Running your own business is a labour of love. However, the real struggle is in getting safe loans to grow your business. Fluctuating revenue and the lack of standard documents like income tax or income proof can further hamper your chances of getting a loan.
This is where a property comes in handy to help you.
Owning a property is more than just a symbol of pride. It can be a powerful tool to secure financial assistance through Loans Against Property when you need it the most.
No Need to Sell Property for Financial Needs
Loan against property allows you to leverage your property’s power to get loans without selling it. You can use the funds for business expansion while still retaining ownership and enjoying the benefits of asset appreciation. With affordable interest rates and flexible tenure, you can repay comfortably over time. Use our Loan against Property Calculator to get a rough estimate of your EMI amount in an instant.
Get Safe Loans Against Property with Affordable Interest Rates
without Income Proof
What happens when you don’t have proper income proof or tax documents?
You may not be able to get loans from traditional banks. But, don’t worry. Just remember to never fall prey to online scams and too-good-to-be-true lending options. And choose safe Loan Against Property (LAP) options from RBI licensed banks.
Equitas Small Finance Bank, the RBI-licensed Scheduled Commercial Bank offers safe and quick Loan Against Property at affordable interest rates to small business owners. You can apply for Loan against Property on the Equitas Selfe Loans mobile app and get loans up to Rs 3 Crores without any hassle.
Download the Equitas Selfe Loans App for safe loans with quick digital processing, simple documentation, 100% transparency and no hidden charges.
In this article, we will discuss the eligibility criteria, types of properties that qualify for Loans Against Property, the advantages they have over other loan options, the simplified online application process, and documentation required to apply for a Loan Against Property online.
Eligibility for Loan Against Property
Self-employed and salaried individuals owning residential, commercial or agricultural land are eligible to apply for Loan against Property. The loan can be used to grow your business, fund emergencies, take care of educational needs or consolidate debts, in addition to balance transfer and top-up.
What is Considered Property in India?
In India, assets like vacant land, residential and commercial properties, and shops qualify as collateral for loans. This allows low and middle income families leverage their property assets for financial support.
- Residential Property: Self-occupied and rented individual house or apartment
- Commercial Property: Shops, offices, warehouses, or industrial units
- Vacant Plots & Lands: Loan-to-value ratio may vary compared to constructed properties.
- Industrial Property: Properties such as small manufacturing units or assembling industries.
- Agricultural Land: In many cases, agricultural land can be used as collateral, provided certain conditions and regulations are met. This option is especially beneficial for farmers and rural landowners, offering them the opportunity to leverage their land for financial needs.
To qualify for our Loan Against Property, your property must be free from any encumbrances (without existing liabilities or charges against it).
Benefits of Equitas Loan Against Property
Equitas offers loans up to 65% of the property’s value with the advantages below:
- Loan without income proof: Get your Loan Against Property even if you do not have income tax documents.
- Loan on different types of properties: Residential, commercial, industrial, and agricultural.
- Affordable interest rates: The interest rates are budget-friendly and helps you grow without financial strain.
- Higher loan amounts based on family income/property: Utilizing your property as collateral allows you to secure significantly larger loan amounts.
- Longer repayment tenure: Smaller installments over longer tenures makes it easier for borrowers to handle their loan without hurting their monthly budget.
- Improve credit score: Making consistent timely repayments can significantly boost your credit score.
- Retain ownership: Despite the property serving as security, the borrower retains ownership of the property.
Steps to Apply for Loan Against Property Online
1. Download Equitas Selfe Loan App
2. Choose the Right Loan for Your Needs: Opt for a Loan Against Property
- Select Employment
- Choose the Loan Amount Required
- Choose your desired Loan Tenure
- Check the Rate of Interest
- Fill in the Property Value
- Fill in the Pin Code
- Select the Nearest Branch
4. Enter the OTP
6. Click Apply and proceed
8. Equitas officials will assist you in getting the loan
9. View and track all the loan details in this app
Documents Required for Loan Against Property
You need to keep your PAN card, valid updated address proof, property title documents (registered sale deed/gift deed, latest municipal tax receipts, etc.), passport size photograph, etc. handy when applying for Loan Against Property on the Selfe Loans App.
So what are you waiting for? Download the Equitas Selfe Loans App and Apply for Loan Against Property now.
