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    Indiabulls Loan Against Property (Mortgage Loan)

    Overview

    Indiabulls understands that it is difficult to choose between your aspirations to become an entrepreneur and your personal priorities. It takes care of your financial requirement and helps you concentrate on your business. It opens up the hidden value of your house or commercial property so that you can fund your business. It helps you with the funds while expanding your business as well.

    Purpose of Indiabulls Loan against Property

    Indiabulls loan against property helps you fund your working capital requirement, to expand your business or to start a new business. The loan can be as high as 65% of the market value of the property.

    Eligibility criteria for Indiabulls Loan against Property

    Indiabulls loan against property is available to small and mid-sized business, partnership firms and private limited companies or closely held companies.

    Documents required for Indiabulls Loan against Property

    Along with the filled form, you will have to submit your PAN card copy, passport sized photographs, address proof of your office and other relevant documents as expressed by Indiabulls.

    Features of Indiabulls Loan against Property

    The features of Indiabulls loan against property are:

    • The loan is available to small and mid-sized business, partnership firms and private limited companies or closely held companies.

    • The loan can be as high as 65% of the market value of the property.

    • You can also switch the rate of interest on the loan against property. This option is available for floating interest rate loans. The existing borrower has the option to change the existing interest rate. The fee payable is 50% of the difference in the rates subject to a maximum of 2%. The borrower can also choose to reduce his EMI and tenure of the loan. Service tax is also charged on the switch fee.

    • Prepayment fees are not charged for individual floating rate loans.

    • Prepayment fee is charged to non-individual floating interest rate loans. Fees are not applicable if the payments up to 25% of the outstanding amount is made within preceding 12 months. When prepayment amount exceeds 25% of the outstanding amount including the payments made preceding 12 months, the amount prepaid in excess will attract the applicable prepayment fee. If the foreclosure is made within preceding 12 months, the applicable prepayment fee is charged. 5% prepayment fee is applicable for initial 2 years from the date the loan was disbursed and 3% is charged after the initial 2 years. The rates may change based on the agreement that the borrower has drawn with Indiabulls.

    Benefits of Indiabulls Loan against Property

    Indiabulls loan against property offers the following benefits:

    • You can generate funds by unlocking the property’s value along with the benefit of staying your house.

    • You can avail finances to meet immediate expenses such as to fund a new business to to expand, etc.

    • Indiabulls offers reasonable interest rate to accommodate your emergency financial requirement.

    Interest rate of Indiabulls Loan against Property

    For loan up to and including Rs.5 crores the variable interest rate ranges from 11% to 13.50%. For loan more than Rs.5 crore the variable interest rate ranges from 13% to 14.50%.

    Fixed and floating interest rate is offered against built-up property only. For loan up to Rs.5 crore, the fixed rate tenure is up to 3 years and the fixed rate of interest ranges from 11% to 12%.

    Fees and charges

    The applicable fees and charges are as follows:

    Processing fee

    Against residential property: 1% of the loan amount

    Against non-residential property: 1.5% of the loan amount

    PDC or ECS dishonour charge

    Rs.750

    Late payment charges

    24% per annum on the outstanding EMI

    Charges for the amortization schedule

    Rs.200

    Database admin fee

    Rs.650 (includes the service tax)

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