Apply for Loan Against Property for Women

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Get a Loan Against Property in Women Upto 5 Crore

Today, women assume legitimate positions in their families and society as equals. For those managing their own business, uninterrupted funding is always required. Sometimes, women entrepreneurs may require substantial funds, maybe in crores of rupees. In such cases, they can consider applying for a Loan Against Property for women.

Hero FinCorp is an excellent platform offering 15 years Loan Against Property for women. It is an ideal instrument for women who want to unlock the value of their assets to obtain low-interest funds. At the same time, they can continue using their property and repay the debt over time.

The best part is that the Loan Against Property (LAP) has no usage restrictions. So, female entrepreneurs can use the loan amount for any purpose. It can be used to expand business operations, launch a new product line, set up a new manufacturing facility, or for any personal purpose.

However, there are various things you must keep in mind before applying for a Loan Against Property for women. Read on for detailed information about these loans for women at Hero FinCorp.

Features and Benefits of Loan Against Property for Women

A Loan Against Property is a secured loan that asset owners may avail of against an asset of value. If you own a property, pledge it as collateral to avail of a loan against it. Hero FinCorp offers Loan Against Property for women with bad credit as well. Here’s a look at the features and benefits of these loans:

High Loan Amount

Hero FinCorp offers secured loans from Rs 20 Lakh to Rs 5 Crore with up to 175% LTV.

Attractive Interest Rate

Hero FinCorp offers secured LAPs with fixed or floating interest rates, depending on market conditions.

Quick Loan Procedure

Hero FinCorp enables women business owners to apply for LAP loans online with required documents.

Easy Repayment & Longer Tenure

Female borrowers can repay loans in easy EMIs with a flexible tenure of up to 15 years.

Higher LTV

Hero FinCorp offers up to 75% LTV, allowing borrowing up to Rs 75 Lakh on Rs 1 Crore asset.

Hassle-free Documentation

Women can apply for LAP at Hero FinCorp online by uploading required documents, no branch visit needed.

Eligibility Criteria for Loan Against Property for Women

Since a Loan Against Property for women is a secured loan you borrow against a property you own, there are minimal eligibility requirements to qualify. Simply pledge the property as collateral and borrow a loan amount according to its market value. However, you must still fulfil some eligibility conditions to prove your repayment capacity. These include the following:

Age

Applicants must be 25 years old at application and 75 at loan term completion.

Citizenship

You must be an Indian citizen.

Work Experience

Hero FinCorp offers secured loans to profitable business owners with 3+ years experience.

Occupation Status

You should have a successful business. This loan is not for salaried people.

Check Your Loan Eligibility

Documents Required for a Loan Against Property for Women

Since you borrow a loan by pledging your property as collateral, you must submit a few relevant documents to support the application. You can use the Hero FinCorp website to apply for a loan and submit the required documentation online.

Here is a list of documents required for Loan Against Property for women:

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 Women

Hero FinCorp offers competitive interest rates on Loan Against Property for women. Moreover, the processing fees and additional charges are affordable, making these loans the best in the industry. Here’s a look at the interest rates and charges of LAP for women at Hero FinCorp:

Maximum Loan Amount

₹20 Lakh to ₹ 5 Cr

Maximum Loan Tenure

3 Years (Min.) – 15 Years (Max)

Interest Rate

Starting from 11% P.A.

Processing Fees

Minimum Processing fee is 1%+ GST

Foreclosure Charges

Pre-Payment is not allowed within 12 months of loan sanction After 12 months, pre-payment charges will be applicable as described in the sanction letter

How to Apply for a Loan Against Property for Women?

The LAP application procedure is pretty quick and straightforward at Hero FinCorp. You just need to follow a few simple steps to qualify and get the required loan. These are the quick steps to follow:

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.

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Frequently Asked Questions (FAQs)

Can a housewife get a Loan Against Property?

No. Hero FinCorp offers Loan Against Property to women and men entrepreneurs.

What is the eligibility for a Loan Against Property?

At Hero FinCorp, LAP is available only to profitable business owners. Moreover, they should be 25 to 75 years of age and have at least three years of work experience.

Can I get a Loan Against Property without income proof?

Income proof, such as ITRs, income statements, profit and loss statements, balance sheets, bank account statements, and business continuity proof, is essential for LAP application at Hero FinCorp. A Loan Against Property for women with bad credit is also available. However, they must show relevant income proof to qualify.

What is the minimum income for a Loan Against Property?

Hero FinCorp provides secured Loans Against Property to business owners only. However, they don't have any minimum income requirement for qualification.