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Benefits of Applying for Business Loan Against Property (BLAP) on Credavenue

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Choose from 50+ Lender Options Leading to Best Rates

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Up to 5x Faster TAT as Loans are Processed Digitally

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Liquid Income Considered by Some Lenders

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Lender Options for Every Kind of Requirement and Profile

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Why Loan Against Property (LAP) for your business?

Loans against property (LAP), are secured loans provided by lenders against the borrower’s property (residential/commercial/industrial/land). These loans can be used for business expansion. The rates and loan amounts differ based on the nature of your business, income, and property.

Lenders on Credavenue provide loans against property for business purposes in the form of term loans or overdraft facilities. The loan can be used to meet working capital,, expansion plans, and purchase of equipment or to refinance existing loans. CredAvenue’s lender partners’ LAP options are flexible, easy, and quick to secure.

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Loan Amount

Loan of up to 90% of the value of your property depending on the type of the property

It is important to note that a borrower’s assets are not considered as income as many make the mistake of believing that if he owns properties worth 10 crores, the lender will be happy to give him a loan. It is not so. A borrower needs to have a regular flow of steady income for the lender to extend even the first rupee.

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Repayment Period

Up to 12 years

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Terms

Customized interest rates starting from 7%+

Lenders on CredAvenue

tata-captial
icici bank
hdfc bank
aditya birla
sbi bank
bank of baroda
rbl-bank
yes bank
axis bank
feberal bank

Frequently Asked Questions

What kind of processing fee do you need to pay for Loan Against Property?

The processing fee ranges from 0.5% to 1.5% depending on the lender.

How much time does the lender take to disburse the loan?

The processing of the loans usually takes 10 to 15 working days once all the documents are submitted. It also depends upon your profile and documentation.

How is interest charged on Loan Against Property?

Some financial institutions make LAP available only under the floating rate. Fixed-rate loans are off-limits. Borrowers need to enquire before finalizing a LAP from lending institutions.

Does the property have to be insured?

Yes, the property has to be insured against fire, flood, earthquakes and other appropriate hazards during the tenor of the loan.

How can I repay my loan?

The repayment of the loan is done through Equated Monthly Instalments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS).

Can I pre-pay my loan?

The loan against property can be pre-paid along with the pre-payment charges. Usually, the lenders charge 2 – 3% of the principal pre-paid.

How will the process be faster on CredAvenue

I already have one loan on my property? Can I avail one more? Yes. If the value of the property has increased significantly after availing the 1st loan, you can apply for top-up with existing lender or balance transfer with a new lender who will take over the loan and provide additional loan basis the latest valuation of the property.

What are the documents required for applying?

✓ PAN card
✓ Proof of Identity
✓ Proof of Address
✓ Proof of Residence Ownership
✓ Proof of Business existence
✓ Business Profile
✓ Income tax returns of last 3 years
✓ Audited financials of last 3 years
✓ Last 12 months bank statement
✓ Last 12 months GSTR returns
✓ Registered Sale deed/Conveyance/Lease deed
✓ Past Sale Deeds Chain
✓ Loan statement (Loan track) and list of property documents in possession of existing lender
✓ Co-applicants KYC and ITR of last 3 years (if applicable)
✓ Any other document required by the lender to assess eligibility