Loan against Property (LAP), also known as mortgage loan, is endorsed against a Property. The Property can be any like: – Residential, Commercial, Industrial etc. Loan against Property gives you authority to get high loan amount at low interest rate. Banks typically consents a mortgage loan from 70% to 90% of the property’s market value, which you can pay in easy instalments up to 15 years.
You can use this amount according to your need. Our highly 15+ year Experienced team will help you to get Right Loan on Lowest interest rate.
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What are the documents required for loan against property?
Documents required for loan against property depends upon the type of employment of an individual.
Documents required for different types of employment are as follows:
- Pan Card
- Aadhar Card
- Voter ID Card
- Passport
- Latest Month Electricity Bill
- Copy of Rent Agreement
- Copy of Registered Lease Deed
- Employee ID Card
- Latest 3 months salary slip
- 3 years form-16, 26AS, ITR with computation of Income
- Annual CTC Letter
- Copy of Appointment Letter
- One year up to date salary account statement
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Copy of previous chain of property papers
- Copy of approved sanction plan or Map
- Pan Card
- Aadhar Card
- Voter ID Card
- Passport
- Latest Month Electricity Bill
- Copy of VAT/ Sales Tax, GST, Import-Export or any other registration Certificate
- Latest Office Address proof i.e electrcity bill, rent agreemen etc.
- Company Profile on the Letterhead of the firm
- Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
- Form No. 3 CA & 3 CD in case of audited balance sheet
- Latest 2 years VAT/ Sales Tax/ GST return
- Latest 2 year form 26AS if applicable
- One year up to date all the saving and current account statemen
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Copy of previous chain of property papers
- Copy of approved sanction plan or Map
- Pan Card
- Aadhar Card
- Voter ID Card
- Passport
- Latest Month Electricity Bill
- Copy of Rent Agreement/ Registered Lease Deed
- Latest 3 year ITR with computation of Income
- Latest 2 year form-16 with 26AS if applicable
- One year up to date salary account statement
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Copy of previous chain of property papers
- Copy of approved sanction plan or Map.
- Pan Card
- Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
- Copy of Partnership Deed
- Latest office address proof i.e., electricity bill, rent agreement etc.
- Company Profile on the Letterhead of the Company
- Latest 3 year ITR with computation of Income including P & L a/c, balance sheet with their schedule and annexures duly certified by CA
- Form No. 3 CA & 3 CD in case of audited balance sheet
- Latest 2 years VAT/ Sales Tax/ GST return
- Latest 2 year form 26AS if applicable
- One year up to date all the current account statement
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Pan Card
- Aadhar Card
- Voter ID Card
- Passport
- Latest Month Electricity Bill
- Copy of Rent Agreement/ Registered Lease Deed
- Latest 3 year ITR with computation of Income
- Latest 2 year form-16 with 26AS if applicable
- One year up to date all the saving account statements
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Copy of previous chain of property papers
- Copy of approved sanction plan or Map.
- Pan Card
- MOA & AOA
- Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
- Latest office address proof i.e., electricity bill, rent agreement etc.
- Company Profile on the Letterhead of the Company
- List of director & shareholder with their shareholding pattern duly certified by CA.
- Latest form-32
- Latest 3 year ITR with computation of Income including P & L a/c, balance sheet with their schedule and annexures duly certified by CA
- Form No. 3 CA & 3 CD in case of audited balance sheet
- Latest 2 years VAT/ Sales Tax/ GST return
- Latest 2 year form 26AS if applicable
- One year up to date all the current account statement
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Pan Card
- Copy of Passport with VISA
- Copy of Green Card
- Complete CDS certificate in case of Merchant Navy
- Copy of valid residence proof in abroad
- Employee ID card or Labour card
- Copy of latest work permit
- Latest 3 months salary slip
- Latest 3 years income tax acknowledgement form
- Annual CTC letter
- Copy of appointment letter
- Credit report from credit agency
- One year Upto date NRI Salary account statement
- One year Upto date NRO/NRE account statement
- Copy of Sanction Letter
- Up to date loan account statement
- Loan repayment schedule
- 12 Month up to date bank statement showing repayment of the loan
- Loan closure proof if loan is closed
- Copy of PAN card & Aadhar card
- Power of Attorney in favour of blood relatives or relatives in India
- Copy of previous chain of property papers
- Copy of approved sanction plan or Map
What are the other key factors to be considered before choosing best loan against property?
Before taking loan against property it is advisable to consider following factors:
Check your loan against property eligibility that how much loan you can borrow from bank based on your income eligibility and market value of the property. Loan eligibility of a borrower also depends upon so many other factors like age, income, cibil score, work profile, financial stability, market value of the property, etc.
Before taking loan against property, check rate of interest offered by different bank as it has a major influence on your EMI. If rate of interest is high then EMI is also high, so choose the bank which provides lower rate of interest so that EMI will not put extra loads on your business.
Bank charges loan processing fees to process your loan against property application. There are two types of charges one is loan processing fees and the other is loan administration charges.
Some bank takes blunt fees however some of them charged after sanction of the loan amount.
When borrower want to make some payment towards principal amount of loan against property, bank may charge part payment charges from the borrower. It is advisable to read the terms and condition of your loan sanction letter and loan agreement carefully and make sure that it is not very high compared to market
When borrower decided to close his loan against property before the completion of loan tenure or period. Bank may levy 1% to 5% foreclosure charges on outstanding loan amount.
If you apply through EASY LOAN MONEY, our professional consultant will assist you in negotiating with the banks and may get ZERO foreclosure charges for you.
Bank laid down several conditions related to balance transfer of loan against property to another lender, cheque bouncing charges, late payment charges, interest on late payment etc. It is advisable to read all the terms and conditions before choosing the best bank.