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Loan against property Loan against property

LOAN AGAINST PROPERTY

In your journey to grow and reach new heights, we understand how important a source of true support is. Fulfil all your business or personal goals by taking a loan against property.

Be it the expansion of your business, the setting up of a new venture or even funding your medical expenses, your own property can be your greatest source of financial strength.

Taking a loan on property is a smooth and hassle-free process with Piramal. We tailor your loan to suit your needs – safeguarding your asset while providing wings to your dreams.

Benefits of taking a loan against property with Piramal:

  • Take a loan against both residential and commercial properties.
  • Get up to 75% property loan of the current market value of your premise.
  • Loan against property can be applied for either individually or with a co-applicant.

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Super Loan

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  • Key features
  • additional benefits
  • document required
  • approved-projects
PURPOSE
  • Loans are given against both residential as well as commercial properties.
  • Purchase of Resale property
MAXIMUM LOAN
    We offer up to 75% of the current market value of your property as loan against property.
MAXIMUM TERM
    20 years subject to your retirement age.
APPLICANT AND CO-APPLICANT TO THE LOAN
    Loan against property can be applied for either individually or jointly. Income from immediate family members can be clubbed.
ADJUSTABLE INTEREST RATE HOME LOAN
Rate of interest is linked to Retail Prime Lending Rate (RPLR) and is subject to vary with changes in RPLR.
ELIGIBILITY CRITERION
    Customer Segment
  • Salaried Individuals (Both resident as well as Non Resident Indians)
  • Self Employed Individuals (Customized schemes for doctors, CAs and other professionals)
  • Self Employed Non Individuals
INTEREST RATES
Interest Rates starting from 10% p.a
Retail Prime Lending Rate (RPLR) – 15.80% p.a (effective February 5, 2019)
LONG TERM FINANCE
DEBT CONSOLIDATION
INSURANCE PRODUCTS
LIFE AND HOME INSURANCE
Investing in real estate has long been the most lucrative option of choice for Indians. However, the continually increasing prices and the associated high financial exposure makes buying real estate an expensive affair, and hence, most individuals opt for a home loan. A home loan EMI forms a significant chunk of one’s financial plans, and in any unfortunate event to the borrower or the property, the financials of the borrower may be considerably affected impacting his or her ability to repay the loan.

To ensure that all our customers are secure and have a sense of comfort during the tenure of repayment of the loan, Piramal Capital & Housing Finance, recommends to each of its esteemed customers to get their loan repayments and properties insured. Piramal Housing is extremely pleased to tie up with HDFC Life and Max Life to provide for life insurance cover for its customers and HDFC Ergo to insure the property financed. With these tie-ups, customers can make their insurance premium payments in a hassle-free and seamless manner. Piramal Capital & Housing Finance via its partners is wholly committed to provide best-in-class products and services to all its customers.
FREQUENTLY ASKED QUESTIONS

What is a loan against property?

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.

How does a lender decide the amount given as a loan against property?

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 market value. With a co-applicant, a higher amount can be lent.

What can a loan against property be used for?

A secured loan is a low risk for banks, therefore there are faster approvals and lower interest rates. With a loan on property, you can use it for any purpose, similar to 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 fulfil all your needs.

What types of property can be availed under a loan against property?

    You can avail loan on property using
  • Self-owned residential properties
  • Self-owned and self-occupied residential properties
  • Self-owned but rented residential properties
  • Self-owned commercial properties
  • Self-owned but rented commercial properties
  • Self-owned plots

What are the documents necessary to avail a loan against property?

    The necessary documents for a secured loan are (may vary for salaried and self-employed professionals):
  • Identity Proof (PAN card is mandatory)
  • Address Proof
  • Proof of income
  • Property documents

ELIGIBLE CUSTOMER SEGMENT
  • Salaried and Self Employed Individuals.
  • Proprietorship Firms
  • Private Limited Companies / Closely held limited Companies
  • Partnership firms / LLPs
LOAN AMOUNT
  • From 10 Lakhs to 10 Crores
INCOME CLUBBING
  • Income of close family members ( Spouse / Parent / Children ) can be clubbed.
  • Incomes of siblings can be clubbed, subject to conditions, if they are co-owners in property.
LOAN TO MARKET VALUE
Loan amountupto 30 Lakhsupto 30 -75 LakhsMore than 75 Lakhs
FundingUpto 90%80%75%

The above is subject to market value of the property and repayment capacity of the customer, as assessed by PCHF

PHOTO IDENTITY PROOF
    Any one of the below mentioned documents:
  • Passport
  • PAN
  • Aadhar Card
  • Driving License
  • Voter ID Card
CURRENT RESIDENCE ADDRESS PROOF
    Any one of the below mentioned documents:
  • Passport
  • Ration Card
  • Aadhar Card
  • Driving License
  • Voter ID Card
AGE / DOB PROOF
    Any one of the below mentioned documents:
  • Passport
  • Ration Card
  • Driving License
  • Birth Certificate (issued by Government body)
  • School leaving certificate (10th)
BUSINESS / EMPLOYMENT PROOF
    Salaried customer:
  • ID card with date of Joining / appointment letter.
  • Self Employed Professional and Non professional:
  • Shops and establishment certificate
  • Trade license certificate
  • SSI Registration Certificate
  • Sales Tax / VAT /GST Registration certificate
  • Self Employed Professionals:
  • Proof of professional qualification is required in addition to above mentioned document if customer is applying in individual capacity
INCOME DOCUMENTS
    Salaried customers:
  • Payslip for last 3 months.
  • Latest Form 16 or ITR
  • Performance Appraisal letter / Bonus letter - as proof of bonus ( if applicable)
  • Self Employed customers with income proof:
  • ITRs for last 2 years with computation of income, P&L, Balance sheet , Schedules and auditors report ( If applicable)
  • Financials should be audited if mandatory as per regulations or annual turnover is more than 2 Crores, else these need to be CA certified.

Testimonials

We are in the business of financial planning but the day I finalised my property, I needed to get a loan and I found Piramal to be the best option. They cater to all the requirements of the customers and helped me at every single step along the way.

Nirmal Dand,
Financial Planner
nirmal-dand