IFL SME Loan (LAP)

  • Best Loan Rate
  • Minimal Documentation
  • Quick and Transparent Process
  • Attractive Interest Rate
  • Long Loan Repayment Tenure
  • Fast Processing
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IFL Housing Finance Limited (IFL-HFL) through the best Loan Against Property service offers you the opportunity to capitalise on your esteemed asset- your home to fulfil financial obligations, both personal and commercial. Your property holds a value that increases with time and we at IFL allow you to make the most of it by offering high-value for your asset with competitive loan against property interest rates. We help you to live your dreams by enabling you to leverage the economic worth of the property and at the same time enjoy the occupancy of the asset that you call home.

COVERAGE

  1. Loan Against Property
    - Self-Acquired Residential Property (SORP)
    - Self-Acquired Commercial Property (Shop/Office only) (SOCP)
  2. Commercial Loan Against Property (Shop/Office only)

IFL has easy-to-meet eligibility criteria that help you avail a personal or commercial property loan which aids to putting your financial stress to rest.

Applicant : The main applicant is required to be the legal owner of the property or the sole earning member of the family for which the loan is to be extended. In situations when the breadwinner is the main applicant, the owner of the property is required to be the co-applicant.

Co - Applicant : All the co-owners of the property by default become co-applicants. Furthermore, the applicant's parents, spouse or any other relative who has a majority in the property can also join as a co-applicant.

ELIGIBILITY CRITERIA FOR APPLICANT AND CO-APPLICANT ARE AS UNDER:-

  1. Must be an Indian citizen or NRI.
  2. Applicant :- Above 21 years of age at the commencement of the loan (can be 18 if income is not considered).
  3. Co - Applicant :- Above 18 years of age at the commencement of the loan.
  4. Healthy and with a sound mind.
  5. Not an undischarged insolvent.
  6. Below 60 years (in case of salaried) and 65 years (in case of SENP and SEP) when the loan matures (for applicants whose income is being considered).
  7. Have a stable and permanent source of income.

To avail of a loan against property in Delhi, IFL Housing requires the standard KYC documents along with the application form.

  1. Duly filled Application form.
  2. Latest Colour passport size photograph on glossy paper is not more than 3 months old.
  3. Identity proof : Passport, PAN Card, Driving License, Voter ID, Aadhar Card.
  4. Age Proof : Birth Certificate,Pan Card, Driving License, Bank Passbook, Passport, Marksheet of 10th class.
  5. Address Proof : Passport, Driving License, Aadhar No, Voter ID, Ration Card, Rent Agreement with Electricity Bill, etc
  6. Income Proof : ITR, Salary Slip, Last Year Bank Statement, Appointment Letter, Last 3 Year Financials, 1 Year Bank Statement, 6 months Katcha Records, etc.
  7. Property documents, if the property is identified.

The features of IFL loan against property are as follows:

1. AMOUNT    :    1 Lakh to 35 Lakh
2. Maximum Repayment Time    :    10 Years/ 120 Months
   - Other Case   :    15 Years/ 180 months
3. Rate of Interests and Costs   :    Competitive
4. Repayment Options    :    Monthly EMIs

The loan helps in achieving business and personal goals efficiently. It is a secured loan and as long as you are the legal owner of the property, the process of acquiring either a commercial or personal commercial loan against property can be simple. It can be used for several purposes such as starting or expanding a business, education, marriage, etc.

Your repayment capacity is what is considered by financial institutions while deciding the amount. There are several things like your age, income, qualifications, assets, liabilities, number of dependents, saving history and a lot more things that are considered for a personal or commercial property loan.

To get a loan against property in Delhi or any other city, you must ensure that the property should be clear of any litigation and should not have any existing loan or mortgage.

The interest is calculated on the basis of the daily reducing balance. Generally, a monthly EMI is lower as compared to an annual reducing balance.