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Loan against Property

 

The borrower takes a loan from a bank or financial institution where the primary security for the loan is an immovable property that is owned by the borrower. The nature of the property and repayment capacity of the borrower will determine the amount of the loan that is possible and the extent of the amount of the loan that is actually available at a certain point of time. Availing of a loan against property ensures that the necessary borrowing is completed with the security being created and that the funds are available for the necessary use at a low interest rate. It ensures that the physical possession of property remains with the owner & rights on property are transferred to the financial institute.

The interest rate is lower than other loan interest rates because the property element makes it a type of secured loan. Loan against property is similar to other loans like home loan, personal loan, etc., but it is available for those who own a free hold property which is not already mortgaged and the person should also be willing to give the property as a security for the loan. The property also has to be in a condition that meets the requirement of the lender because it has to have the necessary value in order to be eligible to be held as a security. The various other conditions of the loan in terms of operation will be as per the standard conditions present for a loan and this usually covers the mode of repayment, calculation of interest as per the agreed rate of interest, term of loan and so on.

Why should I take a Loan Against Property from SFPL?

* Minimal paper work and documentation

* Less processing fee

* Low Interest Rate

* Less valuation Charges

* Maximum value of Loan

* Part Payment Facility

Documentation:-

List of Documents required for Salaried Individuals:-

* KYC Documents

* Salary slip for the last 3 months / Salary Certificate( If variable components like Over Time and Incentives are reflected then salary slips for the past 6 months are required)

* Form – 16 for Last Two Years

* Bank statements for the past 6 months including front page

* Signature Verification from the Bank

* NOC from the present employer desirable

* Guarantor(s) Documents

List of Documents required for Self–Employed Businessmen:-

* KYC Documents (PAN Card/Form 60, Photo ID, Residence Proof)

* Copy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant

* Copy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant

* Brief Business Profile on the Letter Head of the firm by the applicant

* Bank Statement for the last 1 year for the Savings A/c & Current A/c

* Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration

* Copy of last municipal tax deposit receipt, Electricity bill, Telephone bill and water bill receipt

* Copy of the Partnership Deed (if Applicable)/MOA ,AOA along with Registration Certificate from ROC

* Copy of Tax Deduction certificate / Form – 16A (if applicable)

* Signature Verification from the Bank

* Form 18, form 24 of Directors, List of Directors, Copy of DIN number

* Resolution of Loan Requirement and showing interest in SAI FINCORP, resolution should also authorize one of the Directors/Partners of the Company/Firm to sign on behalf of their entity(ies)

* Letter to SAI FINCORP stating loan required for/reason thereof.

* Guarantor(s) Documents

* If Borrower has availed loan from any other institution then its sanction letter, repayment schedule as well as the statement of A/c for at least for the last 12 months, even if the loan is fully repaid.

* If any income is from rent then registered rent agreement along with the bank statement to which the rent is credited.

List of Documents required for Self – Employed Professionals:-

* KYC Documents (PAN Card/Form 60, Photo ID, Residence Proof)

* Copy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant

* Copy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant

* Brief Business Profile on the Letter Head of the firm by the applicant

* Bank Statement for the last 1 year for the Savings A/c & Current A/c

* Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration

* Copy of last municipal tax deposit receipt, Electricity bill, Telephone bill and water bill receipt

* Copy of the Partnership Deed (if Applicable)/ MOA of ROC along with Registration Certificate

* Copy of Tax Deduction certificate / Form – 16A (if applicable)

* Details of Contract (if applicable)

* Copy of Advance Tax paid / self assessment tax paid Challan

* Copy of Educational Qualification Certificate

* Copy of Professional Practice Certificate

* Salary Certificate (in case of doctors having salaried income)

* Signature Verification from the Bank

* Letter to SAI FINCORP from the Borrower(s) stating loan required for/reason thereof.

* Guarantor(s) Documents/ØIf Borrower has availed loan from any other institution then its sanction letter, repayment schedule as well as the statement of A/c for at least for the last 12 months, even if the loan is fully repaid.

* If any income is from rent then registered rent agreement along with the bank statement to which the rent is credited.

 
 
 
 
Corporate Office Address
A-2, Ground Floor, Shankar Garden,
Vikas Puri, New Delhi-110018
E-mail: md@saifincorp.com
UTTAM NAGAR BRANCH
WZ-167/G, Ground Floor, Next to
State Bank of India, Opp. Metro
Pillar No.-674, Main Najafgarh
Road, Uttam Nagar, New Delhi-110059
Phone No.: 011-45122353 / 354
Email ID: saifincorp.pl@gmail.com
AND unbranch@saifincorp.com
NEW MAHAVIR NAGAR BRANCH
WZ/E-7/2, 1st Floor, New Mahavir
Nagar, Main Najafgarh Road, Near
Shiv Shakti Mandir, Metro Pillar
No.-562, New Delhi-110018
Phone No.: 011-43105877 /
011-43105977, Mob.: 8744050912 / 13
E-mail:mnbranch@saifincorp.com
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