Financial institutions provide a number of variants of Home Loans depending upon your requirements and the type of property
Loan against Residential Property
Loan can be availed against self owned residential property for varied purposes ranging from business related expenses to purchase of other properties. Financial institutions usually lend upto 70% of the market value as determined by empanelled technical evaluation firms. Loan eligibility is derived basis cash flows of the business. Important to note that end usage of funds is monitored and speculative use is not allowed. Also the funding is extended against ready built properties only.
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Loan against Commercial Property
Loan can be availed against self owned residential property for varied purposes ranging from business related expenses to purchase of other properties. Financial institutions usually lend upto 60% of the market value as determined by empanelled technical evaluation firms. Loan eligibility is derived basis cash flows of the business. Important to note that end usage of funds is monitored and speculative use is not allowed. Also the funding is extended against ready built properties only.
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Loan against Industrial Property
This product is available only from select financial institutions. In many cases, this too is offered in conjunction with another residential or commercial property. Loan can be extended upto 50% of the property value as determined by the empanelled technical evaluation agency. Loan eligibility is derived basis cash flows of the business. Important to note that end usage of funds is monitored and speculative use is not allowed.
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Lease Rental Discounting
This product is offered only by select financial institutions against residential and commercial properties only. The loan eligibility is calculated basis a certain percentage of the rental income (net of applicable taxes) . In most financial institutions, it is mandatory to have the lessor/tenant rated by a leading rating agency. The period of loan is dependant on the tenor of the lease and extends to a maximum of 9 years. Repayment of loan is from an escrow account wherein the rentals are received.
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