Loan Against Property

Loan against property (LAP) is a type of secured loan that allows individuals to borrow money against the equity in their property. The property is used as collateral for the loan, and the amount borrowed is typically a percentage of the property’s value. This type of loan is typically used for personal or business purposes and can have lower interest rates than unsecured loans.

The eligibility criteria for loan against property typically include the following:

1. Age: The applicant must be between 21 and 70 years old.
2. Income: The applicant must have a steady source of income.
3. Property ownership: The applicant must own a residential or commercial property.
4. Credit score: The applicant must have a good credit score.
5. Employment: The applicant must be a salaried or self-employed individual.
6. Loan amount: The loan amount will depend on the value of the property and the lender’s policies.
7. Loan tenure: The loan tenure can range from 1 to 15 years.

It’s important to note that the eligibility criteria may vary from lender to lender. It’s always best to check with the lender for their specific requirements.

Documents are required for loan against property for (salaried individuals):

1. ID proof (Aadhar card, passport, or driving license)
2. Address proof (utility bill, voter ID, or passport)
3. Recent passport-sized photographs
4. Salary slips for the last three months
5. Bank statements for the last six months
6. Proof of employment (offer letter, appointment letter, or salary certificate)
7. Property-related documents, including the title deed, property tax receipt, and Encumbrance Certificate.
8. KYC (Know Your Customer) documents, including PAN card and Form 16.

Documents are required for loan against property for( salaried individual):

1. ID proof (Aadhar card, passport, or driving license)
2. Address proof (utility bill, voter ID, or passport)
3. Recent passport-sized photographs
4. Salary slips for the last three months
5. Bank statements for the last six months
6. Proof of employment (offer letter, appointment letter, or salary certificate)
7. Property-related documents, including the title deed, property tax receipt, and Encumbrance Certificate.
8. KYC (Know Your Customer) documents, including PAN card and Form 16.

It’s important to note that the specific documents required may vary based on the lender and the type of loan applied for. It’s best to check with the lender for their specific requirements.

The following documents are typically required for loan against property for ( self-employed business persons):

1. ID proof (Aadhar card, passport, or driving license)
2. Address proof (utility bill, voter ID, or passport)
3. Recent passport-sized photographs
4. Proof of business ownership (business registration certificate, PAN card of the business, and GST registration certificate)
5. Bank statements for the last six months for both personal and business accounts
6. Proof of income (ITR filings for the last two to three years)
7. Financial statements of the business, including balance sheets and profit and loss statements
8. Property-related documents, including the title deed, property tax receipt, and Encumbrance Certificate.
9. Gst certificate.

It’s important to note that the specific documents required may vary based on the lender and the type of loan applied for. It’s best to check with the lender for their specific requirements.