MORTGAGE LOAN - LOAN AGAINST PROPERTY
Link For Loans offers a variety of mortgage loan categories to suit different financial needs. For individuals seeking to leverage their home equity, they offer loans against residential property. Businesses looking to expand their operations can avail themselves of loans against commercial property. For those with rental income from a property, the company provides loans against lease rental discounting. Secured business loans are available for businesses requiring a larger sum of capital for growth or investment. Finally, working capital overdrafts can assist businesses in managing their day-to-day cash flow needs.
- Tax benefit under 24(B) – Salaried individuals can avail Loan Against Property income tax benefit under this section. If you’re using the Loan Against Property amount to fund your new residential house, then you are eligible for tax deductions up to Rs 2 lakh. The tax deductions are applicable on the interest payments.
- Tax Benefit under Section 37(1) – are applicable when the loan amount is used for business purposes. You can claim tax benefits on the interest charges, processing fees, as well as documentation fees that you would incur as a business expenditure.
***Here are the necessary eligibility requirements for securing a mortgage loan:
- Age: The age of the applicant should be between 21 to 65 years or retirement age.
- Employment Type: Both salaried and self-employed individuals are eligible.
- Credit Score: A minimum credit score of 700 or above is usually required for eligibility.
- Citizenship: Applicants must be Indian residents to qualify for a mortgage loan.
- Income Stability: Lenders assess the applicant’s income stability and may require proof of steady income for loan approval.
- Debt-to-Income Ratio: Lenders evaluate the applicant’s Debt-to-Income (DTI) ratio to ensure they can comfortably afford mortgage payments.
In general, banks require the following documents for any sort of loan:
- Address and identity proof, like the Aadhaar Card
- PAN Card
- Bank statement of the past six months-3 years
- Proof of employment or self-organization
- Income tax return to rule out any legal non-compliance
- Notice of previous debts, if any, and whether there are missed or delayed payments
- Loan application
However, with collateral in the picture, you would be required to submit instruments that verify your ownership of the property.
| Mandatory Documents | |
|---|---|
Application Form | For Salaried |
Compulsory document | Pan card |
Identity proof | Driving License/ Passport/ Voter’s ID/Aadhaar card (Voluntary) |
Address Proof | Address proof for Both Office and Residence; |
Ownership proof | Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate |
Relationship Proof | Relationship Proof – If same cannot be proved from KYC documents submitted |
As per Program |
|
Financial | 1. Latest 3 months’ Salary Slips |
| 2. Latest Form 16 |
| 3. Employment Proof (Appointment Proof) only if current employer name does not match with that of the Form 16 submitted |
Banking | Latest 6 months Bank Statement reflecting Salary as well as existing EMI repayment |
| Mandatory Documents | |
|---|---|
Application Form | For Proprietor/Firm/Company |
Compulsory document | Pan card |
Identity proof | Driving License/ Passport/ Voter’s ID /Aadhaar card (Voluntary) |
Address Proof | Address proof for Both Office and Residence; |
Ownership proof | Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate |
Business continuity proof | Shop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations |
Firm Constitution | MOA/AOA/Partner Ship Deed/GST Registration Certificate/Form 32 for knowing latest directors |
As per Program |
|
Financial | 1. Latest three years audited financials. |
| 2. Last three years Tax Audit Report. ( Form 3CB + 3CD in case of proprietorship and partnerships and Form 3CA + 3CD in case of Companies) |
| 3. GST |
| 4. Breakup of all secured and unsecured loans |
| 5. As on date List of Directors and Shareholding Pattern |
| 6. Existing loan Sanction letters and their corresponding EMI reflecting bank statement for last 1 year . |
Banking | Last 1 year bank statement (Business Accounts) |
Loan Against Residential Property
Unlock the value of your home with Link For Loans.
Loan Against Residential Property offered by Link For Loans is a type of mortgage loan that allows homeowners to borrow money using their residential property as collateral. This loan can be used for various purposes, such as home renovations, debt consolidation, medical expenses, or educational funding. The loan amount is typically determined based on the property’s appraised value and the borrower’s creditworthiness. The interest rate and repayment terms vary depending on the lender’s policies and the borrower’s specific circumstances.
Key Features of Loan Against Residential Property
- Competitive interest rates
- Flexible repayment terms
- Minimal documentation
- Quick loan approval
Loan Against Commercial Property
Grow your business with a loan against your commercial property
Link For Loans offers loans against commercial property to businesses seeking to expand their operations or invest in new ventures. This type of loan allows businesses to leverage the equity in their commercial property to obtain financing for various purposes, such as purchasing additional equipment, renovating existing facilities, or acquiring new properties. The loan amount is typically determined by the value of the commercial property, and the interest rate is often fixed or variable, depending on the borrower’s creditworthiness and the prevailing market conditions.
Key Features of Loan Against Commercial Property
- Competitive interest rates
- Flexible repayment terms
- Minimal Documentation: Simplify the loan application process with minimal documentation requirements.
- Quick loan approval
- Use the funds for business expansion, renovations, or debt consolidation
Loan Against Property
Get a loan against your property with Link For Loans
Link For Loans offers loans against property, which allows individuals to borrow money using their property as collateral. This type of loan can be used for various purposes, such as home renovations, debt consolidation, medical expenses, or business ventures. The loan amount is typically determined by the value of the property and the borrower’s creditworthiness. The interest rate can vary depending on market conditions and the borrower’s financial profile.
Key Features of Loan Against Property
- Lower interest rates
- Quick Loan Approval
- Simplified application process
- Use the funds for any personal or financial needs
Lease Rental Discounting Against Property
Convert future rental income into immediate cash with Link For Loans
Lease Rental Discounting Against Property is a financial product offered by Link For Loans that allows property owners to receive a lump sum payment upfront in exchange for future lease rental income. This essentially discounts the value of future rental payments, providing the property owner with immediate liquidity. This can be beneficial for property owners who need funds for various purposes, such as debt repayment, business expansion, or personal expenses. The loan amount is typically calculated based on the projected rental income over a specified period.
Key Features ofLease Rental Discounting Against Property
- Quick disbursal
- Flexible repayment terms
- Minimal documentation
- Competitive interest rates
- Ideal for property owners with long-term lease agreements.
Secured Business Loan
Grow your business with a secured loan from Link For Loans
Link For Loans offers secured business loans to businesses that require a larger sum of capital for growth or investment. These loans are secured by a collateral asset, such as property or equipment, which reduces the lender’s risk and often results in lower interest rates. The loan amount can be substantial, and the repayment terms are typically longer than those of unsecured loans. Secured business loans can be used for various purposes, including purchasing new equipment, expanding facilities, acquiring inventory, or financing research and development.
Key Features ofSecured Business Loan
- Competitive interest rates
- Minimal documentation
- Use the funds for business expansion, equipment purchases, or working capital
Working Capital Overdraft
Manage your business cash flow with a working capital overdraft
Working Capital Overdraft is a flexible line of credit offered by Link For Loans under their mortgage loan category. This facility allows businesses to access funds as needed to meet their short-term working capital requirements. The overdraft is secured against the borrower’s commercial property, providing a safety net for the lender. This means businesses can draw funds from the overdraft to cover expenses such as inventory purchases, payroll, and operating costs. The interest on the overdraft is typically charged on the outstanding balance, making it a convenient and cost-effective financing option for managing day-to-day cash flow needs.
Key Features of Working Capital Overdraft
- Lower interest rates
- Competitive interest rates
- Minimal documentation and quick loan approval
- Ideal for managing day-to-day expenses and unexpected costs.
