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Loan Against Property
We arrange the highest loan value of your property – up to 80%. With extended loan tenure up to 25 years, you end up paying lower EMIs. Any financial issues relating to business expansion, children’s further education, weddings, or medical bills can be readily addressed with 1rupay.com Loan Against Property. We arrange funding for all types of properties such as residential, commercial, industrial, plots, schools, hospitals, restaurants, godowns, etc. If you have already availed a Loan Against Property with another financier, you can transfer it with ease & enjoy amazing benefits like the top-up facility.
Make the right decision for your funds requirement with 1rupay.com Loan Against Property
Key Features
Loan up to ₹15 Cr with an extended tenure of 25 years
Get funding up to 80% of your property value
Option to transfer your existing loan with top-up, at attractive interest rates with us
Avail Loan against rental income (LRD) or for purchasing a commercial property (LCP) / Plot
Dropline Overdraft
Are you facing unexpected expenses and need quick access to funds? Look no further!
A Dropline Overdraft Loan is a versatile financial product that allows you to access a pre-approved line of credit whenever you need it. This facility allows you to utilize amount up to an agreed limit. The withdrawal limit reduces every month till the end of the loan tenure. The interest is levied only on the utilized amount and not on the total amount borrowed. The amount can be deposited to the account anytime to reduce the outstanding balance.
Avail your Loan Against Property as a Dropline Overdraft Facility and enjoy amazing benefits like interest only on the amount utilized, instant access to funds, extended loan tenure of up to 300 months, and much more.
Key Features:
1. 24/7 instant access to funds
2. Continuous access to a predetermined line of credit
3. Flexibility to repay the borrowed amount
4. Interest payment only on the amount utilized
5. Financial security against unexpected financial emergencies
Who Can Apply
- Self-employed Professionals
- Self-employed non-professionals
- Proprietorship concerns
- Partnership firms
- Private Ltd. Companies
- Societies and Trusts
Documentation
- Photo Identity and Address Proof: As per RBI defined KYC guidelines
- Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed.
- Details of Running Loans if any: Sanction letter, amort schedule/account statement
- Property Document: Complete chain of property title deeds, approved layout/plan
Any one of the additional documents set basis selected program
- Basis banking
Last 2 years ITR along with last 2 year’s financials, Latest 6 months Bank statements for loans up to 1 Cr, otherwise 12 months - Basis GST
Last 1 yr ITR, 1 yr financials/ CA net worth statement, Latest 6 months’ bank statements, GST returns for the last 12 months’
Charges
| Processing Fees ( Inclusive of Administrative Charges ) | Charges | Remarks |
|---|---|---|
| Upto 3% of loan amount | Taken at the time of loan agreement execution |
Other Charges
| Items | Charges | Remarks |
|---|---|---|
| Repayment instrument swap charges | ₹500 | Per repayment change request |
| List of document charges | ₹1000 | per request for copies / list of documents |
| Duplicate No Objection certificate / No Due Certificate | ₹500 | Request in addition to bank’s issued letter |
| Other Statutory / Mortgage creation charges e.g. Stamp duty, MOD, MOE, etc. | on actuals | |
| Cancellation and rebooking | • ₹10,000 towards Cancellation in case of uncashed disbursal Cheque • ₹10,000 + Interest from date of disbursal till receipt of cancellation request, in case of encased disbursal Cheque | |
| Loan rescheduling charges | ₹ 1000 | per rescheduling |
| PHYSICAL REPAYMENT SCHEDULE | ₹500 | |
| PHYSICAL STATEMENT OF ACCOUNT | ₹500 | |
| CHEQUE SWAP CHARGES | ₹500 | per Swap |
| INITIAL MONEY DEPOSIT / APPLICATION FEES (NON-REFUNDABLE) | ₹6500 | |
| DOCUMENT RETRIEVAL CHARGES | ₹500 | per retrieval |
| STAMPING CHARGES (Inclusive of Facilitation Charges ) | As per actuals |
Charges on account of delayed payments / defaults
| Items | Charges | Remarks |
|---|---|---|
| Late Payment/Penal Charges/Default | 2% of the unpaid EMI or ₹300 whichever is higher | per month |
| EMI Pickup/ Collection Charges | ₹500 | |
| EMI bounce charges | ₹500 | For each presentation dishonoured |
| Overdue handling charges (Delinquent Accounts) | At actuals plus applicable taxes if any |
Switch Fees
| Itesm | Charges | Remarks |
|---|---|---|
| Switch Fees | Principal Outstanding< 3 Crs – ₹5000 + GST Principal Outstanding >= 3 Crs – ₹10,000 + GST | Switch Fees is applicable for Variable rate loans for conversion from MCLR to EBR applicable on the outstanding loan amount. |
| Interest Rate Switch | (Floating to Fixed where the end use is Personal wherever applicable as per regulatory guidelines) – 0.1% of the sanctioned loan amount or Rs.10,000/- whichever is lower including applicable charges/ taxes. | It can be exercised twice during the entire tenure of the loan facility. Once interest rate is switched from floating rate to fixed rate, it will not be allowed to switch back to floating rate for minimum three years from the date of switch. The applicable fixed interest rate will be the prevailing fixed interest rate at the time of switch. |
Re-pricing Fees
| Itesm | Charges | Remarks |
|---|---|---|
| Re-pricing Fees | 1/2 of rate drop given to the customer as a % or ₹10000, whichever is higher |
Part prepayment charges (terms as per sanction letter to supersede charges and agreement)
· No charges when part loan prepayment is done up to a maximum of 20% of principal outstanding – allowed only once with a gap of 12 months.
· Below grid will be applicable for scenarios other than the above two mentioned.
· Part payment charges to be levied on the portion of the part payment amount being paid above the permissible amount without charges.
| Rate Type – Fixed | Rate Type – Floating | ||
| Individual Primary Applicant | Purpose of loan – Personal use | 5% | 0% |
| Purpose of loan – Business use | 5% | > 24 MOB – 3% ; else – 4% | |
| Non-individual Primary Applicant | Purpose of loan – Personal / Business use | 5% | > 24 MOB – 3% ; else – 4% |
Foreclosure charges
| Rate Type – Fixed | Rate Type – Floating | ||
| Individual Primary Applicant | Purpose of loan – Personal use | 5% | 0% |
| Purpose of loan – Business use | 5% | >24 EMIs cleared 3%; else 4% | |
| Non-individual Primary Applicant | Purpose of loan – Personal / Business use | 5% | >24 EMIs cleared 3%; else 4% |
Note – The above charges are applicable for both MSME and Non-MSME customers.
Above charges are applicable on Principle Outstanding amount