Dropline Overdraft

Having an overdraft feature on your bank account offers several benefits. Drop Line Overdraft provides customized protection, allowing you to spend beyond your account balance. If eligible, your financial institution can grant you overdraft protection, typically for a fee. While using the overdraft, you may incur a fee along with a percentage rate on the amount utilized... Read More

dropline overdraft

Features and Benefits

  • Overdraft limit up to Rs. 10 Crores.
  • Accepts both residential and commercial property as collateral
  • Interest charged solely on the utilized amount.
  • Minimal documentation with swift approvals.
  • Competitive interest rates.
  • • Effective tool for debt consolidation.

Process

There are several steps in the Dropline Overdraft process. Here are the steps in brief:

  • 1. Application form & Document Submission
  • CIBIL report check
  • Residence verification
  • Office verification
  • Eligibility calculation
  • Technical & Valuation assessment
  • Personal Discussion
  • Credit decision
  • Offer Letter issuance
  • Submission of Property documents & legal check
  • Registration of property documents
  • Signing of agreements and submitting post-dated cheque
  • Disbursement

Eligibility

  • Applicant must be an Indian resident.
  • Minimum age of applicant: 24 years.
  • Maximum age of applicant at loan maturity: 65 years
  • Minimum turnover of Rs 1 Crore; financials should be audited.
  • • Years in business: Minimum of 3 years in the current business and 5 years of total business experience.

FAQ's

If you possess a mortgage-free commercial or residential property and are in need of a facility or loan, you're eligible to apply for a Drop Line Over Draft. Additionally, you can transfer an existing Loan Against Property to avail of the benefits of this facility.
Creative Finserve offers tailored solutions for your Drop Line Over Draft needs. Our team of professionals streamlines the process by coordinating with various banks on your behalf, ensuring you receive the best offers and services available.

Any self-employed individual capable of repaying interest can avail of a Drop Line Over Draft.

The application process for a Drop Line Over Draft involves several steps:

• Application

• Processin

• Documentation

• Property Valuation

• Personal discussion

• Loan Sanctioning

• Disbursement

Drop Line Over Draft facilities are typically available for tenures ranging from 1 year to 15 years.

For self-employed individuals, the necessary documents include:

For Self-Employed:

• Application form with photograph

• Identity and address proof

• Proof of business existence

• Last 3 years ITR

• Last 3 years P&L and Balance Sheet with Audit Report

• Bank Statements (Last 12months)

• All Loan Sanction Letter (if any)

• Processing fee cheque

• Spouse income

• Property Papers

The amount of Drop Line Over Draft you can avail depends on your financial profile, credit reputation, and repayment ability. Generally, it can go up to 10 Crores

Interest rates for Drop Line Over Draft typically range between 11% to 13.5% on a monthly reducing balance. Rates may vary among different banks.
Yes, you can prepay or close your Drop Line Over Draft loan once the lock-in period is over, as specified in the loan agreement.
The validity of the sanction letter for Drop Line Over Draft typically ranges from 1 to 3 months, varying among different banks.
Any residential or commercial property that is free from legal encumbrances can be provided as collateral for Drop Line Over Draft.
Yes, property insurance is required for Drop Line Over Draft to safeguard against potential risks.
Rather than searching the market, you can receive a personalized solution by providing your details and documents to Creative Finserve. Our professional team will assist you in securing the best interest rate for Drop Line Over Draft.
Yes, your incomes can be clubbed for the purpose of calculation of the loan amount. This can be done either when the property is jointly held with the spouse or the spouse stands as a guarantor/Co-applicant.
The processing of Drop Line Over Draft usually takes approx 15 working days after all the documents are submitted. Subject to clearance of legal and technical of your Property papers.
Comparing Drop Line Over Draft online depends on many factors such as your income, your obligation (existing loan) etc,. In online approach you will get general comparisons while you can get a personalize solution from Creative Finserve, which will help you with the best rate of interest and services for Drop Line Over Draft.
There is no process for applying online Drop Line Over Draft unless and until you have a relationship with the same bank. Mandatorily you need to submit relevant documents and sign the application form to complete the formalities. Creative Finserve gives you a personalized solution for Drop Line Over Draft so why to confuse yourself with online approach if you can get better rate of interest and maximum eligibility through Creative Finserve.
Drop Line Over Draft eligibility calculator is a mechanism where you can calculate your Drop Line Over Draft eligibility by sharing your information such as your salary/income. This loan eligibility calculator cannot get you the exact loan amount so we recommend you to get in touch with our professional team to serve you better.
Rather than hunting in the market or approaching unprofessional consultants for better offers give your few details and upload your few documents and get a personalized solution for your Drop Line Over Draft for better rate of interest in few minutes from our professional team.
Choosing a right bank for Drop Line Over Draft is a cumbersome process, Creative Finserve guides you properly according to your requirements and gives you a personalize solution for your Drop Line Over Draft.
Once your Drop Line Over Draft is sanctioned or rejected you will get a sms alert or call from the bank or and if you have applied through us we will coordinate with the respective banks and inform you.
It depends upon the current rate of interest of your existing Drop Line Over Draft as against the rate of interest available in the market.
Yes in Drop Line Over Draft the banks also add-up the co-applicants income to determine the eligibility.
Most of the Lenders sanction Drop Line Over Draft in 10 to 15 working days in which they do various verification and calculations. They also do "Personal Discussion" with the customer at his office.
Yes, the loan amount can be decreased by the Bank if the customer's requirement is lesser than the sanctioned amount.
Yes in few conditions you can get the loan amount enhanced / revised.
For E.g
If the income eligibilility is there and you have applied for lesser loan amount or,
If you have not added co-applicants income while applying the loan or,

Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual useable area of an apartment, office, unit, showroom etc.

Built up Area consists of carpet area, area covered by inner and outer walls and additional areas mandated by the authority such as flower beds, dry balcony etc.

Super Built Up Area is the built up area plus proportionate area of common facilities such as the lobby, lifts, shaft, stairs, etc. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.

The building plan made by the developer which is approved by the Municipal Corporation or the concerned authority is approved plan.

CC means Commencement Certificate. A commencement certificate is issued by the local authorities to allow the builder to begin construction once all norms have been met. Unless the commencement certificate is granted, the construction is illegal. It is subsequent to the approved plan. During Drop Line Over Draft CC is very much important document required for sanctioning your loan.

OC means Occupation Certificate. This certificate issued by the local municipal body to the builder/developer once the said building is complete in all respects and fit for occupation. During Drop Line Over Draft OC is very important document required for sanctioning your loan.

Conveyance is the act of transferring ownership rights of the property (plot of land where the building is built) from the developer / builder / development authority to the society.

In a society share certificate is issued to its members (flat owners); it is a legal document that certifies ownership of a specific distinctive number of shares in a society. Share certificate will bear the seal of the society & will be signed by the Chairman, and the Secretary. During Drop Line Over Draft Share Certificate is very much important document required for sanctioning your loan.

It is a duty collected by the state government. It is paid as per the true market value as assessed by the Stamp Office. Stamp duty is decided by the respective State and hence would vary from state to state. When an agreement is to be franked, it needs to be unsigned and undated.

The agreement should be registered with the Sub-Registrar of assurances under the provisions of the Indian Registration Act. Stamp duty is to be paid prior to the Registration.

In Drop Line Over Draft chain Agreements is chain of all the agreement right from its first purchase from the builder to the present owner. During Drop Line Over Draft process we need to submit the chain of agreements to the banks/NBFC to do technical and valuation of the said property.

The minimum area required in Drop Line Over Draft is 400sqft.It may vary from bank to bank.

In Drop Line Over Draft legal verification is a process where all the agreements & documents related to the concerned property are given to a lawyer to verify the legal and title of the concerned property. It is done by panel of qualified lawyers appointed by the Banks/NBFC.

In Drop Line Over Draft technical is a process where the valuator assigned by the BANK/NBFC evaluate the cost of the property, checks its permissions and the condition of the building. It also checks whether the property is mortgagable and free from all legal issues.

NOC means No Objection Certificate. It is asked by the lenders from builders/society on their letter head. In this letter the builder / society mentions that they have noted in their books the charge created by them on the said property. All Banks/NBFC have their own format which builders/society need to oblige. To obtain this all the dues & transfer charges of the society need to be cleared.

MV is called as Market Value. It is the actual cost of the property in a particular area at that point of time.

LTV - Loan to Value Ratio
It is the percentage of Loan amount tn be provided with respect to the Value of the property.

The case is disbursed when all process is complete i.e. Loan agreement is signed, PDC's, ECS, NOC is given. The original documents of the property is mortgaged and submitted & all the pre-disburse conditions is complete.

An equitable mortgage is the transfer of an interest in property to a lender as a security for a loan of money on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. Bank/NBFC give this loan by deposit of title deeds of the property (interest) with the lender.

In this case property is registered with sub-registrar and charge is created against the property in Government records.

Yes, the income of a co-applicant can be considered to determine the eligibility for Drop Line Over Draft.

Most lenders sanction Drop Line Over Draft within 10 to 15 working days, subject to various verifications and discussions.

An "Agreement to Sell" is a legal document outlining the terms between the buyer and seller, including property details. It should ideally be registered within four months of execution.

Encumbrance signifies claims or charges on a property due to liabilities such as unpaid loans or bills.

An under construction property refers to a home that is in the process of being built and will be handed over to the buyer upon completion.

Any residential or commercial property that is free from legal encumbrances can be provided as collateral for Drop Line Over Draft.

Yes, property insurance is required for Drop Line Over Draft to safeguard against potential risks.

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