Tag: Business

Clear All Your Doubts With Our Top 10 FAQs On Loan Against Property

Clear All Your Doubts With Our Top 10 FAQs On Loan Against Property

Loan against property is a type of a loan which can be availed by keeping a property as security. Banks and private financial services providers of India are offering loan against property to resolve various kinds of financial crisis. The loan against property, can be either be a residential/commercial building or a piece of land. You have queries regarding loan against property?  The top 10 FAQs on loan against property will help you in getting the right fit for your financial crisis.

Need Money?? Have a Property??  Take Loan Against Property

The loan can be availed by mortgaging the property with the bank/private lenders. The loan amount depends on the type of property and in most cases the market value of the property is considered before disbursing the loan, generally commanding about 40% to 60% of the actual market value. However; majority of the people when availing loan against property India are not aware of the procedure and do not have the clarity of the loan commitment. With our top 10 FAQs on loan against property; your majority of the queries has been resolved and you have a better idea of what you are getting into.

Top 10 FAQs On Loan Against Property

Q. 1 How Loan Against Property Is Different From A Home Loan?

Both of these loans are 2 poles apart. When you are buying a new home; it is when home loans are availed. For loan against property you need to put your valuable asset/property/land as a collateral to fix your financial problems.  Getting loan against property might be serving various funding purposes like an upcoming wedding, getting funds for your kids for higher education abroad, using it for business expansion, and so on.

Q.2  Is It Okay To Take Personal Loan or a Loan against Property?

It is one of the most commonly asked in FAQs on loan against property. A personal Loan acts like a multi-purpose loan.Personal loan providers of India do not ask for any security or collaterals. If you have a property, you should leverage it for funds. A loan against property scores over a personal loan for the following reasons:

  • A Personal Loan is available at steeper interest rates approx 20% when compared to loan against property which is approx 15%.

  • A personal loan is available for shorter periods  which could be ranging from 1-5 years whereas loan against property is usually available for long tenures of up to 15 years.

  • The processing fee is lower for a loan against property which is approx 1% as when you compare with personal loan which is approx 2.5% depending on the bank/private lender you choose.

Q.3 How Much Loan Amount Can I Get Under Loan Against Property?

To get loan against property, you can expect approximately 60-80% of the market value of the property provided as collateral depending upon the bank or the private lender you choose to. The loan amount you can expect depends on the several factors lie Factors like your income, savings, investments, job stability, age, dependents, spouse’s financial health, other loans in your name also play a crucial role in determining the loan amount.

Q.4 Does a bank check my Credit Score before giving me a Loan against Property?

Absolutely Yes. Even though a collateral is provided, banks or the private lenders do check the Credit Score of the applicant as well as the repayment history in case of availing loan against property. If your CIBIL score is over 750; it is considered enough for the loan approval. In case of a loan against any other asset like shares, valuable assets or gold, the bank would sell the pledged asset to recover its dues. That’s a lower risk to take as compared to losing a home. A loan against property can prove to be a good option for you if you are confident of repaying your dues on time.

Q.5  What If The Property Is Owned By More Than One Person? Is It Possible To Apply For Loan Against Property?

All the co-owners of the property will automatically become joint applicants of the Loan against Property. You can apply jointly with a co-applicant, but the co-applicant must belong to your family.

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Top 5 Benefits You Get When You Apply For Personal Loans Online

Top 5 Benefits You Get When You Apply For Personal Loans Online

You wish to take your family to a Europe Tour……. it’s a dream place to explore European location’s beauty. But you know why your wish is still a wish…and not turned into reality. The budget of taking a family to an International holiday may put dent to your bank account. Ever thought of taking personal loans online… No!! Than it’s time to. Well, it’s time to not just international holidays, but you can take care of your end number of cash crunches through personal loans offered by leading personal loan providers of India. It is certainly an option you don’t want to ignore.  Personal loans online are becoming fast growing financing option in the country like India. And the demand to have a quick hand on cash continues to rise.

Online Personal Loans Takes Care Of Your Financial Problems

The popularity of applying personal loans online has been on the rise. Due to convenience factor; the personal loans online application allows people to get it done in as quick one day’s time. The Internet has made things easier, it has eliminated the stress of visiting the branch personally and getting through the tedious paperwork. Online personal loans services has changed the way people used to borrow the money. Online personal loans service providers of India have made the process so easy and quick that you can actually apply and avail the loan sitting in your pajamas – at your doorstep. While applying for personal loans online, you will come across so many lenders and bank websites coming up with attractive rates of interest, and several such discount offers which you can take benefit of. You might be thinking, people would be inclined to trust the bank instead of online personal loans services option. So, why there is a sudden influx of people applying for personal loans online?  There are couple of benefits:

Benefits Of Applying Personal Loans Online

Perfect During Emergencies

Obviously, we have our expenses planned out but at times it happens that we have no idea things happen and you need to have a huge sum of cash to cope up in the situation. Sometimes, people need to borrow money urgently and can’t wait till another day the bank opens and have to go through that tedious process to apply for personal loan.

Online personal loans are perfectly suitable for any kind of financial emergencies because they can be approved and availed in less than an hour. Another best part of applying personal loan online is you don’t have to explain it to anybody about why you are getting a personal loan.

Easy Access

With the advancement in the technology; there will be hardly anything left which has not gone online – personal loans online applications are no surprise. Now a day, leading bankers and fintech companies offering personal loans do provide online applying personal loan service thus allowing you to get approved your loan faster given you have all the supporting documents and substantial CIBIL score.

Now a day, you can avail personal loans online even if you have low credit score and perhaps the reason behind why online lending is so much in demand.

Greater Convenience

Can you believe that it is actually ….in real to get personal loan sitting in your pajamas?? Well, personal loan online services has made it possible; offering this great convenience of approving and availing loan without personally visiting the branch

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5 Things To Know Before Applying Loan Against Property India

5 Things To Know Before Applying Loan Against Property India

Financial crisis can stuck any time of our lives; for a common man it is tough to have a huge amount ready to support such fiscal crunches. There are ways;  individuals can arrange for cash crunches and loan against propertyIndia  providers are one of the best options to resolve urgent financial needs.

Whether you are in need of immediate cash for higher education of kids, or there is a medical emergency or there is an upcoming wedding to take care of,  loan against property India providers can be blessings in disguise.  Rather than asking cash loan from friends or relatives which has higher chances of messing the relationships, banks or private loan against property India lenders can offer immediate financial rescue.

 The Purpose Of Getting Loan Against Property

The banks Loan against property India providers are offering loan for various purposes such as:

  • Funding medical emergencies/treatments

  • Offers financial aid for wedding expenditure

  • Expansion or further growth of business

  • Getting loan for higher education (studying abroad)

Features Of Loan Against Property India

The loan can be used for personal or business purposes to suffice the financial needs.

  1. The processes the loan application as compared to other loans

  2. By submitting loan application online; it has become super easy to get the sanction within 24 hours

  3. There are no pre-closing penalties or fees, therefore; the loan taker doesn’t have to worry on additional charges levied when closing the loan.

  4. Getting loan against property can be a wise approach in growing and expanding businesses; to have the financial aid on time in a hassle free manner to smooth out the difficulties.

  5. When there is a huge amount cash requirement, mortgage loan providers India can sanction the large amount when compared with other loans

  6. The loan against property interest rates are comparatively low; it is perhaps a viable option when it comes to borrowing larger amount.

Who Can Apply For Mortgage Loan India?

Loan against property India providers have certain set of suggestions when it comes to mortgage loans.To make sure that; the loan application doesn’t face any rejection; try to abide by the below mentioned rules:

  • He/she should have the property/asset in his/her name

  • A good CIBIL score is a must

  •  He/she must be India citizen or, Indian origin

  • Whether salaried or entrepreneur; should have reliable source of income

  • Should have all the supporting documents in line

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Loan Approved in Minutes-Top 10 Loan Against Property Providers India

Loan Approved in Minutes-Top 10 Loan Against Property Providers India

Financial troubles can knock anytime at anyone’s life at some point of time. Loans can prove to be the blessings in helping you fight cash crunch.  Considering, other several loan options loan against property can be the best one availed from loan against property providers India.

These top loan against property providers India are providing easy and quick process to get a loan. Individuals can have an asset to offer as a security against the loan then it will not be a problem at all to get a loan. Whenever a person takes a loan, a security has to be kept in case he/she is not able to pay off the loan at a later stage within the allotted time period. Furthermore; the loan against property providers India comes with an option of letting individual to keep a property, such as a house or a plot of land or anything of such likes, as the security, not previously used for similar purposes.

Top 10 Loan Against Property Providers India For Fiscal Needs

1.    HDFC Bank

HDFC Bank tops the chart when it comes to top loan against property providers India. It provides individuals Loan Against Property with maximum finance against the market value of your property. You can continue to occupy the property while we fund you for the healthy growth of your business.

  • The best part

  1. No guarantors required

  2. E-approval

  3. Include top-up loan or even reduction of rates from time to time

  4. Door step facility

  • Documents required

  1. KYC-PAN

  2. Aadhar card copy

  3. Address & ID proof

  4. Income proof, bank statement and 1 photograph

  • Eligibility criteria

  1. Age suggested at least 21 and less than 60 for Salaried

  2. Age should be at least 21 and less than 65 for Self Employed

  3. Earning at least Rs.25,000 per month net income

2.   Kotak Bank

Kotak Bank popularity says it all. It tops the list of top 10 loan against property providers India. Individuals can apply online for the loan to which property is used as a collateral to raise funds from the bank. The property being mortgaged can be residential property, commercial property, land, industrial property etc. The loan amount is ascertained by individual banks and is based on the market value of the property.

  • The best part

  1. No guarantors required

  2. E-approval

  3. Include top-up loan or even reduction of rates from time to time

  4. Door step facility

  • Documents required

  1. Form 16 of last 2 years or Income Tax Returns.

  2. Salary slips of last 3 months.

  3. Last 6 months bank statement reflecting salary credits.

  4. ID/ Age Proof – PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.

  5. Cheque for the Processing Fee.

  • Eligibility criteria

  1. Age suggested at least 21 and less than 65 for Salaried

  2. Age should be at least 21 and less than 65 for Self Employed

  3. Self employed person should be in business for a minimum of 3 years during which the business should be profitable. Kotak Bank will ask for ITRs of 2 years to consider you as eligible for LAP.

  4. An applicant, whether a self-employed professional or self-employed non-professional, with a minimum annual income of Rs. 1.44 lakh as per his P&L a/c as certified by a CA can apply for this loan.

3.  ICICI Bank

ICICI bank is one of the leading names in top 10 loan against property providers India. Offering a wide array of financial servicesto the retail and corporate customers through variety of delivery channels. Offering a bunch of financial products, ICICI has left no stones unturned in being the most preferred lenders among the borrowers. ICICI Bank Loan Against Property is a multi-purpose loan that can be used for your business or personal needs.

  • The best part

  1. No guarantors required

  2. E-approval

  3. Loans are issued at an interest rate ranges between 9.20% and 12.25%.

  4. Loan Tenure are issued for a maximum period of 10 years.

  5. Simple Documentation

  6. Fast Approval

  7. Door step facility

  • Documents required

  1. Form 16 of last 2 years or Income Tax Returns.

  2. Salary slips of last 3 months.

  3. Last 6 months bank statement reflecting salary credits.

  4. ID/ Age Proof – PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.

  5. Cheque for the Processing Fee.

  • Eligibility criteria

  1. A person whether salaried or self employed with a minimum age of 21 years can apply for LAP.

  2. The maximum age for a salaried individual is set at 70 years and for self-employed at 70 years.

  3. Self employed person should be in business for a minimum of 5 years during which the business should be profitable.

  4. ICICI Bank will ask for ITRs of 3 years to consider you as eligible for LAP.
    The value of the property to be mortgaged is used to calculate maximum loan eligibility based on the maximum permissible LTV ratio which can range up to 60% depending on the type of property.

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How Your Business Plan Strategy Can Make or Break your Startup

How Your Business Plan Strategy Can Make or Break your Startup

Business plan strategy is definitely the first thing that would come to your mind when you start your business. It is impossible to run your business without a start-up business plan in place.

Since no two businesses are the same, there can’t be a benchmark in terms of a good business plan strategy. It can only be categorized as what works for your business and what doesn’t. However, the fact stays that your business plan strategy has the power to either make or break your business depending on how much of thought and efforts you have put into it.

Business plan strategy is definitely the first thing that would come to your mind when you start your business. It is impossible to run your business without a start-up business plan in place.

Since no two businesses are the same, there can’t be a benchmark in terms of a good business plan strategy. It can only be categorized as what works for your business and what doesn’t. However, the fact stays that your business plan strategy has the power to either make or break your business depending on how much of thought and efforts you have put into it.

You can divide the components of business plan into two parts- those pertaining to the deliverables and those pertaining to its marketing and sales. Companies that write business plans are really ahead of the game when compared to those who don’t have one. However, there are some vital decisions which are a part of this Business plan strategy that determines the fate of your business. These key strategic decisions are almost inevitable and every entrepreneur has to make a choice at the start of their business.

If you are starting your business and don’t end up making blunders in your small business plan, here are few pointers that might help you understand your business plan strategy better.

Decisions in your Business Plan Strategy that can Make or Break your Business

Here are some strategic decisions in your start-up business plan that can neither be omitted nor be ignored and that which would ultimately decide the future of your business.

1.    Business Goal

Every business exists because of a particular goal. It is one of the most primitive things about any startup. What can go wrong in that? Everything! A successful startup is…….Read More

 

 

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Write an AweSME Business Plan – One Banks Can’t Resist

Write an AweSME Business Plan – One Banks Can’t Resist

Every SME needs a business plan. It helps you know where you came from and where you will head tomorrow. Perhaps its most important utility lies in the fact that it attracts funding. Banks need a sound business plan before they will consider giving you a loan.

As a small business owner, it is imperative that you create an AweSME business plan – one bank can’t resist. In this post, we have listed 8 essential elements of a winning business plan.

  1. Executive summary: Summarize your business plan in one to two pages. Although this appears on the first page of your document, it is usually written after you have completed the rest of your business plan.
  1. Business Description: This section should contain a brief overview of your industry, its history, current state and future opportunities. Following this will be a description of your business, its beginnings, team, your short-term objectives and long-term goals. This is where you convince the banker about the bright prospects of your success.
  1. Product Offering: Include a brief description of your product and service offering. More importantly, describe their distinguishing factors, what makes your offering truly AweSME and why they have tremendous scope in the industry.
  1. Sales, Marketing, and Promotion: In this section, illustrate the state of the market along with your business development processes, promotional costs and competitive edge.  Convince the banker as you would a customer. Consider showing samples and photographs of your products. Flaunt success stories and testimonials that you have from delighted clients. In short, sell, sell, sell in this section.
  1. Operations:  This section must outline the administrative aspects of your business, including location, logistics, and operations. Give details about your equipment, supply chain, credit policies, and applicable laws as well as manufacturing and overhead expenses here.
  1. Finance: Records of financial transactions, investments, cash flow, etc. must appear here. The purpose of this section is to exhibit your business’ financial strength.
  1. Management team:  Include details about the Chairman, CEO, Directors, etc. as applicable. If you have reputable external consultants, advisors or supporters, this is a good space to acknowledge their involvement as well as show the banker that you are AweSME enough to gain their interest. Also, mention your team hierarchy and the roles played by each member.
  1.  Projections: Dream big and back it up with facts. Show how you expect the industry at large and your business, in particular, to grow in the long term. Display your competitive edge. Put some serious thought and time into writing this section.

In conclusion, remember that most banks do not even grant an interview without perusing your business plan first. Needless to say, a carefully thought-out, comprehensive business plan that reflects great ideas backed by solid practicality is essential to get the required funding that will turn your business truly AweSME.

DBS can guide you on this journey to AweSMEness. Find out how.

 

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Business Plan- Who Needs It? Top 5 Business Segments Where Business Plans Widely Used

Business Plan- Who Needs It? Top 5 Business Segments Where Business Plans Widely Used

business plan is simply a document outlining business objectives and how these objectives are going to be met by way of tactical plans. Included in a business plan are business strategies, aims and objectives, people, pricing strategy, marketing and communications plans as well as key financial indicators.

Where Is Business Plan Widely Used?

business plan is like a map and a compass for a business. Without it, you’re traveling blind. With a plan, you set objectives, establish priorities, and provide for cash flow.

Business Plan is widely used in…

1.You are applying for a business loan.

Majority of the banks require it, and even those that don’t strictly require it expects it. They expect it to be a summary of the business, with some predictable key points.

2. It is used when you are looking for business investments

Investors require a business plan. They invest in the people, the idea, the track records, the market, the technology, and other factors; but they look to the business plan to define and explain the business.

3. It is used for Alliances

An entrepreneurial firm may need to form alliances with other firms to reach new markets, develop new products, or create common facilities. Other firms may want to know more about the business before committing to any long-term arrangement. Sometimes, a business plan can help convince a well-established retailer or distributor to commit to the start-up.

4. It is used if an entrepreneurs… READ MORE

 

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