Loan Agianst Property :

Asean Capital Inc mortgage and private loans against property for any type - commercial or residential in India. Apply for loan against land or property loan with easy documentation, speedy approvals and nil foreclosure charges, getting a loan.

There are many ways you could arrange for money, and one of those ways is taking a loan. You could take a personal loan for the amount required, or you could take a loan against your property.

The 'Loan Against Property (LAP)' Business vertical is the part of 'Secured Assets' division of the Consumer Bank. This vertical specializes in acquiring retail customers for funding against Residential, Commercial & Industrial Properties. We also provide loans for purchase of Commercial.

Loan Against Property gives you access to quick funds for your personal and professional needs. Apply for loan against property at attractive rates. the terms and conditions as follow:

1. SECURITY: Loan is available against mortgage of your exiting property such as Land, Building Factory, Industries Theatre, Hotel, Sick Units, Educational Institutes, Traders, Service Sectors, Oil Mills, Private Limited or limited Company etc.

2. LOAN AMOUNT: Between 50-70% of the present market value.

3. RATE OF INTEREST: 10-18% Per Annum on deminishing balance.

4. REPAYMENT PERIOD: 10 Years (including 18 months moratorium perios).

5. REPAYMENT: You can repay the principal and interest on every Quarterly, Half–yearly and Yearly.

6. CLOSURE OF THE LOAN: Before 6 months no – pre – closures allowed for the bullet payment.

7. LEGAL/MORTGAGE CHARGES: You can create first/second/third legal charge on security offered.

8. SANCTIONING OF THE LOAN: Solely depends on the physical inspection of the property without that no proposal could be entertained and for the purpose we shall depute our authorized representative/executive at your place.

9. GUARANTORS: You shall have to provide two male guarantors to the extent of loan amount /personal guarantee of ONE/ TWO directors of the company in case of partnership or private limited company or limited company OR third party personal guarantee required for proprietorship company.

10. LEGAL FORMALITIES: You shall have to provide all papers and documents pertaining to the property as per rules and regulations framed under the “TRANSFER PROPERTY ACT”.

a. At time of the Loan amount disbursment all original documents and 5 cheque leaf submitted for the borrower.

b. Before getting into the original agreement a rough draft will be given to the borrower and Guarantor for their opinion.

c. All original documents will be kept under safe locker in bank which signed by both parties.

d. The Loan amount shall be paid by RTGS/ NEFT & Cash borrower name only.

e. During the period of retention of documents, the borrower has to payments, the borrower has to pay taxes for the said property if any disputes arise on letter stage the legal charges has to be born by the borrower.

f. If the Borrower cancels the loan only intimation letter through registered post should be accepted (All relevant receipts must be enclosed).

11. JURISDICTION: Please note that whole transaction will be governed by subject to Mumbai or financial state court jurisdiction only.

12. PROCESSING FEE: The Borrowr have to pay one percent processing and legal fee for processing loan at the time of submission of loan documents or loan application for due deligance and approvals.