Loan Against Property.

Yes, borrowers can transfer the LAP to another financial institution for an increased amount or tenure or both.

Yes, the borrowers can avail of part disbursement of their LAP.

Yes, provided that either the buyer of the property pays the loan liability or the customer makes the balance payment.

A home loan is taken to purchase or build a property, whereas LAP does not have any restrictions on its usage. In both cases, the property is kept as collateral with the lender.

If you have a floating interest rate, the calculation for the same would be specified in the loan agreement. The formula can be prime lending rate (PLR) minus spread. To calculate this, you can check the loan agreement where a negative spread is mentioned and deduct it from the PLR of your respective financial institution.

Yes. If you have paid your EMI dues on time, you can avail of a top-up loan on the LAP.

Yes. If you have paid your EMIs on time and have a satisfactory debt-to-income ratio, you can avail of a LAP with loans.

You can avail Hero FinCorp’s Loan Against Property (applicable for both, Residential & Commercial Properties) for business purposes and activities which are not speculative or non-prohibitive.

We decide your loan amount based on your repayment capacity. Further, the repayment capacity is considered on the basis of income, age, number of dependents, qualifications, spouse's income, assets, liabilities, stability and continuity of occupation and savings history. In addition to considering these factors, the maximum amount shall not exceed 75 per cent of the value of property.

You may include your spouse as a co-applicant for the Loan. His / her addition as a co-applicant can enhance the loan amount. Please note: all co-owners of the property should necessarily be the co-applicant.

The repayment of loan is done in Equated Monthly Instalments (EMIs). This comprises principal and interest. Repayment by EMI commences from the next month in which you take full disbursement.

Post final disbursement, you have to pay interest on the portion of the loan which is disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month, starting from the date of each disbursement up to the date of commencement of EMI.

The security/collateral for the loan will be the first mortgage of the property. Collateral security such as assignment of insurance policy or any such other assignable financial instruments would suffice the need, the title to the property needs to be clear, marketable and free from encumbrance. Most importantly there should not be any mortgage, loan or litigation on the property. To elaborate, there should not be any mortgage, loan or litigation which is likely to affect the title to the property adversely.

Yes, you can as per the terms mentioned in your loan agreement.

Yes, the property has to be duly and properly insured for fire and other appropriate hazards, as required by Hero FinCorp.

Yes, these policies periodically reviewed.

The following factors are considered to determine eligibility and loan amount Age Income Valuation of the Property obligations Stability/continuity of employment/business

It is necessary for all the co-owners of the considered property to be in as co-applicants to the loan.

Repayment of loan can be done over a maximum tenure of 15 years. Beyond the age of retirement or on reaching 60 years of the age, the repayment will not be ordinarily extended. However, Hero FinCorp will endeavour to determine the repayment period to suit your convenience.

Business needs Mortgage buyout/Balance Transfer of loan Consolidation of debt

The processing of the loan against property application usually takes 7 to 10 working days, post submission of all required documents.

Yes, you need to make sure that the property is absolutely insured for fire and other hazards, as required by Hero FinCorp, during the tenor of the loan you would be required to produce evidence to us each year or a proof as asked for.

Based on the loan amount, the repaying period and the interest rate on the borrowing amount the EMI is calculated. The EMI is subjected to change when interest rate changes or a part-payment of the Loan is made. Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.

Kindly submit a written request to your nearest Retail Loan Service Centre to close your account. Our customer service desk will provide you with the necessary assistance.

You can apply for a loan in the following ways: Call our Customer Care numbers provided on the website Visit your nearest branch Our liability customers may also get in touch with their Relationship Managers/ Personal Bankers to know more and apply for LAP.

Properties which are self-occupied Residential or Commercial for example shops and offices can be considered as collateral.

You can get a Loan Against Property up to a maximum of 75%* of the market value of your property. **conditions apply

There is no specific credit score requirement as per Hero FinCorp Limited policy. However, it is under the discretion of Hero FinCorp to accept or reject any loan application basis any irregularity noticed in the rating.

You may repay your LAP in any of the following three ways: Electronic Clearing Service (ECS), National Automated Clearing House (NACH) & Online Payment.