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Upto 100 % Cash BackOn Processing Fees |Unsecured | Quick Disbursal | Minimal Documentation | Low Interest Rates
Builders Loan
A personal loan is an unsecured credit loan that does not require any collateral or security. This type of loan gives you the opportunity to borrow money without putting any of your assets at risk. The amount borrowed on personal loans can be used for a variety of purposes like consolidating debts, clearing unforeseen expenses, organizing a marriage, paying for a vacation, settling medical emergencies, etc.
Personal loans typically have lower bank loan interest rates than credit cards, making them an attractive option for those who are looking to save money on interest payments. The sum acquired is repaid over time with interest and is sanctioned based on the repayment capabilities and creditworthiness of the applicant. It is a relatively quick and high funding process if met with the necessary prerequisites of the lender.
Unique Points & Features
Unsecured loan – No collateral or security
On unsecured loans, the applicant need not have to mortgage an asset to procure the loan.
Quick funding
Find several options for an instant loan without documents at Loanz360. We will assure a rapid disbursal of the loans within a day of approval to make it an ideal choice for emergency applicants.
Minimal and easy documentation
The easy documentation process will ensure the applicants will go through a minimal submission with the help of our agent guiding you through every step of the application procedure.
Bank loan interest rates as low as 10.75% p.a (When applied through Loanz360)
You can now aim to make your EMIs attractive and affordable with our partners at Loanz360 who have a wide range of financial services offered at competitive rates.
No end-use restrictions on the loan sanctioned
The loan sanctioned can be utilized with no restrictions or objections on the purpose or objective of the loan acquired.
Flexible funding and repayment tenors depend on the lender’s volition
The flexible funding options allow the customers to choose a loan sum of up to 100 lakhs or more varying from lender to lender with a repayment period spanning over the flexible tenors extending up to 72 months.
Types
Construction-To-Permanent Loans:
Construction to permanent loan is a type of loan that takes care of the construction expenses at the time of building and then is transformed into a mortgage when the process is completed.
Construction Mortgage Loan:
It is a short-term loan taken out by a builder at regular intervals unlike a conventional loan taken out in lump sum. The money loaned is used in the building phase at stated intervals to cover the entirety of the construction costs incrementally.
Commercial Construction Loan:
To purchase a new commercial space or renovate an existing commercial space, commercial construction loans fund a sufficient amount to sell it once constructed or draw a mortgage on the asset or the property acquired with the loan. Simply put, these short-term loans require the company or entity to pay off the debt once the project is finished.
- Construction Loan: Everything from building a warehouse to a home, any construction needs raw materials and labor to fund its project. With a construction loan or a short-term facility, the builders or homeowners can construct a building of any sort and repay once the project is finished.
- Land Development Loan: Solely used to clear out trees, cement roads, or build utilities to later construct on the piece of arable land is made possible with land development loans.
A & D Loans:
Similar to commercial construction loans, Acquisition and development (A&D) loans also are short-term financing that seeks repayment once the project is finished. However, A & D loans are used to buy land and then pan out construction costs with funds split between both expenses.
Eligibility Criteria
Age:
23 – 65 years (Conditions Apply)
Nationality:
Type of Property:
Commercial/Residential
Income:
As applicable
Credit/CIBIL Score:
Any profile(Credit score ~ 650 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability:
3 – 5 years and above (With a stable income and continual flow of money/Business should not be blacklisted)
Note:
The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Documentation
Note:
Documents requested may vary from lender to lender, contact Loanz360 for any inquiry.
Proof of Identity and Address
– Voter’s ID/Passport/PAN Card or Form 60/Driving License/Aadhaar Card
Additional documents accepted for address proof include
Electricity Bill/Ration Card, Copy of Utility Bill/Insurance Bond/Bank Statements/Income Tax Assessment Order/Property Registration documents/Pensioner Book/Property Tax Receipt/Employer Certificate
Income Proof Documents (Salaried)
– Copy of latest three months’ salary slips/bank statements, Appointment letter, Form 16, CMA, Construction Estimates, ISO & MSME Certificate (If applicable), Property Papers
Income Proof Documents (Self-employed/Business Owners)
– Copy of latest 12-month bank statements, Copy of ITR, CMA, Construction Estimates, ISO & MSME Certificate (If applicable)
Prop Firm Additional Documents Requested:
Property Papers, Profit & Loss Statement/Balance Sheet/Tax Audit Report/GST & Firm Registration Certificates/Office Address Proof
PVT LTD Additional Documents Requested:
GST, SSI, Sale, VAT Certificates/Copy of Latest GST Returns/Tax Audit Report/All Bank Statements/Copy of ITR(All Directors), C. A Certified List of Directors & Shareholders
Partnership Firm Additional Documents Requested:
Firm Address Proof/GST Certificate and Copy of Latest Returns/Partnership Deed/Saving Account Latest Statement Copy/C.A certified Balance Sheet and Profit and Loss Statements along with business stability and ownership proof
Charges & Interest Rate
When it comes to securing a builders loan for commercial real estate in India, interest rates can vary greatly. However, it is not uncommon for rates to start from as low as 8.50%. These low rates make it an attractive option for those looking to invest in property for business purposes.
But depending on the type of commercial property you’re looking to purchase, location, and other factors, those interest rates can quickly increase. So it’s important to work with a lender who can help you get the best rate possible for your particular loan.
At Loanz360, we have a team of experienced commercial lending experts who can help you navigate the builders loan process and get the best rate for your specific situation. Contact us today to learn more about our loan for plot purchase and construction options.
Note: