Loan Against Property

Instead of fretting over a tight budget, leveraging one's assets may act as an advantageous solution when finances are tight. This asset could be land, a house, or any other commercial premises. In such a case, a Loan Against Property would be useful. A Loan Against Property can be obtained for a higher amount than an unsecured loan since collateral is required.  Loans against property are useful for both salaried individuals and businesses. Loan Against Property are a helpful resource for financing personal and business needs other than speculative purposes, just like unsecured loans.

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Loan Against Property

 

Documentation required for Loan Against Property


Applicants need to submit property ownership documents and other relevant documents. With the help of My Mudra, you can get a Loan Against Property, and the funds will be credited to your account once your LAP loan is approved.

 

It is critical to remember that bank requirements vary from institution to institution, depending on the type of scheme offered, but the basic criteria remain fairly uniform. 

 

Documents Required To Avail Loan Against Property

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

Identity Documents

· Aadhaar Card

· Passport

· Voter's ID Card

· PAN Card

· Driving License

· Employee ID

 

· Aadhaar Card

· Passport

· Voter's ID Card

· PAN Card

· Driving License

 

· Firm/Company PAN Card, GST

Registration Certificate (If applicable),

and Other Applicable Registration

· KYC of Partners / Directors PAN Card

and Aadhaar Card

· PAN Card

Address proof

· The electricity bill for owned

premises

 

· Rent agreement for Rented

premises

 

· Passport

· Ration Card

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport for Partner / Directors

Income Proof

· Last 2 month’s pay slip

 

· Form 16

 

· Promotion Letter

· Income Tax Returns along with

computation for the latest 2 years

 

· Profit/Loss statement and balance sheet

for the latest 2 years

 

· Income Tax Returns along with

computation for the latest 2 years

 

· Profit/Loss statement and balance

sheet for the latest 2 years

· GST Returns

Business / Employment

proof

· Employment certificate

 

· Experience certificate

 

· Current job appointment

letter (If more than 2 year

in same job)

· Partnership deed

 

· Articles of association

· LLP agreement

 

· Maintenance bill

 

· Electricity bill

· Partnership deed

 

· Articles of association

 

· LLP agreement

 

· Maintenance bill

 

· Electricity bill

Bank Account Statement

Salary credit bank account

statement of latest 6 months

Operative bank account statement for the

latest 1 year

Operative bank account statement for the

latest 1 year

Other

document

· Title documents of the property.

 

· Sanction letter (In case of any existing loan), payment track record.

 

· Investment proof (fixed deposit, fixed assets)

 

· Passport size photo

· Sale deed

· Investment proof (fixed deposit, fixed assets)

· Copy of agreement

 

· Passport size photo

 

· Sanction letter (In case of any existing loan), payment track record.

 

*The aforementioned list of documents for an Loan Against Property is suggestive. Extra documents may be needed at the time of loan processing.

eligibility

How to improve your Loan Against Property Eligibility?

Follow these tips to improve your Loan Against Property Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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