Loan Against Property
Overview:
Loan Against Property can be availed with maximum finance against the market value of your property at the best loan interest rates. You can continue to occupy your property while we fund your business, leading to its healthy growth. We guarantee doorstep service for loans for your desired end use.
Eligibility:
In order to establish if you meet our loan against property eligibility, we have stipulated simple parameters. You can get a loan against property for business in order to expand capacity or for meeting capital needs of your enterprise. Here are some basic eligibility criteria.
- Salaried and Self Employed Professionals
- Sole Proprietors, Partnership Firms, LLP and Private Limited Co.
- Minimum age requirement is 23 years at the time of taking the loan and maximum 70 years or retirement at the time of maturity
- Good credit rating score in credit bureau
- Minimum 2 years in business in an industry with a positive net worth (for Self-employed) or 5 years’ work experience (for salaried individuals)
- Micro, Small and Medium Enterprises
- Clean record in terms of past loans and statutory payments.
Loan Against Property Documents
The documents required to apply loan against property are easy to obtain. It’s best to gather all loan against property documents before you submit your loan request. Indicated below is the list of documents required to avail a loan against property.
Photo Identity Proof
( Self-attested copy of any one document* )
- Passport
- Pan Card
- Voter ID Card
- Driving License
Address Proof
( Self-attested copy of any one document* )
- Passport
- Bank Account Statement
- Aadhaar Card
- Driving License
- Electricity Bill
- Telephone Bill
Property Document
( Self-attested copy of any one document* )
- Copy of original sale deed
- Allotment-possession letter
- NOC from society
Income proof
( Self-attested copy of any one document* )
- Latest ITR
- Latest form 16
- Latest salary slip/certificate
- Bank details with last six months salary credited
- Latest Audited financials
Business Proof -Qualification Certificate/Certificate of Practice(COP)
Shop Act License/MOA & AOA/Sales TaxNat registration I Partnership Deed
Frequently asked questions
1. When can you apply for a Loan Against Property?
2. Why should one take a Loan Against Property?
3. What are the loan tenure options?
4. How is the interest charged/calculated?
5. Who can be the co-applicants for the loan?
– Any blood relative (immediate family members)
– Also co-owner of the property has to necessarily be a co-applicant for the loan.
6. What is the security/ collateral one needs to provide?
7. What is the advantage of LAP over PL/Unsecured Loans?
8. What are the stages involved while taking a loan?
– Sanction – You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
– Disbursement is done on the basis of nature of transaction. For Balance transfer cases it will be favoring existing financer, for self-consumption cases it will be favoring the borrower.
9. What is a Monthly Reducing Balance?
10. What is an amortization schedule?
Get In Touch
Get In Touch
Address
Phone
+91 9347325897