FAQ

Q :- What is “LAP”?

Ans :- Loan Against Property.

Q :- Who can avail mortgage loan?

Ans :- Both salaried as well as self-employed people can avail mortgage loan.

Q :- Loan amount offered?

Ans :- Rs.1 crore & above (Any amount).

Q :- Rate of interest?

Ans :- 9% (Simple interest, on reducing balance method) per year.


Q :- Loan period?

Ans :- 5 to 20 years.

Q :- Moratorium period?

Ans :- 5 years.

Q :- Total loan period?

Ans :- 25 years.

Q :- How can I repay loan & interest?

Ans :- The repayment of loan & interest is done through yearly equal installments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS).

Q :- Can I pre-pay my loan?

Ans :- Yes.

Q :- Any charges for the Pre-payment / Pre-closer?

Ans :- No.

Q :- Whether BDFC will disclose our Names / details to other clients / public?

Ans :- No & Never. BDFC will sign the Non-Disclosure agreement with the mortgagor at the time of disbursement of loan amount.

Q :- Which factors determine the eligibility of a mortgage loan?

Ans :- * Age. (Minimum 21 years).

*Property valuation report for the current market value. (Conducted by Government approved valuer) or notarized affidavit of self declaration for the valuation of current market value of the property. (On 100/- Rupees stamp paper).

*Existing liabilities. (If any).

Q :- How much loan can I get?

Ans :- You can get 100% loan against current market value of the existing immovable property.

Q :- How would the value of property be determined?

Ans :- The value of property would be determined through a valuation report for the current market value of the property. (Conducted by the Government approved valuer) or notarized affidavit of self declaration for the valuation of current market value of the property. (On 100/- Rupees stamp paper).

Q :- What are the stages involved in availing the loan?

Ans :- *Apply Online Loan Form.

*Valuation report for the current market value of the property. (Conducted by Government approved valuer) or notarized affidavit of self declaration for the valuation of current market value of the property. (On 100/- Rupees stamp paper).

* Personal meeting to discuss "THE ENTIRE LOAN DISBURSEMENT PROCESS" across the table, at the Mumbai office only.

* Execution of the Sanction Agreement to Mortgage at Mumbai office. (Subject to Mumbai Jurisdiction only).

* Physical Inspection of the property, Execution & Registration of the Mortgagee Deed (At the concerned Sub-Registrar office, where to be mortgage property is situated) & hand over the loan Demand Draft.

* Execution & Registration of the Release Deed (at the same concerned Sub-Registrar office) to release the mortgaged property & no dues letter from BDFC. (After the total loan + interest is paid).

Q :- How much time does the BDFC take to disburse the loan?

Ans :- The processing of the loans usually takes 7 working days, once all the documents are submitted. It also depends upon your profile & documentation.

Q :- Does the property have to be insured?

Ans :- Yes, the property has to be insured against fire, flood, earthquakes & other appropriate hazards during the period of the loan. (DONE BY BDFC).

Q :- How can I Apply Online for the loan?

Ans :- Click on the loan form, fill up it with the appropriate details & click on submit. Please mail / courier (Xerox) us valuation report for the current market value of the property. (Conducted by the Government approved valuer) or notarized affidavit of self declaration for the valuation of current market value of the property. (On 100/- Rupees stamp paper).

Q :- Does BDFC provide loan if the property already mortgaged?

Ans :- Yes. We can create 2nd / 3rd charge also.

Q :- Does BDFC provide bridge loan?

Ans :- Yes.

Q :- Can I pay-off my previous loan?

Ans :- Yes. (If so desired by you).

Q :- Type of mortgage?

Ans :- Legal registered mortgage with the right of possession only. (Physical possession will be retain with mortgagor).

Q :- Is there any expenses?

Ans :- Yes.

Q :- Who will bear the expenses?

Ans :- BDFC will bear the expenses.

Q :- Whether the expenses will be deducted from the loan amount disbursed to the mortgagor?

Ans :- No & Never. The expenses will not be deducted from the loan amount disbursed to the mortgagor.

Q :- Whether mortgagor will have to pay any kind of other / extra expenses like processing fees / service charges before / during / after the loan process?

Ans :- No & Never.

Q :- Does BDFC provide loan all over India?

Ans :- Yes.

Q :- What is the difference between a Home loan & a LAP?

Ans :- Home loan is taken only for the purpose of buying a residential property whereas LAP can be taken for any purpose.

Q :- Does BDFC provide home loan?

Ans :- Yes, only against existing immovable properties.

Q :- Does BDFC provide project loan?

Ans :- Yes, only against existing immovable properties.

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