Project Loan
Project Loans are Loans offered to Builders/Developers for developing and constructing residential / commercial premises
Need Money? Use your property to fulfil your financial needs and desires! Home Equity Loan from Hapy Loan in nothing but Loan Against Residential property (LAP)
Loan against property is one of the best ways to take a loan for all your financial needs. Whether you need funds for higher education, marriage in the family or any medical expenses property project loan is one of the fastest ways to secure a quick loan for fulfilling your immediate monetary needs. Explore this guide on how to get an easy Loan against property.
Features of Project Loan
- Attractive interest rates.
- Integrated branch network that facilitates loan servicing at a branch convenient to you.
- You can use this loan for a marriage, medical expenses or any other personal need.
The Benefits of Project Loann
- Competitive interest rates: Loan Against Property typically usually has lower interest rates compared to other unsecured loans.
- Higher loan amount: Depending on the value of the property, the borrower can avail a higher loan amount.
- repayment tenure: The repayment tenure for Loan Against Property can be up to 15 years, which gives the borrower ample time to repay the loan.
Eligibility Criteria For Project Loan
| Property ownership | The borrower must be the owner of a residential property, which will be offered as collateral for the loan. |
|---|---|
| Property value | The property must have a minimum value specified by the lender to be eligible for Loan Against Property. |
| Age | The borrower must be at least 18 years old and not more than 70 years old, at the start of loan. |
| Income | The borrower must have a regular source of income, with a minimum annual income as specified by the lender. |
| Credit Score | The loan amount you can avail depends on your eligibility and credit score, with higher eligibility and credit scores result in a higher loan amount. However, we also fund customers who have a credit score of (-1). |
*Please note that the loan amount is subject to the Loan-to-Value (LTV) ratio.
Documents Required for Project Loan
Identity Proof
Your PAN Card is mandatory, and any one of these:
- Passport
- Voter ID
- Aadhaar Card
- Driving License
Address Proof
- Passport
- Voter ID
- Aadhaar Card
- Electricity bill/ water bill/ telephone bill
- Driving License
Proof of Income
- Salary Slips/Bank Statement/Form 16
- Salary Certificate
Other Documents
- Signed Application Form with Picture
- Cheque For Processing Fee
- Bank Statement of Last 6 Months
Property Documents
- Title Deeds of the Property
- Proof of No Encumbrances on the property
Note 1: For a full list of KYC documents, visit your nearest Hapy Loan Financiers’ Branch.
Note 2: Make sure all your documents are valid (not past expiry date in case of Driving License and Passport)
Some interesting facts on Project Loan
- As many as 23.82% of applicants applied for a loan against property with Hapy Loan in the last 30 days, to generate some liquidity.
- Jaipur has witnessed an upward trend in the number of people seeking a loan against their property.
- People with an average age of 42 years were looking to fulfill their financial needs with the help of Loan Against Property.
- 14.78% of loan against property applications were men and 8.92% of applicants were female, who wanted to have some funds for their various needs.
Project Loan FAQs
What is a loan against property?
What are the purposes for which I can avail a LAP?
What is the eligibility for a loan against property?
A person aged between 18-70 years is eligible for a loan against property. Please note that factors like age, the value of the property and income of the applicant etc., also affect the eligibility for the loan against property.
How can I apply for a Loan against Property?
The applicant must follow the following steps to apply for the Loan against property
- Fill up the application form.
- Submit the required documents such as land documents, age and residence proof and income details.
- On successful submission of the application, deposit the processing fee.
- After loan approval, you will get the required home loan.
What is the maximum funding that I can avail of on a property as LAP?
What is the security that I need to provide to get a loan against property?
What types of properties will be considered for Loan against Property?
Self-occupied residential property can be considered as collaterals for Loan against Property.