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              • Home
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              • Loan Against Property for Self-Employed

              Loan Against Property for Self-Employed

              • Loan up to ₹5 Crore
              • Maximum funding on Property Value
              • Quick Sanctioning
              Apply Now
              • Overview
              • EMI Calculator
              • Eligibility
              • Documents Required
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              Loan Against Property EMI Calculator

              Calculate your EMI and choose the most suitable EMI for you

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              Apply for Loan Against Property

              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:

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              High Loan Amount

              LAPs are secured by property, enabling larger loans and freeing cash flow for business investments.

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              Attractive Interest Rate

              Property loans for self-employed offer lower interest rates, as your property serves as loan security.

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              Quick Loan Procedure

              LAPs offer faster approvals, providing quick access to funds for growth or urgent business needs.

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              Easy Repayment & Longer Tenure

              LAPs improve cash flow with lower rates, flexible repayments, and long tenures for business stability.

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              Higher LTV

              LAPs offer a higher LTV ratio, allowing you to borrow a larger portion of your property's value.

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              Hassle-free Documentation

              LAPs for self-employed individuals have simpler documentation, making the application process faster and easier.

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              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:

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              Age

              Typically between 25 and 75 years.

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              Citizenship

              Resident Indian citizen.

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              Work Experience

              Minimum experience requirements may vary depending on the lender.

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              Property

              You must own a residential or commercial property with clear titles.

              Check Your Loan Eligibility

              Documents Required for a Loan Against Property for Self-Employed

              The documents required for the LAP application can be broadly categorised:

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              Mandatory Documents

              Duly filled application form, PAN Card
               

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              Proof of Identity

              Aadhar Card, ID Card, Driver's License, and Identity Card issued by GOI

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              Proof of Address

              Passport, Driver's License, Utility Bill, Voter ID Card, Lease/ Rent Agreement, Registry Copy, Property Tax Receipt, GST Certificate

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              Proof of Business Existence

              GST Certificate, UDHYAM Certificate, Partnership Deed Copy, Trade License, Certificate of Practice

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              Signature Proof

              Banker's Verification, Passport, PAN Card

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              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)

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              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:

              Maximum Loan Amount

              ₹20 Lakh to ₹ 5 Cr

              Maximum Loan Tenure

              3 Years (Min.) – 15 Years (Max)

              Interest Rate

              Starting from 11% P.A.

              Processing Fees

              Minimum Processing fee is 1%+ GST

              Foreclosure Charges

              Pre-Payment is not allowed within 12 months of loan sanction After 12 months, pre-payment charges will be applicable as described in the sanction letter

              Read More

              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:

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              • 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.

              Apply Now

              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.
              View All FAQ's

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              Loan Against Property Key Pages
              • Loan Against Property Overview
              • Check LAP Interest Rate
              • Check Your LAP Eligibility
              • Document Required For LAP
              • Check Your LAP EMI
              Loan Against Property In Top Cities
              • Loan Against Property in Chennai
              • Loan Against Property in Delhi
              • Loan Against Property in Hyderabad
              • Loan Against Property in Ahmedabad
              • Loan Against Property in Bangalore
              Loan Against Property Related Blog
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              • Mortgage Loan Types
              • Minimum CIBIL Score Required for LAP
              • Tax Benefits From Your LAP
              • Tips to Get LAP Without Income Proof