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We offer secured Loans Against Property, meaning we will get a lien on your property until the loan is repaid or sold on the open market. The interest rate on this type of loan is usually lower than unsecured loans because there is less risk involved in lending money to someone who has collateral backing their debt (in this case, their commercial property).

To apply for a Loan Against Property, you need to submit an application form along with the other necessary documents. The application will be forwarded to our processing team, where it will be scrutinized. Once your application has been approved, you can collect the loan amount.

This depends on various factors, such as the type of property and its value. However, on average, your application gets approved within 24-48 hours after the submission of documents, on the condition that everything has been submitted properly without any errors or omissions.

You can borrow up to 70% of your property's market value (the price it would sell for if you put it up for sale).

If you fail to pay back your Loan Against Property in India, it may lead to foreclosure, which means, we will take away all your assets and sell them to cover our losses from foreclosing on your property.

There are two eligibility criteria for Loan Against Property based on whether you are salaried or self-employed.

Should be a citizen of India

Has to be between 28 and 58 years of age (the upper limit is the age at which the loan should mature)

Needs to be working at a public or private company or MNC for a minimum of 3 years

An Indian citizen residing in India

Able to prove a steady source of income

Between the ages of 25 and 65 years (the upper limit is the age at which the loan should mature)

A home loan usually helps facilitate the purchase or construction of a new house; the property does not belong to the loan applicant. On the other hand, a Loan Against Property is taken by keeping your existing property as security; this kind of loan can be used for various purposes, while a housing loan is restricted to acquiring a new property. In the case of a housing loan, you may get a loan for up to 90% of the value of the property. On the other hand, a Loan Against Property gives you only 60% to 70% of the value of the property.

A mortgage loan is a loan you can take by keeping an immovable asset as security. This immovable asset can be anything from machinery to property. On the other hand, for a Loan Against Property, you can only provide property as collateral for the loan.

It is definitely possible to get a Loan Against Property for a joint property as long as the other owners are co-applicants for the loan. Joint properties are actually eligible for higher loan amounts.

Electronica Finance Limited does not provide loan against land. It provides loan for construction on land.