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Know Your Property Loans!
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Nowadays the most common way to get a secured loan for a business project is a loan against property. Usually, such loans are for building new factories, purchasing expensive machinery, or setting up a completely new business.
These loans are given to different entities. These can be SENP (self-employed non-professional), non-individuals, SEP (self-employed professionals) or salaried persons. The last category only applies to resident Indians.
One advantage of getting a loan against property is that you can get a very quick disbursement of funds. Another plus point is that you can get this type of loan against your existing residential property (home), industrial property (factory) or even your commercial property (office). All you have to do is hand over the papers to the NBFC or bank issuing the loan and get the property valued by a professional. This is done at a small and almost negligible cost.
You should be careful not to mortgage too many properties or take a loan for a tenure that is too long. Otherwise, the bank or NBFC may charge a higher rate of interest that you may not be able to pay back.
To start the process of getting this kind of loan all you need are your property documents. Your latest sale deed, previous sale deeds, OC, society registration, property tax receipts, are all required.
Additionally, you will have to give your own bank statements for the past 12 months, audit reports, your own KYC, income tax returns, etc. Make sure that all your documents are self-attested. Make sure that the property is not disputed.
When preparing to take this loan, make sure that your previous track record is good. If you have poor credit ratings then you may not get the loan despite providing all the collateral in the world. Banks and NBFC can also look at the number of dependants (eg. children) that you have. If there are too many dependants you may be considered unlikely to repay, and they may not give you a loan.
The typical tenure of a loan against property is 5-10 years. But these loans are available for 15-20 years as well. Many firms offer flexible payment options so do check all this before taking the loan. Also please note that any loan against the property for business does not have tax benefits, unlike home loans which have tax benefits.
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