Business Personal
India Flag IN Register Login Email icon
LOGIN
011-41042901
Top
  1. Home
  2. FAQs

FAQs

How To Apply

General Questions

Loan against property (LAP) is a type of loan which is availed by an individual or commercial entity when they put their commercial or residential property as collateral to a bank. Falling in the secured loan category, LAP is one the easiest loans to get involving the minimum of documentation. Commercial entities and individuals can hope to get LAP of up to 70% of the market value of their property depending on the Bank’s policy, property type and valuation.
The following individuals and business entities can apply for loans with us:
  • Self-Employed Professionals
  • Self-Employed Non-Professionals
  • Proprietorship Firms
  • Partnership Firms
  • Company formed under Companies Act.
YES, you can avail Loan against Property, but in that case all the co-owners (Close relative of your own family) of the property will also become co- applicant to the loan.
You can approach us in any of the following ways:
  • Apply online at our website: www.ovingtonfinance.com
  • E-Mail us at: loan@ovingtonfinance.com
  • Call us at our Customer Care Centre Toll free Number: 011-41042901
  • You can walk into our Office at the mentioned address

Eligibility & Loan Payment

We assess the applicants’ repayment capacity and proposed collateral property value while deciding on the loan eligibility. Repayment capacity is based on factors such as applicant and spouse- co-applicant(s) income, age, financials, banking habit, loan repayment history and business / employment stability..
You can avail of loans ranging from Rs. 5 Lacs to Rs. 30 Lacs depending on your collateral property value, income eligibility and repayment capacity.
The loan can be repaid over a period of 12 to 60 months for business promotion. The loan given for purchase of commercial property can be repaid from 60 to 120 months in EMI.

After You Apply

A non-refundable fee of Rs. 6000 (plus applicable service tax) is payable upfront with the application form. It includes payment to Advocate and Architect for obtaining non-encumbrance certificate and valuation of the property respectively. Further, processing fees as per grid will be payable post sanction and prior to disbursement of the loan.
You may repay through ECS (Electronic Clearance system) by instructing your Banker to deduct the EMI (Equated Monthly Instalment) from your nominated Bank Account for credit to your loan account with Ovington Finance Pvt. Ltd., or you may repay the loan through post-dated cheques favouring Ovington Finance Private Limited by giving PDCs in advance for at least 36 EMIs and thereafter these shall be replenished till adjustment of loan.
EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
Visit our office with the fresh set of Post Dated Cheques or fill ursp the ECS mandate form with 6 undated security cheques from your new bank account. Our Customer Service Executives will arrange to have the cheques swapped or ECS mandate changed for you. There will be a nominal processing fee of Rs.600/- plus service tax (on every swap).

Loan Against Property

Yes, you can prepay the part / entire loan outstanding amount. Prepayment charges as applicable would be levied on the outstanding loan amount.
YES, you can avail Loan against Property, but in that case all the co-owners (Close relative of your own family) of the property will also become co- applicant to the loan.
On an average, loans are disbursed within 7-10 days, after satisfaaccordion-3ctory and complete documentation and completion of all relevant procedures.

About Ovington Finance

FAQs | Loan Against Property | Ovington Finance

We are a technology driven NBFC based in Nehru Place, New Delhi, India.
Our office address is: 203 A, Devika Tower -6, Nehru Place, New Delhi 110019

You can approach us in any of the following ways:
• Apply online at our website: www.ovingtonfinance.com
• E-Mail us at: loan@ovingtonfinance.com
• Call us at our Customer Care Centre Toll free Number: 011-41042901
• You can walk into our Office at the above address