High Loan Amount
LAPs are secured by property, enabling larger loans and freeing cash flow for business investments.
Loan Against Property for Self-Employed
- Loan up to ₹5 Crore
- Maximum funding on Property Value
- Quick Sanctioning
Loan Against Property EMI Calculator
Get a Loan Against Property for Self-Employed Upto 5 Crore
A Loan Against Property (LAP) for self-employed individuals allows them to make the most of their residential or commercial property to obtain significant financial support. This flexible alternative is designed to meet the diverse requirements of entrepreneurs, offering generous loan amounts for business expansion, inventory management, debt consolidation and more.The availability of favourable interest rates and prolonged repayment schedules, LAPs offers financial flexibility while reducing the pressure of immediate repayment. Read ahead to learn more about Loan Against Property for Self-Employed.
Features and Benefits of Loan Against Property for Self-Employed
Running your own business comes with its share of financial hurdles. Unexpected expenses can emerge, or a brilliant opportunity might require a quick influx of cash. That's where a Loan based on property for self-employed individuals comes in! Here are some benefits of a Loan against Property for Self-Employed:
Attractive Interest Rate
Property loans for self-employed offer lower interest rates, as your property serves as loan security.
Quick Loan Procedure
LAPs offer faster approvals, providing quick access to funds for growth or urgent business needs.
Easy Repayment & Longer Tenure
LAPs improve cash flow with lower rates, flexible repayments, and long tenures for business stability.
Higher LTV
LAPs offer a higher LTV ratio, allowing you to borrow a larger portion of your property's value.
Hassle-free Documentation
LAPs for self-employed individuals have simpler documentation, making the application process faster and easier.
Loan Against Property EMI Calculator
Use an online LAP EMI calculator to estimate your LAP monthly instalments and plan your finances effectively.
Eligibility Criteria for Loan Against Property for Self-Employed
To qualify for a mortgage loan for self-employed, you'll need to meet specific criteria for loan against property:
Age
Typically between 25 and 75 years.
Citizenship
Resident Indian citizen.
Work Experience
Minimum experience requirements may vary depending on the lender.
Property
You must own a residential or commercial property with clear titles.
Documents Required for a Loan Against Property for Self-Employed
The documents required for the LAP application can be broadly categorised:
Mandatory Documents
Duly filled application form, PAN Card
Proof of Identity
Aadhar Card, ID Card, Driver's License, and Identity Card issued by GOI
Proof of Address
Passport, Driver's License, Utility Bill, Voter ID Card, Lease/ Rent Agreement, Registry Copy, Property Tax Receipt, GST Certificate
Proof of Business Existence
GST Certificate, UDHYAM Certificate, Partnership Deed Copy, Trade License, Certificate of Practice
Signature Proof
Banker's Verification, Passport, PAN Card
Proof of Income
Last three years' Income Tax Returns (ITRs), Income Statement, Profit and loss Statement, Balance Sheet, and Bank Account Statement (previous six months)
Property Related Documents
Complete set of documents pertaining to the property in question
Interest Rates and Charges of Loan Against Property for Self-Employed
Interest rates for LAP are typically competitive and may vary based on your loan amount, credit score, and property type. Lenders may also levy processing fees and other charges. Ensure you understand all associated costs before applying. Check the table below for more details:
How to Apply for a Loan Against Property for Self-Employed?
Applying for a Loan against property for self-employed is very easy and can be done in just a few simple steps:
- 01
Visit Hero FinCorp website and go to the loan against property page.
- 02
Check your eligibility from the eligibility criteria section available on the website
- 03
On the mortgage loan page, check for the mandatory documents required for a mortgage loan.
- 04
Click the 'Apply now' tab and fill in the required information, and submit the online form.
- 05
Once Hero FinCorp is satisfied with your details, their executives will get in touch with you.
- 06
You may also apply for a mortgage loan by visiting the nearest Hero FinCorp branch or outlet.
Frequently Asked Questions
Individuals running a business or profession independently qualify as self-employed individuals for loans against property.
Yes, LAPs can be secured against jointly owned properties with consent from all co-owners.
While a good credit score can improve your chances of approval, lenders primarily consider your property value and financial stability when it comes to loan against property.
Yes, most lenders charge a processing fee as a percentage of the loan amount.
In case of default, the lender has the right to recover the outstanding amount by selling your mortgaged property.
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