Borrowstreet's Overdraft Facility Against Property is available for salaried individuals as well as self-employed individuals and professionals. Find out more about the eligibility and documents required for Overdraft Facility Against Property, below. Individuals who are eligible for an overdraft facility against property:
Salaried individuals
Any individual who is in permanent service in the government or a reputed company
The applicant should be above 24 years of age at the time of loan commencement and upto the age of superannuation
Self-employed individuals
Any individual filing Income Tax returns can apply
The applicant should be above 24 years of age at the time of loan commencement and upto 65 years at the time of maturity
Self-employed Professionals
Professionals such as doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary and management consultants can apply
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
Lease Rental Discounting (LRD)
All resident individuals can apply. The lessee must however be a company as defined under the Companies Act, 1956
Funding will be done only against ready commercial property. The same will be restricted to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower
Minimum Limit - Rs. 5,00,000
Maximum Limit - Rs. 5,00,00,000 (based on Product / Variant categorisation)
20% - 30% margin in case of purchase of commercial property
40% - 55% margin in case of loan against residential / commercial property
