Loan Against Property Let your property help you pursue your dreams
Loan against Property(LAP) is very popular variants of the secured loans offered by banks and financial institutions using one or more properties owned by you as collateral. One can avail these mortgage loans against commercial, residential, industrial, Vacant converted lands, Hospitals, hotels, etcs.. In a LAP the property is mortgaged and a fixed percentage of the prevailing market value of the property (normally between 60-70% of the value of the property) is given to the borrower as a loan. These loans are a better option as compared to personal loans due to their comparatively lower rate of interest.
Prominent features of Loan Against Property
- Ideal use of Idle property: Fund for your business or personal needs from an otherwise idle property
- Can be availed as an Overdraft or EMI based term loan
- Repayment period upto 15 Years
- Transfer your high ROI existing loan to low ROI LAP loan
Documents required for Personal loan for self employed Cases :
| Salaried Profile | SELF EMPLOYED BUSINESSPERSON |
|---|---|
| KYC: Pan card, Aadhar card and Address Proof (if Aadhar has non-current address) | KYC: Pan card, Aadhar card and Address Proof (if Aadhar has non-current address) , GST certificate ( Proof of business existence) |
| Latest 3 months Payslip | Latest 3-year ITRs of the company and Individuals - Complete set including Profit & Loss statement, Balance sheet and Statement of Income. Audit report where ever applicable |
| Latest 6 months Salary credit bank account statement | Latest 1-year bank statement of the company and individual |
| Latest 2 years Form 16 | Partnership Firm: Partnership deed Pvt Ltd: MOA, AOA and list of directors and share holding pattern. . Latest 12 months GST returns (If applicable) |
| Appointment letter | Latest Form 26 AS |
| Property Documents: a. Sale Deed b. Mother deeds c. Khata d. Property tax Latest e. Approved building plan f. Encumbrance Certificate – Latest 13 years | Latest 12 months GST returns (If applicable) |
| Property Documents: a. Sale Deed b. Mother deeds c. Khata d. Property tax Latest e. Approved building plan f. Encumbrance Certificate – Latest 13 years Note: If the property in purchase is from a approved builder project than only Sale agreement suffices |
FAQs
The bank assesses the loan amount based on your income financials as well as the value of the property.
Home Loan is availed to buy property whereas the Loan against property is taken against already owned property. In both the scenario client needs to Mortgage the underlined property with bank
You can avail up to 70% of the property value as LAP. However, this percentage will depend on the property type and other checks.
- You can avail an LAP for any business or personal use like
- i) Buisness Expansion
- ii) Long-term working capital
- iii) Debt consolidation to lower the Cash outflows
- iv) Purchase of equipment
- v) Holiday
- vi) Education/Marriage of children
Yes , all the property owners should be part of the loan
Partner with the most reputed banks and finance institutions
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- # 2480 1st floor 26th main, 15th cross, 1st sector, HSR layout , Bangalore- 560102
( Behind Axis bank) - harsha1505@gmail.com
- +91 8105328328
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