• You can contact us by mail or call
• Our Manager will take your profile details on call.
• We will send you our cheetlist for required documents.
• Our manager meets you to collect the documents and sign the application form.
• We will discuss your loan proposal and decide the lender bank as per your requirement.
• File will login to Bank
• Valuation unsecure legal done
• Bank officials will meet you or call
• Sanction of Loan
• Disbursment of Loan

Each lender has their own eligibility criteria for availing LAP. Below are some common criteria to be eligible for a mortgage loan:

• Age: Minimum 21 years and maximum 65 years.
• Profession: Both self-employed individuals and salaried persons with a regular source of income are eligible for a Loan Against Property.
• Joint applications: Co-applicants are permissible. Lenders can accept the income of the co-applicants for arriving at the eligibility.
• Ownership: You can avail a loan for constructing your house on your land. Banks have their methods of determining the cost of construction. Naturally, you need to obtain the requisite permission from the local municipal authorities for constructing your house on the land. You need to have an approved plan as well.
• Margin: The margin requirement for Loan Against Property can be 10% to 50% of the market value of the property.
• Current obligations: The take-home pay norms come into effect. Usually, one should have a take-home pay of 50% after accounting for all the EMIs including the proposed one for the Loan against Property. Hence, it is imperative for the borrowers to declare their current obligations.
• Credit history: The lending banks are members of CIBIL (Credit Information Bureau (India) Limited). They can pull out the records from CIBIL to determine your credit score. Usually, a credit score in the range of 600 and above is acceptable.

Many types of mortgage loans exist in the industry, i.e., mortgages, commercial mortgages, and industrial mortgages. Each bank has its product and interest rate. It is tedious to compare the products offered by a range of banks. Arrow Financial can help you in this regard. We procure information from various sources and display it on a single screen thereby allowing you to compare a range of products. It helps you make an informed decision. We help you with other aspects of the deal like demographics, income and repaying capacity, and so forth.

At Arrow Financial, you have access to:

• The lowest rate of interest:The comparison on the screen allows you to choose the lowest rate on offer.
• Lowest processing fees: Usually, banks charge processing fees to the extent of 0.50-1%. As there is an involvement of a high amount, processing fees can constitute a significant chunk of your expenses.
• Easy documentation:The credit team at Arrow Financial helps in completion of documentation formalities.
• Higher Loan to Value Ratio (LTV):The LTV differs from bank to bank. At Arrow Financial, you will be able to compare the various margin rates and choose the one most suitable for you.
• Prepayment clauses:These are hidden charges that borrowers usually ignore. It can be in the range of 2-5%. Arrow Financial helps you compare the prepayment clauses of various banks and help you find the best choice.
• Transaction charges:LAP requires the creation of an equitable mortgage of property. It can cost you a lot of money ranging from advocate fee, evaluation fee, stamp duty on mortgage registration, and so on. Some banks include the advocate fee and evaluation fee in their processing fee structure whereas some banks charge separately. Arrow Financial helps you make this distinction and gets the deal most beneficial for you.
• Assess your demographic and personal profile.
• Examine your previous repayment record.
• Understand the various terms used by bankers such as Legal Scrutiny Report (LSR), and the other policies of the banks in connection with a Loans against Property./li>
• Understand the fine print that people frequently overlook.