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A Loan against property ( LAP ) is a secured loan that is sanctioned against the asset pledged as collateral. The asset can be either be owned land, house, flat or any other commercial premises. LAP can be useful for Salaried, Self Employed and Self Employed Professionals.
Any resident individual or Non Resident Individual who is minimum 23 years of age and stable income , has some assed to pledged can apply for Home Loan.
Loan Against Property starts from Rs 10 lacs and maximum loan amount depends on value of the property.
Minimum is 1 year and Maximum loan term 15 year or up to the age of 70 years ( the age by which the loan should be fully repaid )of the borrower , whichever is early. Borrower can pay entire outstanding amount or part of the outstanding amount before term.
For Salaried
- KYC – Pan Aadhaar Photograph ( Applicant & Co – applicant )
- Income Document – Salary Slip 3 months , Form 16 , Salary Account Statement 12 months , Office ID card / Appointment letter.
For Self employed / Self Employed Professional
- KYC – Pan Aadhar Photograph ( applicant & Co – applicant )
- Last 3 years Trade licence
- Last 2 years full set of Financials and 12 months Bank Statement .
- GST Registration Certificate with 12 months return ( 3CB)
( if Co applicant have some income then Co – Applicant income document )
Property Documents
- Deed of Lease ( Mother Deed ) & Prior Deed ( Seller Deed )
- Porcha , Mutation and Tax payment receipt
- Sanction Plan