The loan against property is a typical mortgage loan that you can take for your SME by pledging commercial or even residential property papers as collateral. The amount of loan sanctioned depends upon the present market value of the property. Usually, you can get between 50-80% of the market value.
If you have a pre-existing LAP with another lender, you can transfer the outstanding principal amount. This can lower your interest payments as we can connect you to the best lenders offering affordable interest rates.
In case the existing loan amount is insufficient, you can request a top-up on the loan over and above the existing balance. This will come at a nominal interest rate hike. Your collateral value can be reassessed and an equivalent amount sanctioned accordingly.
We can also offers you an overdraft credit facility on your LAP. In this option, you get a credit line with an upper amount limit. You can withdraw as much as you need within this limit, for the same repayment tenure and loan terms. Interest will only be charged on the amount used, as against the overdraft amount sanctioned.
*Depends on your business financial health and turnover