High Loan Amount
A Business LAP provides funds equivalent to property value, offering buying power for growth opportunities.
Loan Against Property for Business
- Loan up to ₹5 Crore
- Maximum funding on Property Value
- Quick Sanctioning
Loan Against Property EMI Calculator
Get a Loan Against Property for Business Upto 5 Crore
Running a business requires a steady flow of funds. Whether operating operations or expanding your venture, unexpected expenses can crop up. A Loan Against Property (LAP) for business can be an effective tool for obtaining the necessary funds to empower your idea.
Hero Fincorp offers LAP at competitive interest rates. The streamlined application process ensures a quicker turnaround time so you can seize time-sensitive opportunities and keep your business momentum going. So, you can apply for a Loan Against Property to take your business to the next level.
Features and Benefits of Loan Against Property for Business
Running a business is interesting yet challenging. You work hard to make your idea a reality. We believe a financial constraint should not diminish your passion. Let a loan against property (LAP) shield you through this journey. Here are some of the benefits of a Loan Against Property for starting a Business:
Attractive Interest Rate
LAPs offer lower rates than commercial loans, freeing cash flow to fuel steady business growth.
Quick Loan Procedure
LAPs streamline the application process, ensuring quick access to funds for time-sensitive business opportunities.
Easy Repayment & Longer Tenure
LAPs offer flexible repayment options and longer tenures, easing cash flow management and reducing stress.
Higher LTV
LAPs offer higher Loan-to-Value ratios, unlocking more funds to help achieve your business goals.
Hassle-free Documentation
LAPs require minimal, simple documentation, saving you time and effort while building your business dream.
Eligibility Criteria for Loan Against Property for Business
To qualify for a loan against property for new business, you'll typically need to meet certain criteria for mortgage loan:
Age
Your age should not be less than 25 or above 75 years.
Citizenship
You must be an Indian resident.
Work Experience
Business ownership experience for a minimum period might be required.
Monthly Salary
This criterion might not apply as the loan is secured by property.
Documents Required for a Loan Against Property for Business
Obtaining a LAP for business is easier with minimal documentation:
Mandatory Documents
Duly filled application form, PAN Card
Proof of Identity
Aadhar Card, ID Card, Driver's License, and Identity Card issued by GOI
Proof of Address
Passport, Driver's License, Utility Bill, Voter ID Card, Lease/ Rent Agreement, Registry Copy, Property Tax Receipt, GST Certificate
Proof of Business Existence
GST Certificate, UDHYAM Certificate, Partnership Deed Copy, Trade License, Certificate of Practice
Signature Proof
Banker's Verification, Passport, PAN Card
Proof of Income
Last three years' Income Tax Returns (ITRs), Income Statement, Profit and loss Statement, Balance Sheet, and Bank Account Statement (previous six months)
Property Related Documents
Complete set of documents pertaining to the property in question
Interest Rates and Charges of Loan Against Property for Business
Interest rates on LAP for Business are typically competitive but vary based on your creditworthiness, loan amount, and chosen lender. There might be additional processing fees and prepayment charges associated with the loan. Check the table below for more details:
How to Apply for a Loan Against Property for Business?
Applying for a LAP for business is a straightforward process:
- 01
Visit Hero FinCorp website and go to the loan against property page.
- 02
Check your eligibility from the eligibility criteria section available on the website
- 03
On the mortgage loan page, check for the mandatory documents required for a mortgage loan.
- 04
Click the 'Apply now' tab and fill in the required information, and submit the online form.
- 05
Once Hero FinCorp is satisfied with your details, their executives will get in touch with you.
- 06
You may also apply for a mortgage loan by visiting the nearest Hero FinCorp branch or outlet.
Frequently Asked Questions (FAQs)
A LAP for business is a loan secured by your property that provides funds for business purposes.
Indian citizens with a minimum age (usually 25 years), property ownership, and a viable business can apply.
Residential or commercial properties with clear titles can be used as collateral.
Some lenders may offer prepayment options, but prepayment penalties might apply. Foreclosure is a last resort; consult your lender for details.
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