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Loan Against Property
This is a product which is ideal for individuals / companies who have a real estate asset which is free from encumbrance. Loan against property enables you to put your asset to a productive use by mortgaging it with Edelweiss and raising the funds up to a maximum of 120% of the market value of your asset. The purpose of taking the loan can be varied from utilizing the funds to buy a new property, business expansion, consolidation of existing loans, education /wedding of children among others.
This product is a great way to raise funds quickly to meet your needs with the added flexibility of choosing your loan tenure up to a maximum of 15 years for easy repayment.
We finance the following type of properties:
- Self occupied residence
- Self occupied commercial property
- Leased residential property
- Leased commercial property
- Lease rental discounting against commercial property
Loan against property can be taken for the following purposes:
- Business expansion
- Working capital needs
- Purchase of another asset
- Medical treatments
- Marriage of children
- Higher studies abroad of children
- Funding of vacation
- Higher loan amount and tenure up to 15 years for ease of repayment
- Attractive interest rates
- Efficient handling of your loans
- Quick approvals, simple processing of your loan application and flexible repayment options
- Consolidates your loans into one single instalment
- Higher loan amount with low EMIs
- Funds can be used for business and personal needs
- Special products for self employed professionals
- Income, debt obligations and savings
- Value of property mortgaged
- Repayment track record for other loans, credit cards etc
| Salaried Customers | Self Employed Professionals | Self Employed Non Professionals |
|---|---|---|
| Application form with photograph | Application form with photograph | Application form with photograph |
| Identity and Residence Proof | Identity and Residence Proof | Identity and Residence Proof |
| Latest Salary-slips | Education Qualifications Certificate and Proof of business existence | Proof of business existence |
| Form 16 | Last 3 years Income Tax returns (self and business) Last 3 years Profit / Loss and Balance Sheet |
Business profile Last 3 years Profit / Loss and Balance Sheet / Computation of Income/ Audit Report / Last 3 Years Income Tax returns (self and business) |
| Last 12 months bank statements | Last 12 months bank statements | Last 12 months bank statements (self and business) |
| Details of existing loans | Details of existing loans | Details of existing loans |
This product lets you mortgage your self occupied or rented residential property to avail a loan for purposes mentioned above.
- Loan amounts up to Rs. 25 cr
- Tenure of up to 15 years
- Highest loan to value ratio in the market for residential properties
- Refinance and top-up of existing loans
- Loans for purchase of another asset
- Loans offered to Self-Employed Professionals, Proprietorship Firms, Partnership Firms, Private Limited Companies and closely held Limited Companies
- Minimum 5 years of track record in the business
- Profit making business for the last 2 years
- Minimum net profit of 2 lakhs p.a.
| Scheme | Loan against Property – Residential |
|---|---|
| Loan Processing Charges | 1% |
| Prepayment / foreclosure charges | 4%* |
| Stamp duty and other statutory charges | As per applicable laws of the state |
This product lets you mortgage your self occupied or rented commercial property to avail a loan for purposes mentioned above.
- Loan amounts up to Rs. 25 cr
- Tenure of up to 15 years
- Highest loan to value ratio in the market for commercial properties
- Refinance and top-up of existing loans
- Loans for purchase of another asset
- Loans offered to Self-Employed Professionals, Proprietorship Firms, Partnership Firms, Private Limited Companies and closely held Limited Companies
- Minimum 5 years of track record in the business
- Profit making business for the last 2 years
- Minimum net profit of 2 lakhs p.a.
| Scheme | Loan against Property – Commercial |
|---|---|
| Loan Processing Charges | 1% |
| Prepayment / foreclosure charges | 3%* |
| Stamp duty and other statutory charges | As per applicable laws of the state |
Lease Rental Discounting helps to raise funds against the future expected rentals of self owned commercial property. To avail this loan the property should be occupied by the Lessee and the Leave & License agreement should be registered. Just like Loan against Property, LRD can be provided for any of the purposes mentioned above
- Loan amounts up to Rs. 25 cr
- Tenure of up to 9 years
- Loans for purchase of another asset
- Loans offered to Self-Employed Professionals, Proprietorship Firms, Partnership Firms, Private Limited Companies and closely held Limited Companies
- Lease Agreement to be registered
- Lessee to be reputed corporate, Banks, Financial Institutions and MNCs
| Scheme | Lease Rental Discounting |
|---|---|
| Loan Processing Charges | 1% |
| Prepayment / foreclosure charges | 3%* |
| Stamp duty and other statutory charges | As per applicable laws of the state |