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Loan Against Property

A loan against property is an amount of money that an individual can borrow from a bank or NBFC by mortgaging his / her property. The property will be kept as security against the money advanced and the borrower have to pay monthly EMI's for the agreed Tenure which can be maximum up to 20 years.

A loan against property product includes various other loan types which are generally everything other than Home Loan or Loan for Residential Purchase. The money advanced can be used for expansion of Business, Purchase of Commercial or Industrial Property, Working Capital for Business, Debt Consolidation or for any other purpose.

Types of Loan against Property:

    1. Loan Against Property – This is the loan that one takes against the market value of his / her residential / commercial / Industrial property.
    2. Commercial / Industrial Purchase – This is the loan that one takes for purchase of property other than residential property and the funds are generally given to Seller at the time of Purchase.
    3. Drop line Overdraft – This is a hybrid loan that one can avail wherein the banks provides the money advanced in a overdraft account which is linked to Loan account and the interest is charged on the utilized balance of overdraft account.
    4. Lease Rental Discounting – This is the loan which is provided by considering the future rentals of the property given as security to banks and the EMI's are linked to expected monthly rentals.

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