Home Loan

Home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house, for which repayment is done in EMIs (Easy Monthly Installments of Principal and Interest). In India, owning your own house is considered as one of the major signs of success. It is long term Asset class, biggest and safest investment of once life. Home loans are the best-selling banking product. It also assures a stronger and longer relationship with your bank.

Tax Benefit on housing loan

Borrowers can enjoy tax benefits under section 24 of the Income Tax Act. This you can claim tax exemptions of up to Rs. 2,00,000 for interest component of your EMI paid during the financial year. According to the Section 80 C of Income Tax Act you can also claim tax benefit of Rs.1.5 lakh of principal paid during the financial year.

Who are Eligible to avail a Home Loan?

Any Individual having a regular and steady income from any of these sources say Salary, Self-employment or Business or others can avail a Home Loan. Any individual looking to apply for home loan should be of minimum 21 years of age. The eligibility criteria vary from bank to bank but generally are based on income, employment status, age, value of property and CIBIL Score. Applicant needs to have a good credit score and generally 700-900 is considered as a good credit score.

What are the Documents Required to avail a Home Loan?

Compulsory Documents that are required for submission - Loan application form & PAN Card of the loan approver.
Identity Proof:	You can submit any 1 of the following: Passport/Voters ID/Aadhar/Driving License.
Address Proof:	You can submit any 1 of the following: Voters ID/Aadhar/Driving License/ Electricity bill/Gas bill/Telephone bill.
Income Proof:	You can submit following documents for each salaried/self-employed.
For Salaried:	3 months pay slip 6 months bank statement showing salary credits Last 2 years Form 16 or employment continuity proof Employee ID and Appointment Letter
For NRI Salaried:	3 months pay slip Appointment letter/contract letter 6 months Domestic NRE/NRO account statement 6 months International salary a/c statement Valid visa copy/OCI card and Passport copy
For Self-employed individuals/ professionals:	3 yrs ITR, P&L, Balance sheet certified by a Chartered Accountant Tax Audit Report (Where Applicable) 6 months bank statements of personal and business accounts Business continuity proof for a minimum of 3 yrs
For Balance Transfer:	12 months loan account statement Existing loan details and 6 months bank statement

Mortgage Loan / LAP (Loan Against Property)

Mortgage Loan or Loan against property is one of the easiest and fastest loan option available for people that own commercial or residential properties. Mortgage Loan/LAP is availed based on the value of property and the income eligibility of the individual opting to avail the loan.

We can get lowest interest rates and best deals on loan against property. We also assure you a streamlined process thus assuring you quick approval and disbursement of the loan amount.

Transfer of existing LOAN AGAINST PROPERTY (LAP)

We do Balance Transfer of your existing LAP to other financial institutes provider a lower rate of interest, thus helping you reduce your cost and can also help in availing a Top Up on the same based on the eligibility.

Who are Eligible to avail LOAN AGAINST PROPERTY (LAP)?

Any Individual having a regular and steady income from any of these sources say Salary, Self-employment or Business or others can avail a LAP. The eligibility criteria vary from bank to bank but generally are based on income (i.e. repayment capacity), employment status, age, value of property and CIBIL Score. Applicant needs to have a good credit score and generally 700-900 is considered as a good credit score.

What are the Documents Required to avail a LAP?

Compulsory Documents that are required for submission - Loan application form & PAN Card of the loan approver.
Identity Proof:	You can submit any 1 of the following: Passport/Voters ID/Aadhar/Driving License.
Address Proof:	You can submit any 1 of the following: Voters ID/Aadhar/Driving License/ Electricity bill/Gas bill/Telephone bill.
Income Proof:	You can submit following documents for each salaried/self-employed.
For Salaried:	3 months pay slip 6 months bank statement showing salary credits Last 2 years Form 16 or employment continuity proof Employee ID and Appointment Letter
For Self-employed individuals/ professionals:	3 yrs ITR, P&L, Balance sheet certified by a Chartered Accountant Tax Audit Report (Where Applicable) 6 months bank statements of personal and business accounts Business continuity proof for a minimum of 3 yrs
For Balance Transfer:	12 months loan account statement Existing loan details and 6 months bank statement

Business Loan

A business loan is a loan specifically intended for business purposes. In a dynamic environment like today, business finance might seem tricky at times. Many businessmen find themselves in need of credit to expand or fund their business for multiple reasons and thus they look to obtain a business loan to meet their various business related financial needs.

Each business is different in various aspects thus Banks and NBFCs offer customized business loan plans as per the requirement of applicant/s. Also, Business needs can vary between purchasing assets such as land or leasing a factory or shop or purchasing new machinery, or working capital requirements, or basic operating expenses such as overheads and salaries. However, it is important to note that there are different types of business loans in India that are best suited for a particular situation.

The various types of business loans offered are as follows:

1. Business Loan for Working Capital:
   Working Capital Loans is a type of Cash Credit availed to overcome the shortage of cash to run a business on a day to day basis. Generally businesses require funds to sustain and fund their daily operations and these types of loans help them to survive in the high competitive market. This type of loan comes handy to bridge the gap raised due to debtors and stock thus creating a balanced cash flow necessary to run the business.
2. Business Loan for Expansion/ Purchase of Machinery Equipment:
   A businessman can now avail Term Loans to buy Commercial assets/machinery, set up a new industrial unit or expand/modernise your existing unit. Assessment of such loan is based on future cash flows with flexible tenure and moratorium period on project to project basis.
   Basic eligibility for Business expansion Loan is as follows:
   1. Promoter/Applicant should at least 21 years old while applying for the loan and under 65 at the end of its tenure
   2. A proprietorship firm/private limited company/closely held non-listed company/ partnership firm involved in the business of manufacturing, trading or services are eligible to apply for loan
   3. Business should have a minimum turnover of Rs 50 Lakhs
   4. Business should have audited financial statements for atleast 2 FYs.
3. Unsecured Business Loan for MSMEs:
   Micro, Small, and Medium Enterprises (MSME) generally need financial assistance when they are growing horizontally or vertically. This requirement can be for raw material purchase, infrastructure development, or fulfilling operating expenses. MSME loan are unsecured loans offered by various financial institutions to meet business-related expenditures on credit.
   Basic eligibility for Unsecured Business Loan is as follows:
   1. Promoter/Applicant should at least 25 years old while applying for the loan and under 65 at the end of its tenure
   2. Business should have a vintage of atleast 1 year and should be registered.
   3. Business should have its financials duly audited by CAs.
   4. GST returns should be filed for the last 12 months on time
4. Business loans for self-employed Professionals :
   This is a type of unsecured loan which is given to self-employed professionals. The loan amount varies from Rs. 50,000 to Rs. 25,00,000. The amount depends on the applicant's financial status and history. Self-employed professionals include CA, CS, doctor, engineer, architect, trader, commission agent, & contractors.

Real Estate Finance/ Construction Loan

Construction Finance or Project Finance is a unique offering under which we arrange loans for real estate developers for projects they are developing. This product comes with customized offerings built around real estate developer’s project acquisition and construction cost basis a detailed evaluation of the project. Real Estate/Construction Finance is received for various projects such as Self owned Residential projects, commercial projects, redevelopment projects, SRA projects and stuck residential projects.

There are a few types of loan structure available for Real Estate sector as explained below:

1. Construction Finance
   Construction Finance loan is designed to meet this requirement of real estate developers across the life cycle of their proposed or ongoing construction projects against the project sales receivables. Loans are offered to construct or develop both residential and commercial projects, whether they are proposed or on-going along with adequate moratorium period based on stage of construction and estimated completion date. It provides easy repayment option through escrow mechanism with structured repayment options, as customized structure ensures financial closure with high degree of certainty of project completion.
2. Construction Finance (Asset Backed Loan)
   ABL Construction finance is same as any other construction finance just that it is secured by a collateral security from outside the project. Loan amount eligible for this kind of finance depends on the value of collateral property offered and maximum of 60% of the realizable value of such secured immovable property. The benefits ABL CF are that it is availed with a lot ease and way faster at the best interest rate possible (say @ 9-10% p.a.) than any other construction finance.
3. Inventory Finance
   Inventory financing is a form asset-backed financing. In cases where is no existing loan outstanding on unsold units, the developers can avail inventory funding from various financial institutions and utilize these funds for growth purposes or any existing ongoing project. This is in a way cash flow discounting wherein sales proceeds from units are expected in future and given to the developer at certain discount rate. As these units get sold, loan taken against the units can be paid off.
4. Construction Equipment Loan
   Construction Equipment loan is obtained to purchase equipments used for the purpose of construction for eg. Articulated Trucks, Boom lifts, compactors, dozers, drills, excavators etc. Loan amount can be availed for a minimum of Rs. 25 Lacs and having no upper cap on maximum limit. No collateral/guarantee is required upto a finance of Rs. 1 Crore. The same is availed at an attractive rate of interest having lowest margins and lowest charges with flexible repayment options.

Lease Rental Discounting (LRD)

Lease Rental Discounting is a term loan that is offered against rental receipts and is availed by tenants against leased contracts. This advance provided to the lessee is based on the discounted market price of rentals and the underlying value of the property. With Lease Rental Discounting, you can utilise rent received from your commercial property or Select property, such as Warehouse, Industrial, Hotel, School, Hospital, Banquet Property and Marriage Gardens, to avail of loan for your business, working capital or personal needs. Moreover, there is no additional outflow of money as Equated Monthly Instalment (EMI) is recovered directly from the rent.