• Submit Your Content
  • Editorial Policy
  • Advertise
  • Send Us Tip
  • About
  • Contact Us
  • Jobs
NewsPostOnline
Advertisement
  • Home
  • News
    • All
    • Business
    • Education
    • Finance
    • Legal
    • Marketing
    • Politics
    • Real Estate
    • Retail
    • Science
    • Social
    • Social Media
    • World
    dynamic pricing ecommerce

    Enabling the Dynamic Pricing Strategies in e-Commerce With AI

    hire seo company

    The Benefits of Hiring an SEO Company

    one arc church

    One ARC Church’s Take on Defining Values and Culture

    math calculator

    7 Maths Calculator Skills You Didn’t Know

    limited partnership

    What is the Ultimate Goal of a Limited Partnership?

  • Tech
    • All
    • Apps
    • Automobiles
    • Electronics
    • Gadget
    • Mobile
    • Startup
    Mitigating Risks in Web Design: Strategies for Strengthening Software Supply Chain Security

    Mitigating Risks in Web Design: Strategies for Strengthening Software Supply Chain Security

    android phone

    Why Are Android Phones So Good And Comfortable For Use?

    app development

    Title: Streamlining Construction Processes: AI Solutions and App Development

    cloud contact center

     A Guide to Cloud Contact Center (CCaaS)

    eCommerce Store

    Ignite Your Online Business: How to Create an eCommerce Store that Converts and Thrives

  • Entertainment
    • All
    • Gaming
    • Music
    • Sports
    10 Best Games Websites In 2023

    10 Best Games Websites In 2023

    How To Make A Game Minecraft?

    How To Make A Game Minecraft?

    pc game

    How To Download Pc Game Free Vpn

    game shuttering

    How To Fix Game Stuttering?

    How to Fix Game Lag on PC?

    How to Fix Game Lag on PC?

  • Lifestyle
    • All
    • Architecture
    • Beauty
    • Fashion
    • Food
    • Health
    • Home
    • Travel
    furniture in childs bedroom

    Important Furniture Items For A Child’s Bedroom

    ultrasound

    The Role and Importance of Ultrasound in Healthcare

    Health Goals

    Building Better Habits: How Fitness Apps are Revolutionizing Health Goals

    Jewellery Stores in USA

    Most Popular Jewellery Stores in USA

    Face Painting Ideas

    Creative Face Painting Ideas for you Child’s Birthday

  • Review
    • All
    • Advice
    • Opinion
    SwifDoo PDF: Simplifying Document Management with Power and Efficiency

    SwifDoo PDF: Simplifying Document Management with Power and Efficiency

    Full Review: Best Choice for Windows 10 Cloud Backup

    Full Review: Best Choice for Windows 10 Cloud Backup

    Air Conditioner

    What to Do with Your Air Conditioner This Winter

    Molto Italiano Podcast

    Molto Italiano Podcast: Episode 1 Review

    Office Moving Trends

    Office Moving Trends: 5 Best Tips For Moving Offices Smoothly

  • Future
    • All
    • Artificial Intelligence
    • Astrology
    • Augmented Reality
    • Bitcoin
    • Blockchain
    • Cryptocurrency
    • Energy
    • Environment
    • Virtual Reality
    Integrating Augmented Reality

    Integrating Augmented Reality (AR) in Everyday Apps: Beyond Gaming and Entertainment.

    agritech

    How Agritech is Enhancing Seed Performance?

    Elevate User Engagement & Satisfaction with ChatGPT in Web Design

    Elevate User Engagement & Satisfaction with ChatGPT in Web Design

    How to Know About Love or Arranged Marriage in Astrology

    How to Know About Love or Arranged Marriage in Astrology

    Artificial Intelligence for Human Intelligence and Industrial

    Artificial Intelligence for Human Intelligence and Industrial

  • Insights
    • All
    • Companies
    • NPO Radar
    • Strategy
    Ensuring Product Integrity: Cold Chain Management Best Practices and Strategies

    Ensuring Product Integrity: Cold Chain Management Best Practices and Strategies

    Top 10 iOS App Development Companies In California

    Top 10 iOS App Development Companies In California

    Monetization Strategies for Online Games and Mobile Apps

    Monetization Strategies for Online Games and Mobile Apps

    lead generation strategies

    Best Lead Generation Tactics- You Must Know

    Recruitment Strategies

    Best 7 Recruitment Strategies to Attract Top Talent in 2022

  • Events
Advertise
No Result
View All Result
  • Home
  • News
    • All
    • Business
    • Education
    • Finance
    • Legal
    • Marketing
    • Politics
    • Real Estate
    • Retail
    • Science
    • Social
    • Social Media
    • World
    dynamic pricing ecommerce

    Enabling the Dynamic Pricing Strategies in e-Commerce With AI

    hire seo company

    The Benefits of Hiring an SEO Company

    one arc church

    One ARC Church’s Take on Defining Values and Culture

    math calculator

    7 Maths Calculator Skills You Didn’t Know

    limited partnership

    What is the Ultimate Goal of a Limited Partnership?

  • Tech
    • All
    • Apps
    • Automobiles
    • Electronics
    • Gadget
    • Mobile
    • Startup
    Mitigating Risks in Web Design: Strategies for Strengthening Software Supply Chain Security

    Mitigating Risks in Web Design: Strategies for Strengthening Software Supply Chain Security

    android phone

    Why Are Android Phones So Good And Comfortable For Use?

    app development

    Title: Streamlining Construction Processes: AI Solutions and App Development

    cloud contact center

     A Guide to Cloud Contact Center (CCaaS)

    eCommerce Store

    Ignite Your Online Business: How to Create an eCommerce Store that Converts and Thrives

  • Entertainment
    • All
    • Gaming
    • Music
    • Sports
    10 Best Games Websites In 2023

    10 Best Games Websites In 2023

    How To Make A Game Minecraft?

    How To Make A Game Minecraft?

    pc game

    How To Download Pc Game Free Vpn

    game shuttering

    How To Fix Game Stuttering?

    How to Fix Game Lag on PC?

    How to Fix Game Lag on PC?

  • Lifestyle
    • All
    • Architecture
    • Beauty
    • Fashion
    • Food
    • Health
    • Home
    • Travel
    furniture in childs bedroom

    Important Furniture Items For A Child’s Bedroom

    ultrasound

    The Role and Importance of Ultrasound in Healthcare

    Health Goals

    Building Better Habits: How Fitness Apps are Revolutionizing Health Goals

    Jewellery Stores in USA

    Most Popular Jewellery Stores in USA

    Face Painting Ideas

    Creative Face Painting Ideas for you Child’s Birthday

  • Review
    • All
    • Advice
    • Opinion
    SwifDoo PDF: Simplifying Document Management with Power and Efficiency

    SwifDoo PDF: Simplifying Document Management with Power and Efficiency

    Full Review: Best Choice for Windows 10 Cloud Backup

    Full Review: Best Choice for Windows 10 Cloud Backup

    Air Conditioner

    What to Do with Your Air Conditioner This Winter

    Molto Italiano Podcast

    Molto Italiano Podcast: Episode 1 Review

    Office Moving Trends

    Office Moving Trends: 5 Best Tips For Moving Offices Smoothly

  • Future
    • All
    • Artificial Intelligence
    • Astrology
    • Augmented Reality
    • Bitcoin
    • Blockchain
    • Cryptocurrency
    • Energy
    • Environment
    • Virtual Reality
    Integrating Augmented Reality

    Integrating Augmented Reality (AR) in Everyday Apps: Beyond Gaming and Entertainment.

    agritech

    How Agritech is Enhancing Seed Performance?

    Elevate User Engagement & Satisfaction with ChatGPT in Web Design

    Elevate User Engagement & Satisfaction with ChatGPT in Web Design

    How to Know About Love or Arranged Marriage in Astrology

    How to Know About Love or Arranged Marriage in Astrology

    Artificial Intelligence for Human Intelligence and Industrial

    Artificial Intelligence for Human Intelligence and Industrial

  • Insights
    • All
    • Companies
    • NPO Radar
    • Strategy
    Ensuring Product Integrity: Cold Chain Management Best Practices and Strategies

    Ensuring Product Integrity: Cold Chain Management Best Practices and Strategies

    Top 10 iOS App Development Companies In California

    Top 10 iOS App Development Companies In California

    Monetization Strategies for Online Games and Mobile Apps

    Monetization Strategies for Online Games and Mobile Apps

    lead generation strategies

    Best Lead Generation Tactics- You Must Know

    Recruitment Strategies

    Best 7 Recruitment Strategies to Attract Top Talent in 2022

  • Events
No Result
View All Result
NewsPostOnline
No Result
View All Result

How to Get a Loan against Property for Self-Employed Borrowers

Contributer by Contributer
December 27, 2021
in Finance
0
Home News Finance
0
SHARES
150
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
Property for Self-Employed

A loan against property (LAP) is instrumental in assisting most individuals to meet urgent financial obligations and emergencies. Preparing for the loan against property application will make it seamless for any borrower to get a faster approval and disbursal. But first, let’s see what this financial tool is?

What is a Loan against Property

A loan against property is what the name implies — a secured loan that is sanctioned when a property is pledged with the lending institution. It is natural that if an individual desires to avail of a loan against property, they have to be the owner of that property, preferably a residential and self-occupied property. 

They can, however, also get a loan against commercial properties, such as a factory or shop, but this is less likely as most HFCs, NBFCs, and banks prefer providing loans against property only against residential properties.

A loan against property can be used to fulfil all kinds of financial obligations. Those who are self-employed can use the loan for:

  • Expanding a business
  • Debt reconciliation
  • Operation usage
  • Purchasing raw materials
  • Making a new investment
  • Meeting personal obligations

The eligibility of a loan against property is calculated by factoring in parameters like:

ADVERTISEMENT
  • Age
  • Income
  • Current property value
  • Borrower’s existing obligations
  • Stability of employment
  • Past track record of borrowing

Any individual who files income tax returns will be permitted to apply for a loan against property in India. The applicant’s age, however, has to be above 24 years when a loan against property commences and up to 65 years when a loan against property matures.

Using a Loan Against Property for Self-Employed

Besides filling up the application form and providing identity proofs, a borrower needs to also submit property ownership documents. A property evaluation report is often necessary. In case the information in the shared documents is inaccurate, it may result in a loan against property rejection. If the borrower is a salaried person, here are some of the documents they need to submit:

  • Application form with a recent photograph
  • Valid proof of identity
  • Proof of residence
  • Salary slips for three months
  • Form 16
  • Bank statements for six months
  • A cheque toward the processing fee
  • Proof of property ownership

If you are self-employed or a businessman, the LAP loan documentation may vary slightly. Following are some of the documents required:

  • Application form with a photograph attached
  • Valid photo identity
  • Proof of current residence address
  • Evidence of business, educational qualification certificates (for professionals only)
  • A self-employed professional needs to submit IT returns covering the past three years
  • IT returns (self and business), balance sheets, and profit and loss statements for three years
  • If the borrower is a businessman, they will have to share the business profile
  • IT returns (both business and self) covering three recent years
  • Balance sheets as well as profit and loss statements for the last three years
  • Bank statements covering the last six months
  • A cheque toward the processing fee
  • Proof of property ownership

LAP Interests Rate (Floating) for Self-Employed Borrowers:

Benchmark Rate (BR)Current BRKind of LoanBR + SpreadEffective ROI per annum
Self-employed Floating Reference Rate (FRR)13.30%LAPFRR -4.80% to FRR +4.70%8.50% to 18%
Types of LAP Fees Charges Applicable
Processing fees for loan against propertyUp to 6%
LAP statement chargesNil
LAP Interest and principal statement chargesNil
LAP EMI bounce chargeUp to Rs.3000/-
LAP Penal interestUp to 2% in a month
LAP Origination feeUp to Rs.4,999 (onetime expenditure)

Calculating EMIs against desired mortgage loan interest rates is difficult and time-consuming. A mortgage loan EMI calculator is a financial tool that allows users to calculate their loan EMIs almost instantaneously. It requires a few details, including but not limited to the loan amount, rate of interest rate, and tenor. 

ADVERTISEMENT

During the repayment period, if the borrower finds it difficult to continue the loan and also finds that another lender is offering better loan against property interest rate and loan terms, they can choose to do a loan balance transfer from the previous lender to a new one. Minimal additional charges like a prepayment charge may be involved. Calculating all the costs involved in the loan against the property transfer process is, however, vital.

Concluding Thoughts

To conclude, a loan against property is one of the safest and most preferred options when it comes to availing of funds in a large quantum. A borrower, however, needs to ensure that the loan is repaid on time. If a borrower fails to do so, the lender will have the right to possess the mortgaged property.

Tags: financeloans
ADVERTISEMENT
Previous Post

Use of Wikipedia in Learning: Advantages and Disadvantages

Next Post

8 Amazing Strategies for an Impactful Business School Essay

Contributer

Contributer

Related Posts

dynamic pricing ecommerce

Enabling the Dynamic Pricing Strategies in e-Commerce With AI

September 25, 2023
cash flow

How to Manage Cash Flow When Constructing Your Property

September 7, 2023
How Can I Use My Video Editing Skills To Earn Money?

How Can I Use My Video Editing Skills To Earn Money?

July 6, 2023
Knowing the Fundamentals: Stocks, Bonds, and Mutual Funds

Knowing the Fundamentals: Stocks, Bonds, and Mutual Funds

July 5, 2023
Avoiding Forex Withdrawal Fraud: How to Spot and Steer Clear of Scam

Avoiding Forex Withdrawal Fraud: How to Spot and Steer Clear of Scam

June 25, 2023
The Ultimate Wealth Management Guide: Proven Strategies for Maximizing Your Wealth and Achieving Financial Freedom

The Ultimate Wealth Management Guide: Proven Strategies for Maximizing Your Wealth and Achieving Financial Freedom

May 18, 2023
Next Post
Business School Essay

8 Amazing Strategies for an Impactful Business School Essay

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
How to fix HP Printer Spooler Error?

How to fix HP Printer Spooler Error?

February 7, 2020
What Are The Ways To Fix SBCGlobal Email Issues?

What Are The Ways To Fix SBCGlobal Email Issues?

July 21, 2020
Factors Affecting the Development of a Child

Factors Affecting the Development of a Child

May 20, 2020
A Roadmap Towards Buying A Vanity Unit For Bathroom

A Roadmap Towards Buying A Vanity Unit For Bathroom

March 18, 2020
Integrating Augmented Reality

Integrating Augmented Reality (AR) in Everyday Apps: Beyond Gaming and Entertainment.

0
Entrepreneur

What Skills Do You Need to be an Entrepreneur?

0
Business Office Apps

Best Business/Office Android Apps of 20th Century (Updated)

0
Google Pixel

Google Pixel 4 vs Pixel 3 vs Pixel 3a: Which Phone is Right for you?

0
Integrating Augmented Reality

Integrating Augmented Reality (AR) in Everyday Apps: Beyond Gaming and Entertainment.

September 25, 2023
dynamic pricing ecommerce

Enabling the Dynamic Pricing Strategies in e-Commerce With AI

September 25, 2023
hire seo company

The Benefits of Hiring an SEO Company

September 25, 2023
one arc church

One ARC Church’s Take on Defining Values and Culture

September 19, 2023

Recent News

Integrating Augmented Reality

Integrating Augmented Reality (AR) in Everyday Apps: Beyond Gaming and Entertainment.

September 25, 2023
dynamic pricing ecommerce

Enabling the Dynamic Pricing Strategies in e-Commerce With AI

September 25, 2023
hire seo company

The Benefits of Hiring an SEO Company

September 25, 2023
one arc church

One ARC Church’s Take on Defining Values and Culture

September 19, 2023
ADVERTISEMENT
NewsPostOnline

NewsPostOnline is an independent online publication that is a voice to the world of technology and marketing. Every month we reach over 10 million passionate technology enthusiasts who rely on us for news, reviews, features & product recommendations, etc.

Trust Seal

  DMCA.com Protection Status

Browse by Category

  • Advice
  • Advice
  • Apps
  • Architecture
  • Artificial Intelligence
  • Astrology
  • Augmented Reality
  • Automobiles
  • Beauty
  • Best Practice
  • Bitcoin
  • Blockchain
  • Business
  • Career
  • Case Studies
  • Companies
  • Cryptocurrency
  • Education
  • Electronics
  • Energy
  • Entertainment
  • Environment
  • Fashion
  • Finance
  • Food
  • Future
  • Gadget
  • Gaming
  • Guide
  • Health
  • Home
  • How to
  • India
  • Legal
  • Lifestyle
  • Marketing
  • Mobile
  • Music
  • News
  • NPO Radar
  • Opinion
  • Playstation
  • Politics
  • Product Reviews
  • Real Estate
  • Retail
  • Review
  • Science
  • Social
  • Social Media
  • Sports
  • Startup
  • Strategy
  • Tech
  • Travel
  • Uncategorized
  • Virtual Reality
  • World

Recent News

Integrating Augmented Reality

Integrating Augmented Reality (AR) in Everyday Apps: Beyond Gaming and Entertainment.

September 25, 2023
dynamic pricing ecommerce

Enabling the Dynamic Pricing Strategies in e-Commerce With AI

September 25, 2023

We are Listed

  • About
  • Advertise
  • Terms and Conditions
  • Privacy Policy
  • Cookie Policy
  • Submit Your Content
  • Contact Us

© 2021 NewsPostOnline. All Rights Reserved

No Result
View All Result
  • Submit Your Content
  • Editorial Policy
  • Advertise
  • Send Us Tip
  • About
  • Contact Us
  • Jobs

© 2021 NewsPostOnline. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our I Agree