Loan Against Property from Private Finance
We offer loans against property through our in-house Private Financers or private lenders. It is available for clients who are facing difficulties in getting loans from regular banks and NBFCs, but have good property to offer as collateral.
The client can get 50% of the valuation of the property within a short period. This will be useful for clients who have some CIBIL issues or insufficient documentation that is not eligible for standard banks.
The clients have good property to offer as collateral and have an established business to repay the loan, are eligible for this private finance loan.
What is a loan against property from Private Finance?
It is a loan against property given by private parties (Financiers) or lenders who provide private lending to companies or individuals having issues with their CIBIL or insufficient documents for banks. This funding is provided against a collateral property, such as a house, land, shop, etc.
It differs from traditional banks because the lender is a private institution or individual who is more interested in property valuations rather than credit scores or income documents, which gives more flexibility in financing.
Private loan against Property is available in all major cities of India & will be raised against any property with a clear title, and must be freehold or at least a ninety-nine-year leasehold property.
Features of Loan Against Property from Private Finance:
- Well suitable for borrowers having low/poor Credit or CIBIL ratings
- Available in all major cities of India
- Loans from Rs.1 crore to any highest amount required
- Loan against residential, commercial, and industrial property
- A loan can be raised against Land parcels also
- Can be raised with bad credit scores
- Can be utilized for business & personal needs
- Shorter disbursement time
Eligibility Criteria:
- Must be an Indian citizen
- Should have a freehold or a 99-year leasehold property
- The minimum property value required is two crores
- Must have a proper source of income to repay the new loan
- A building plan is required
- Only for the businesses
Interest Rate (ROI)
Our interest loan for private finance ranges from 16% to 20% (reducing balance)
Repayment Tenor
We offer 24 months to 84 months for the repayment
End Use of Fund
Strictly for business use only
Foreclosure Charges
As per policy, but negotiable
Document Required
- Complete property chain
- Income documents
- KYC – Company & individual
- Project report, if applicable
- Sanction letter for all running loans
- Latest notice is required in the case of loan defaults
Advantages
Quick Disbursal
Comfortable Login
Without Credit Checks
Simple Mortgage
Loan Transfer
To Close an Existing Loan
Our Loan Against Property Private Finance is available in the Following Cities
Loan Against Property Through Private Lenders
Loans against property through a private lender offer the benefit of timely funds that can be utilized for any purpose, like a creditor or lender’s urgent payment, or filling a gap between an awaited big tranche of money and current expenses.
This private finance loan against property can be a temporary arrangement of funds due to issues in one’s credit score or a lack of documents that keep him away from getting loans from a conventional banking structure. So, after getting a private loan against property client can plan for a secondary loan option through regular a bank or NBFC.
This funding against property can be raised in any city in India, and loans starting from a minimum of Rs 1 Crore to any higher amount.
This funding can be costly compared to conventional banking rates, but clients must be aware that private lending is generally more expensive than other means of financing. However, it can provide timely financial assistance.
Interest Rate for Private Lenders
- It starts from 15% to 20% on reducing balance.
- Repayment will be offered on a monthly EMIs basis
- Option of a moratorium period
- Previous loan transfer facility available
Frequently Asked Questions
Private financing is an alternative financial arrangement through private financiers & lenders. It is suitable for individuals or companies facing issues in raising funds from traditional banks or NBFCs. Yes, one can raise a loan against a property through private financiers or lenders.
First of all, a private funder representative understands the borrower's requirement, properties to be offered, and does the assessment of the financial profile & property legal & valuation to ensure the repayment of the new loan.
Then, all required financials, property documents, and the borrower's KYC are submitted, and after satisfactory due diligence of all documents & property, a loan is disbursed.
A private funder can offer a loan against property on a minimum CIBIL score of 450. Basically, they are not very concerned about the CIBIL scores; they look for the property type & valuation. Secondly, they also access repayment sources of the borrowers.
They are specialists in providing a loan against property for low or poor-credit-rating borrowers.
The Borrower can raise a minimum of Rs 1crore to any higher amount required
The borrower can get 50% of the market valuation in a private loan against the property, moreover loan amount also depends upon the repayment capacity of the borrower.
Any kind of residential, commercial & industrial properties with a clear freehold property title are eligible for getting a loan against property from private finance. Only agricultural properties are exceptional and not eligible for a private loan.
Fund Source India is a premium private finance company that provides private loans against property in India. They can provide a private loan against property without a credit check or with a low credit score by creating a standard mortgage for the property.
