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Everything you need to know about a Business Loan Against Property

Everything you need to know about a Business Loan Against Property

Planning to start a new business or expand your current business? For either of these requirements, you would need funds. There are multiple ways to arrange for funds, however, if you own a property then you could consider taking a business loan against property. There are several benefits of taking a business loan against property such as access to a large amount of capital, attractive interest rates, easy eligibility etc.

Here is everything that you need to know about taking a business loan against property

1) Attractive interest rate

The rate of interest is a very important factor in the mortgage business. The interest rate determines the EMI, which in turn, determines your monthly outflow. Grihashakti provides attractive interest rates on loan against property starting from 13.50% per annum. Affordable interest rates on loans against property can affect your financial planning for business growth in a very positive manner. We at Grihashakti understand and respect your dreams, and hence, we strive to offer a competitive rate of interest best suited to your individual profile.

2) Higher loan amount

In a loan against property, your property is the collateral and hence the loan amount can be higher, unlike unsecured loans. A borrower can get upto 75% of the property’s value (subject to eligibility and other parameters as per Grihashakti’s policy).

3) Flexible repayment tenure

You can choose a repayment tenure between 12 to 180 months (up to 15 years), and thereby comfortably ensure that the monthly EMI is well within your budget. Having a lower EMI can help you direct the funds towards your business and minimize your monthly impact, thereby making your business more efficient.

4) Easy eligibility

The eligibility criteria for getting a loan against property from Grihashakti is quite simple. Your eligibility depends on various factors including the nature of your employment, net monthly income, monthly expenses, credit score, and credit history, etc. . The nature and value of the property you pledge is an important factor too. Here are some of the basic loan against property eligibility criteria in a snapshot:

Salaried Self-employed
MNCs/Listed Public Ltd. Cos/Govt. Self Employed Individual businessmen/ Sole Proprietorship
Organizations Private Ltd Cos / Closely held or unlisted companies / partnerships /proprietorship firms Self Employed Professional - Doctors /Architect's / CAs     

 

Partnership Firms

 

Private Limited Companies/ Closely held/ Unlisted Companies

In addition, please note that your eligibility will also depend on:

  1. Sufficient repayment capacity
  2. Minimum monthly income
  3. Credit score should be at least 700, and so on.

5) Convenience of online application

  1. You can apply for a loan against property from Grihahshakti online  from the comfort of your home.
  2. Click on the “Apply now” button on this page and select “Loan against Property”.
  3. Enter basic details
  4. Upload your documents.
  5. Our representatives will get in touch with you to take the process forward.
  6. As soon as your application is accepted, you will receive a tracking ID. Thereafter, upon approval, the loan is disbursed into your bank account.

6) Easy-to-use EMI Calculator

Grihashakti’s free EMI calculator gives an opportunity to calculate your future EMI so that you can plan your monthly outflow. You just need to enter your repayment tenure, interest rate, and loan amount to get the EMI amount within seconds.

Grihashakti offers loans against property (for residential and commercial properties) to help business owners realise their dreams. Apply today to know more

Must Read : Home Loan Vs Loan Against Property: All Things You Need To Know

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