Non-Housing Loan
Banks and Financial Institutions diversified loan portfolio caters to the needs of the non-housing segment. Be it the purchase of a commercial property or You can avail a loan against property by mortgaging a self-owned residential or commercial property funding of personal or business expenses, we offer several types of loans. You can use a loan against property for multiple purposes ranging from personal needs to business requirements.
Types of Non-Housing Loans
Loan Against Property
Whether you own a residential, commercial or special use property, it is an asset that can be used as collateral against a loan, when you have a financial requirement. Monetary problems pertaining to business expansion, child’s higher studies, wedding or medical emergency can strike anytime, but it can be settled conveniently.
Commercial Property Purchase
Many people look to get a loan for an office space, but just don’t know how to go about it. There are times when some people buy commercial property for establishing their own office and business. In that case the lender feels more certain about providing the loan, but there are banks which do fund commercial properties – primarily the ones which are ready over the ones under construction. It is advisable to run these checks with your loan advisor before you finalise a project.
Loan Against Industrial Property
Industrial property loan can be used for purchase of factory land and shed. An ideal product where savings of rentals can be used to pay EMIs for purchasing the property Loan on industrial property or Loan for Industrial property is provided to cater to all self-employed Non-professional customers who are running a manufacturing facility in industrial zones in India and offering industrial property as collateral.
Loan Against Plot
Whether you own a residential, commercial Plot or Land, it is an asset that can be used as collateral against a loan, when you have a financial requirement. Monetary problems pertaining to business expansion, child’s higher studies, wedding or medical emergency can strike anytime, but it can be settled conveniently.
Commercial Plot Plus Construction Loan
Banks and Housing finance companies also offer loans for purchase, extension, construction and improvement of commercial premises.
LRD (Lease Rental Discounting)
The property owner is able to lease out the premise to earn a monthly rental income, thus monetizing the property to earn extra, every month. Not just this, the lease rental discounting loan enables you to encash your current rental cash flows and avail long-term loan facility in the long run as well. The funds received can be then utilized for business capital requirements, both for the future and for urgent present needs.
Loan Process
- Application Form
- Personal Discussion
- Credit, Legal And Valuation Appraisal By Bank
- Loan Sanction Letter
- Signing the loan agreement and disbursement
To view your loan option, you’ll need:
- Full name
- Address information
- Financial Information
- Contact Details
What is the Eligibility Criteria for Non-Housing Loans?
Home loan eligibility is based on income, age, credit score, property value and location, etc. The table reflects general eligibility criteria at all banks/NBFCs.
| Parameters | Salaried | Self-employed |
|---|---|---|
| Age | Should be between 21-60 years | Must be between 21-65 years |
| Income | Minimum income of ₹1,80,000 p.a | Minimum income of ₹1,80,000 p.a. |
| Current Experience | 2-3 years of current job stability | 720 or above |
| CIBIL Score | 720 or above | 3 years of current business stability |
Home Loan Interest Percentage
| Banks/NBFCs | Interest Rate (p.a) | Processing Fee |
|---|---|---|
| ICICI Bank | 9.10% - 9.30% | 0.50% of loan amount plus GST |
| Bank of Baroda | 8.65% - 9.65% | Upto 0.50% of the loan amount or Max ₹7,500+GST |
| HDFC Ltd | 8.90% - 9.80% | Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes. |
Rates and Offers
| LOAN / BANK | WOMEN POWER | HDFC LIMITED | ICICI BANK LIMITED | BOB | ||
|---|---|---|---|---|---|---|
| Salaried | Self-employed | Salaried | Self-employed | SAL/SENP | ||
| UPTO 30 LAKHS | WOMEN POWER | 8.80% | 8.95% | 9.10% | 9.15% | 8.65% |
| UPTO 30 LAKHS | NORMAL | 8.85% | 9.00% | 9.15% | 9.20% | 8.65% |
| 30.01LAKHS -75 LAKHS | WOMEN POWER | 8.95% | 9.10% | 9.20% | 9.25% | 8.65% |
| 30.01LAKHS -75 LAKHS | NORMAL | 9.00% | 9.15% | 9.25% | 9.30% | 8.65% |
| 75 LAKHS AND ABOVE | WOMEN POWER | 9.00% | 9.15% | 9.25% | 9.30% | 8.65% |
| 75 LAKHS AND ABOVE | NORMAL | 9.05% | 9.20% | 9.30% | 9.35% | 8.65% |
Loan Details
| HOME LOANS (PURCHASE) | HOME LOANS (CONSTRUCTION AND IMPROVEMENTLOANS) | |
|---|---|---|
| LOAN AMOUNT | MAXIMUM FUNDING | MAXIMUM FUNDING |
| UPTO 30 LAKHS | 90% OF THE PROPERTY COST | 90% OF THE ESTMATION COSTT |
| Rs.30.01 LAKHS – Rs.75 Lakhs | 80% OF THE PROPERTY COST | 80% OF THE ESTMATION COST |
| Rs.75.01LAKHS AND ABOVE | 75% OF THE PROPERTY COST | 75% OF THE ESTMATION COSTT |
For Enquiries
Benefits and Features
As the loan is taken keeping the property as collateral, the rate of interest is generally lower when compared to personal loan. Loan against property interest rates generally ranges between 9.75% and 10.75% while in case of personal loan the interest rate ranges is 11.50% to18.00%
You can close your loan against property by making prepayments towards your loan. Lenders generally don’t charge prepayment charges in case of loan against property.
As these are secured loans, banks are more than willing to provide these loans. Therefore, you won’t find it very difficult to get the property loan.
These loans are generally available for longer tenure going up to 15 years while the tenure in case of personal loan is generally up to 7 years.
There is an inverse relationship between tenure and EMI. Longer the tenure lower will be the EMI and vice versa. As these are available for longer tenure, these become suitable for people who can’t afford paying higher EMIs. However, it is always advisable that a person should take loan for the shortest tenure as the interest burden will be lower in case of short tenure loan.