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Loan Against Property Balance transfer as the name suggests is a transfer of existing Loan Against Property to a new financial institution which may or may not have a top up loan along with it .
Usually there are 2 reasons with a customer to transfer his existing Loan Against Property , one is because of a higher rate of interest on existing mortgage loan and second is a additional need of funds on existing property ( subject to sufficient property value as per banks policy ).
Usually the banks fund up to 60 – 65 % of the market value of the property in a residential constructed property , 55-60 % in a commercial constructed property and 50 – 55 % in a industrial constructed property .
The financial institutes ( Banks / NBFC`S ) also provide the loan for the purchase of a commercial constructed property .
The maximum funding that can be availed on a commercial purchase is upto 100 % of the agreement value or 65 % of the market value whichever is lower .
DOD is a kind of facility given by banks to its customers against his property . In a DOD the customer use the fund as per his requirements and there is no interest is charged on a unutilized amount , Although the banks often has a condition of minimum utilization , which might vary from bank to bank . Usually the minimum utilization condition is from 30 – 40 % average in a quarter failing to which the customer is levied with some penalties .
As the name suggest in a DOD product the utilization limit of the customer drops down by 10 % per annum and hence is zeroised in approved loan tenure by itself .
In some banks the limit is dropped on a monthly basis computing to 10 % of the approved limit in 12 months and in some banks the same is dropped on a yearly basis .
Also unlike a traditional working capital limit DOD doesn’t not require yearly renewals , yearly audits , stock statements etc. Hence it is more of a customer friendly facility without a monitoring .
Few non banking financial institutions also fund to purchase an industrial property.
Usually in an industrial purchase a maximum of 60 % of market value of the property can be funded .
The rate of Interest on an Industrial Purchase is higher than the normal Loan against property.
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Lease Rental Discounting
If a customer holds a commercial property and the same has been leased out to a Category A company or firm the customer can avail a loan against that property considering the rental income coming from that property as his Income .
The Maximum tenure for which the loan will be the amount of tenure left for lease as per the Lease agreement between the lessor and the lessee. The maximum loan that can be funded under this program would be 60-65 % of the market value of the property
|Partnership Firm Applicant||Company Applicant||Individual / Proprietorship Firm|
|3 Year ITR/Computation/Audit report with 3cd report and all the annexures **||3 Year ITR/Computation/Audit report with 3cd report and all the annexures **||3 Year ITR/Computation/Audit report with 3cd report and all the annexures **|
|1 Year Current account statement||1 Year Current account statement||1 Year Current account statement|
|Firm Pan Card||Company Pan card||Pan Card of individual/proprietor|
|Firm registration||Company registration- VAT /RST/CST||Firm registration|
|Partnership Deed||MOA||Vat Returns|
|GST Returns||List of directors & shareholding pattern ( CA Attested)||Property papers|
|Property papers||Property papers||Loan details , if any|
|Property papers in case of Mortgage /DOD||51% shareholders to be on Loan structure||2 Photo|
|Loan details , if any||Loan details , if any||Loan details , if any|
|Coapplicants||Coapplicants||Coapplicants ( Blood Relative )|
|Pan Card of all the partners||Pan Card of all the Directors||Pan Card|
|Residence address proof of all the partners||Residence address proof of all the Directors||Residence address proof|
|2 Photo of each partner||2 Photo of each Director||2 Photo|
|1 Year Saving account statement of all the partners||1 Year Saving account statement of all the Directors||3 Year ITR/Computation/Audit report with 3cd report and all the annexures **|
|In case of Commercial Purchase||In case of Commercial Purchase||In case of Commercial Purchase|
|Agreement to Sale||Agreement to Sale||Agreement to Sale|
|** - If Unaudited than ITR/Computation with P & L ,Capital account and BS||** - If Unaudited than ITR/Computation with P & L ,Capital account and BS||** - If Unaudited than ITR/Computation with P & L ,Capital account and BS|
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