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What is Loan Against Property?
A Loan Against Property as the name suggests is a loan given against the mortgage of property.
Generally speaking, you can avail a loan against property for any of the following:
Loan Against Commercial Property
Loan Against Residential Property
Loan for Purchase of Commercial Property
Loan Against Plot
Lease Rental Discounting
How to Apply for a Loan Against Property?
A Loan against property is for professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) and NRIs – subjected to compliance of Bank’s/RBI guidelines.
You can call or SMS and get the representatives to attend to you at a place and time of your convenience.
What are the documents required for Loan Against Property?
Loan Against Property has its own set of documents, eligibility criteria and mortgage requirements.
In order to read about documents required for Loan Against Property as well as to check eligibility criteria in detail.
Eligibility for Loan Against Property:-
A Loan against Property eligibility with Banks includes the following scenarios:
You are an Indian Resident
You are at least 25 years of age when the loan is sanctioned
You are a self-employed professional with a regular source of income
The minimum loan amount is Rs. 10 Lakh and Rs. 300 Lakh Maximum
Documents Required for Loan Against Property
Application form
Photograph
Identity Proof
Address proof
Signature Proof
Date of Birth Proof
IT Returns & Balance Sheet & P/L Account statement for the last 2 years.
Business Continuity Proof for 5 years.
Bank Account Statements for the last 6 months.
Copy of property paper to be mortgaged.
*Kindly note that the list of documents mentioned is indicative. During loan processing additional documents may be asked for the same will be appropriately communicated to you as and when required.