A Secured Business Loan, as the name says, is a secured loan that can be availed by mortgaging a property to a Financial Institution. The loan can be taken against a residential or commercial property and funds can be used for business needs, wedding, medical expenses or any other personal needs.
Any earning resident Indian Individual (salaried/ self-employed) who owns a residential or commercial property can apply for a Secured Business Loan. The co-applicants can be close relatives, partnership firms, or even a Private Limited Company.
IIFL Home Finance is aligned with Government of India’s Abhiyaan of ‘AatmaNirbhar Bharat’ and offers quick Secured Business Loan, free of hassles of unnecessary documentation and time. It’s tech enabled processes helps in loan disbursal fast and efficiently.
Loan to Value (LTV) is the percentage of loan offered against the value of the property/collateral mortgaged. The Secured Business Loan is usually offered in the range of 60% to 70% of the market value of the property.