Saturday 22 August 2015

Loan Against Property (LAP)

The term 'loan against property' refers to a situation in which the borrower takes a loan from a bank or financial institution where the security for the loan is a property that is owned by the borrower. If you own a valuable asset in the form of house (self occupied, rented or vacant) or a commercial property you can go for a loan against property. Loan against property is a multi-purpose loan with longer tenure and lesser rate of interest. It would like to leverage your property without giving it on rent or selling it?

You can now take a loan against property against your residential or commercial property, to expand your business, plan a dream wedding, fund your child's education and much more. Loan against Property is to meet your business or personal needs.

Loan against Property solutions will help you to unlock the hidden value of your property. With Loan against property you can now fulfill any of your personal or business needs. What's more, this loan can be repaid comfortably over as many as 15 years. Loan against Property / Mortgage loan is obtained by the way of mortgaging the asset with the lending institute.

Loan against property is a very good borrowing option as there are several advantages of a property, which include possibility of appreciation in value, being in the nature of a fixed asset, income earning potential and so on. This allows the best use of the property that is owned and at the same time will enable the raising of funds required for various purposes.

Also, a loan against property comes with a low interest rate compared to that of a personal loan or home loan. Proper use of the funds will ensure that the maximum benefit is taken from the position. The value of an asset or property should be enough to qualify the sanction of the loan amount as needed by the borrower. Loan against Property (Mortgage loan) is opted for when the amount required is considerably more and cannot be raised by the means of unsecured loans and the repayment period is comparatively more than 5 years. Generally the properties having appreciating value in market are considered good for mortgage Loan like Residential or commercial premises etc.

Creative Finserve can arrange you Loan Against Property in following programs

1) Average Banking Program: Max Loan Amt 2Crs.

In Loan Against Property Average Banking signifies that the client's banking should be healthy. Generally customers who does not have a strong financial (I T) return and who has a healthy bank statement can avail this programme This program works on the basis of average bank balance of last consecutive 12 month. In Loan Against Property calculation is done on the closing balance on respective days as per banks /NBFC. Whatever is the average bank balance the same amount is called average banking. For calculation one year banking is mandatory. Calculation method of the average bank balance on the closing balance amount on every 5th 10th 15th etc day on every month in the bank statement.(Dates may vary from bank to bank) Monthly three credit transactions required in the last 6 months. Every BANK/NBFC'S has their own multipliers as per customer requirements. These multipliers is multiplied by the average bank balance amount, the amount comes is taken as affordable property loan EMI as customers eligibility of the Loan Against Property. This programme is mainly beneficial to self employed. Multiple business accounts can be clubbed in this programme.

2) Banking Turnover Program: - Maximum Loan up to 7.50 Crs.

This is a unique programme formulated by few private banks. In this variants customers needs to concentrate on their credits transaction. Generally customers who does not have a strong financial (IT) return and who has a healthy bank statement can avail this programme In Loan Against Property banking turnover is a unique programme where customer can avail this with minimal documents. For more details contact Creative Management Team.

3) Mortgage Take over (RTR Surrogate) : Max Loan Amt 5CR & Minimum 12 Months track required with multiplier as - (12 Months -- 1.1times; 18M -- 1.2times; 24M -- 1.3times & 36M -- 1.4times multiplier of the original loan amt).

Customers who has already taken mortage loan with good track record and already completed more than 12 EMI's are eligible under this programme to avail Loan Against Property.

4) LIP: Loan Amt up to Max 1.5CR

Customers who does not have a strong financial papers instead have average banking transcations can avail this facility. Customers who carry out their business in more in cash are eligible for this product. Normally banks ask for minimal document in LIP (Liquid Income program)

5) Low LTV @ 35% - Max Loan Amt 1.5CR.

In this programme customers financial papers are not taken in to consideration while calculating the eligibility.In LAP programme customer can avail maximum 35% of the market value whatever may be his income.

6) Gross Turnover : Max Loan Amt 25CR

Here customers sales turnover is taken in to consideration. He should be having a strong financial background and healthy bank statement. Customer should be having a steady business going with a good experience. Customer credit rating is the most imperative point.

7) Gross Profit : Max Loan Amt 7.5CR.

In this, calculation is derived from his business gross profit. Customer should be having a steady business going with a good experience. He should be having a strong financial background and healthy bank statement. Manufacturers and traders can take benefit from this programme. Customer who does not show healthy turn over can benefit from this programme.

8) Banking Turnover : Max Loan Amt 7.5CR.

In this product BANKS/NBFC'S calculate customer's eligibility by calculating your bank's turnover. Your bank statement should be healthy. Customers who are mostly in to cash business can take advantage of this programme.

9) Gross Receipt : Max Loan Amt 10CR. (Multiplier for Doctor - 3times / CA's & Architect - 2times)

This programme is mainly designed for self employed professionals. Calculation is done on your gross receipt and your financials plays a pivotal role. Customer who does not show healthy turn over can benefit from this programme.

Loan Against Property Features and Benefits

  • Our expertise to get u the right Banks / Institute to fulfill your requirement
  • Provides you with instant liquidity when you require it the most without selling your property.
  • Loan repayment in flexible tenures from 1 year up to 15 years
  • Higher Loan amount with Lower EMI.
  • Funds can be used for business as well as personal needs.
  • Flexible repayment - Option to choose between Dropline Overdraft Facility or EMI based loan.
  • Residential and commercial properties accepted as collateral.
  • Excellent debt consolidation tool.

Loan Against Property Process

There are several steps in the Loan Against Property process. Here are the steps in brief:
  • Application form & Document Submission
  • Cibil report check
  • Residence verfication
  • Office
  • Eligibility calculation
  • Technical & Valuation
  • Personal Discussion
  • Credit decision
  • Offer Letter
  • Submission of Property documents & legal check
  • Registration of property documents
  • Signing of agreements and submitting post-dated cheque
  • Disbursement

Loan Against Property Eligibility

SELF EMPLOYED INDIVIDUAL

An Indian Resident
You should be in business for a minimum of 3 years.
You should be self employed Minimum 24 to maximum 65 years of age.
Your current place of residence should be occupied for a minimum of 3 years in the city.
You should have residence or office owned

SELF EMPLOYED PROFESSIONAL

An Indian Resident
You should be in business for a minimum of 3 years.
You should be self employed Minimum 24 to maximum 65 years of age.
Your current place of residence should be occupied for a minimum of 3 years in the city.
You should have residence or office owned

Salaried

You should 3 years work Experience.
You min age should be 24
Your maximum age should be 58/60 at the time of closer of the loan.
You should have Minimum Rs 20000/- Net Salary
You should have Own residence

Drop line Over draft (OD)

Having an overdraft feature on your bank account gives numerous benefits. Overdraft account protection is a customized feature which lets you spend beyond what is in your account. If you are qualified, your financial institution can give you overdraft protection although it usually comes with a fee. It is not uncommon to be charged a fee as well as a percentage rate on the amount of money that you use in your overdraft. Overdraft protection can be extremely useful in the event that you do not have enough money in your account for a pre-authorized bill. If you are protected by overdraft you will not get charged a non sufficient funds fee which accompanies a payment in the event that it is declined by your financial institution. It can also be a great back up for unexpected expenses. If you need to dig into your overdraft account in an emergency situation overdraft provides peace of mind that it is there for you to do so.

Contact Info :


Office No 35, Ground Floor,
Shiv Shambhu Chs (Seawoods), L.T. Road.
Borivali (West), Mumbai - 400092.
Telephone: 022 - 65662010 / 022 - 69000012 / 022 - 69000033
E-mail: info@cfplindia.com / cfpl@live.in

Friday 21 August 2015

Home Loan

Home loan Overview

Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the Home Loan is done. The bank or financial institution will hold the title or deed to the property till the Home Loan has been paid back with the interest due for it. The amount that can be financed typically depends on the status of the borrower (resident/non-resident), type of Home Loan (renovation, property purchase, property extension) and the financial institute.

It is generally offered for up to 80-85% of the cost of the property. In a Home Loan, the owner of the property (the borrower) transfers the title to the lender (bank) on the condition that the title will be transferred back to the owner once the payment has been made and other terms of the Home Loan have been met.

A Home Loan will have either a fixed or floating interest rate, which is paid monthly along with a contribution to the principal loan amount. As the homeowner pays down the principal over time, the interest is calculated on a smaller base so that future mortgage payments apply more towards principal reduction as opposed to just paying the interest charges.

Home Loan allows a much broader group of citizens the chance to own a property, as the entire sum of the house doesn't have to be provided up front. But because the lender actually holds the title for as long as the mortgage is in effect, they have the right to foreclose the home (sell it on the open market) if the borrower can't make the payments. A Home Loan is one of the most common forms of debt, and it is also one of the most advised. Home Loans come with lower interest rates than almost any other kind of debt an individual consumer can find.

Smart home loan

Smart home loan that enables you to save on interest payments and thereby reduce tenure of the loan Smart Home is operated through a account that acts as a Current Account with an overdraft limit equal to the amount of the loan disbursed. Use of Smart Home account would be your loan account. All you need to do is to put your savings, in the Smart Home account. Depending on the savings you put in the Smart Home account, you can reduce the burden of interest paid and thereby reducing the tenure of your loan.

Home Loan Features and Benefits

  • Our expertise to get u the right Banks / Institute to fulfill your requirement.
  • Loan repayment in flexible tenures from 1 year up to 30 years.
  • Lowest Rate of interest compare to any other loan.
  • Part Payment Facility without penalty.
  • Balance transfer facility.
  • Home Loan Top Up Facility.
  • Nil prepayment charges.
  • Applicant and Co- Applicant to the loan.
  • Tax Benefits : The effective rate of housing loans is much lower than the nominal rates quoted by the banks/housing finance companies because of the tax benefits.
  • Minimum/Hassle free Documentation.
  • Convenience of doorstep service.

Home Loan Process


There are several steps in the home loan process. Here are the steps in brief:
  • Application form & Document Submission
  • Cibil report check
  • Residence verfication
  • Office
  • Eligibility calculation
  • Technical & Valuation
  • Personal Discussion
  • Credit decision
  • Offer Letter
  • Submission of Property documents & legal check
  • Registration of property documents
  • Signing of agreements and submitting post-dated cheque
  • Disbursement

Home Loan Eligibility

SELF EMPLOYED INDIVIDUAL
  • An Indian Resident
  • You should be in business for a minimum of 3 years.
  • You should be self employed Minimum 24 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
SELF EMPLOYED PROFESSIONAL
  • An Indian Resident
  • You should be in business for a minimum of 3 years.
  • You should be self employed Minimum 24 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
Salaried
  • You should have 3 years work Experience.
  • Your Minimum age should be 24
  • Your maximum age should be 58/60 at the time of closer of the loan.
  • You should have Minimum Rs 20000/- Net Salary

Contact Info :


Office No 35, Ground Floor,

Shiv Shambhu Chs (Seawoods), L.T. Road.
Borivali (West), Mumbai - 400092.
Telephone: 022 - 65662010 / 022 - 69000012 / 022 - 69000033
E-mail: info@cfplindia.com / cfpl@live.in

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