LOAN AGAINST PROPERTY

Termed as a loan against Property Banks & NBFC will give loans against:

  • Your residential Property.
  • Commercial Property.
  • Residential or commercial Plot of Land.
  • Regular rental Income received.

FUNCTIONALITY

    Self Employed Persons can use this loan for:
  • Business Purposes.
  • As an overdraft facility.
  • Self Employed & Salaried can use this Loan for;
  • Higher Education.
  • Marriage in the Family.
  • Loan can be taken in the name of the company also with the owner & directors being part of the loan.

PROPERTY LOAN ELIGIBILITY

  • Should be an Indian national
  • Should be at least 21 years of age at the time of submitting the loan application
  • Should have been employed by your current organization or been involved in your business for a certain number of years
  • Should have the minimum required salary or monthly repaying capacity.
  • Self Employed & Salaried persons are eligible to take this loan.
  • Property should be dully registered
  • There shouldn’t be any encumbrance or mortgage
  • More than one applicant can be part of the loan (could be a blood relative or spouse)

REPAYMENT

The loan sanction may take up to 15 working days to process. The interest rate can be fixed or floating .The ROI can be fixed for the initial year of the tenure. The tenure granted is to a maximum 15 years up to the age of 65 years.

DOCUMENTS REQUIRED

Depending on whether you are salaried, or a self-employed professional, or a self-employed businessman, banks ask for different set of documents when offering an LAP.

The documents to be submitted when applying for an LAP are as follows:

For salaried individuals

  • Proof of identity or residence
  • Latest salary slips
  • Form-16 issued by present employer
  • Bank statements of six months preceding the month in which loan is applied for
  • A cheque covering the administrative costs incurred by the bank in processing the application
  • A cheque covering the processing fee charged by the bank For Self-employed Professionals:

For Self-employed Professionals:

  • Proof of identity or residence
  • Educational qualification certificates, degrees, diplomas, and other academic credentials
  • IT Returns of the three years preceding the one in which loan is applied for
  • Bank statements of six months preceding the one in which loan is applied for

For Self-employed Business Persons:

  • Proof of identity or residence
  • Educational qualification certificates, degrees, diplomas, and other academic credentials
  • Proof of existence of business
  • Detailed business profile
  • Profit and loss sheet and balance sheets of the company for the three years preceding the one in which loan is applied for
  • IT Returns (of both self and the company) of the three years preceding the one in which loan is applied for
  • Bank statements of the six months preceding the one in which loan is applied for

APPLY FOR LOAN AGAINST PROPERTY

Loan Amount:
Purpose
Property Value
Monthly Income
Name
Email
Mobile
Date of Birth