with interest. You can re-pay this loan amount through monthly EMIs (Equated Monthly Installments). 

What are the different types of property that are considered in loan against property?

When you wish to apply for a loan against property via Shree Finance, you can get it on self-occupied residence, commercial or industrial property. 

Why should I opt for a loan against property instead of a Top-up loan?

A Loan against Property (LAP) has multiple advantages over a Top-up Loan. These include,

• Higher Loan Amount - LAP offers a higher loan amount than Top-up Loans.
• Different Property - LAP can be availed on residential or commercial property and Top-up Loan may only be taken against the property already in question. This flexibility allows you to both avail of a higher loan amount.
• Longer tenure - LAP can be availed for a long term than Top-up Loan. 

What are the factors considered when deciding a loan amount?

Some of the factors an average lender considers when deciding a loan amount are,

• Property's registration
• Property's market value
• Loan amount requirement and eligibility
• Your income and repayment capacity

Documents Required

Loans against property to customers that have high fund requirement. With our loan solution, we help you unlock the true potential of your property. We do this through a hassle free process and the least amount of documentation because it is very important for people that want a loan to not be troubled or be in tension when applying for a loan.

Hence we try our best to make sure every step of our process is smooth enough for you. Apart from providing you with the whole list of documents, you will also get to check your eligibility criteria. Whether you're a salaried employee or a self employed professional, we have the best loan solution for you. 

• Compulsory Documents that are required for submission - Loan application form & PAN Card of the loan approver.Identity Proof:You must submit any one of the following: Passport/Voters ID/Aadhar/Driving License.Address Proof:You must submit any one of the following: Voters ID/Aadhar/Driving License/ Electricity bill/Gas bill/Telephone bill.Date of Birth Proof:You must submit any one of the following: Passport/PAN Card/Aadhar/Driving License/ Birth certificate.Signature Proof:You must submit any one of the following: Passport/PAN Card/ Banker's verification.Income Proof:You must submit any one of the following for each salaried/self employed.For Salaried:3 months pay slip
• 6 months bank statement showing salary credits
• Last 2 years Form 16 or employment continuity proofFor NRI Salaried:
• 3 months pay slip
• Appointment letter/contract letter
• 6 months Domestic NRE/NRO account statement
• 6 months International salary a/c statement
• Valid visa copy/OCI card
• Passport copyFor Self-employed individuals/professionals:
• 2 yrs ITR, P&L, Balance sheet with Chartered Accountant's signature
• Tax Audit Report (If your Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
• 6 months bank statements of personal and business accounts
• Business continuity proof for a minimum of 3 yrsFor Balance Transfer:
• 12 months loan account statement
• Existing loan details and 6 months bank statement