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Loan Against Property
Giving Wings To Yours Dreams
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Salient Features
Objectives for LAP
Eligibilty
Required documents
FAQs
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1
First name*
Last name*
Male
Female
Date of birth*
Email ID*
Mobile number*
Address Line 1*
Address Line 2
City you live in*
PIN code*
Property type*
Residency Tenure*
Property Location*
Select Property Type*
Property Status*
Under construction
Ready
Approximate Property Estimation*
Loan amount*
Loan Tenure*
Employment type*
Salaried
Self-Employed
Company Name*
Net Monthly Income*
Bonus(If any)
Incentive(If any)
Work experience*
My Firm name*
Sales/Turnover*
Net Profit*
Tax Payable(If any)
Depreciation(If any)
Directors/Partners salary(If any)
Business Tenure*
Interest on existing loans(If any)
Other Income(If any)
Total EMI Per Month*
Adding Co-Applicant?
Yes
No
Co-applicant's relationship*
Other relationship*
Co-applicant's employment type*
Salaried
Self-Employed
Co-applicent company name*
Monthly Income*
Bonus(If any)
Incentive(If any)
Work experience*
Co-applicant's firm name*
Sales/Turnover*
Net Profit*
Tax Payable(If any)
Depreciation(If any)
Directors/Partners salary(If any)
Business tenure*
Interest on existing loans(If any)
Other Income(If any)
Total EMI per month*
You can also apply for this loan if you need funds to acquire new property. A take-over of your existing loan with refinancing is also possible with Loan Against Property
- Attractive interest rates.
- Doorstep service.
- Loan Against Property - Residential.
- Loan Against Property - Commercial.
- Loan for purchase of commercial property.
- Easy and hassle free documentation.
- Simple repayments through monthly instalments.
- Take-over of existing loan with additional refinance (Balance Transfer)
Objectives for LAP
- LAP can be raised against following type of properties
- Residential Property.
- Commercial Property.
- Industrial Plot.
- Manufacturing Unit.
- Who can take a LAP
- A Self Employed Individual/Business Owner.
- A Partnership Firm.
- A Private Limited Company.
- A Limited Company.
- A self Employed Professional like Chartered Accountant, Architect etc.
- A salaried Individual.
- The funds raised against a property can be used for any of the
following purposes
- To start a new business/ Project.
- Expansion of Business.
- Purchase of a new property.
- Renovation of your house.
- Closure of existing high cost loans.
- Your Child's higher education or any other personal and or business requirements.
- Loan Amount
The minimum loan amount can be Rs. 15Lacs and the maximum loan amount can be up-to 25crores or more than that. Subject to your financial credentials and current market value of the property offered as collateral. - Flexible Repayment options
You can opt for a term/tenure of 1 to 15 years based on your repayment capacity of the loan. - Repayment Mode
You can repay the loan by equated monthly Installments(EMIs) through ECS to debit your account or with PDCs. - Part Payment/ Pre Mature closure of loan
Flexible options for early closure of loans. - Loan Amount
The minimum loan amount can be Rs. 3Lacs and the maximum loan amount can be up-to 1crores or more than that. Subject to your financial credentials. - Rate of interest may very from bank to bank and on your financial credentials.
Loan against property is a secured multi-purpose loan with longer tenure and lesser rate of interest than a personal loan. If you own a valuable asset in the form of a self-occupied house or a commercial property you can go for it. The criterion for applying for a loan against property is that it should be a freehold and self-owned property, having a clear and marketable title. The loan is given as a certain percentage of the property's market value.
- Generally Required Financial Documents For Self Employed Category
- All Certified Financials Statements for latest 3 financial years.
- Bank statements.
- Business and Personal Profile.
- All Know Your Customer(KYC) Documents.
- All legal and title/Property Documents to be offered as collateral.
- Copy a Partnership deed (Applicable for a partnership Firm).
- Copy of MOA and AA(Applicable for a Private Limited Company)
- Generally Required Financial Documents For A Salaried Category
- Latest 3 months company certified Salary Slips.
- Latest 3 years company certified form No 16.
- Latest 3 years Income Tax Returns.
- 6 months Bank Statements.
- All Know Your Customer(KYC) Documents.
- All legal and title/Property Documents to be offered as collateral.
- Why should I take a loan against property?
You can take a loan against property for any reason like getting your son or daughter married, expanding your business, taking a foreign vacation and sending your children to overseas for study. It is a secured multi-purpose loan with longer tenure and lesser rate of interest than a personal loan. - What is the eligibility criteria to get a loan against property?
Anyone can get a loan against property given the person has a minimum age of 21 years, employed or self-employed with a regular income and is owner of a property. - How much loan can I get?
The exact amount of loan against property given to you depends on factors including your income, repayment capacity and your past credit history. It also depends on the number of dependents, assets, liabilities, stability/ continuity of your employment/ business and the co-applicant's income. - Can I take a loan against another property if I have a home loan from a bank? Yes, some banks offer this facility to take a loan against any other property.
- What is a fixed rate loan against property? In a fixed rate loan against property the interest rate on loan against property charged by the bank is constant over the tenure of the loan. You should go for a fixed rate only if you feel that the rate of interest prevailing in the market have touched rock bottom and the rates can only move upwards.
- What is a floating rate loan against property? In a floating rate loan against property the interest rate charged by the lender keeps changing with respect to the rates in the market over the tenure of the loan. Normally the rate charged is on the basis of their cost of funds and the prevailing market rates. These rates change periodically. Accordingly the tenure increases or decreases or alternatively the EMI increases or decreases based on whether the rates move upwards or downwards.
- Can I avail of fixed or floating rate loan? You can go for either fixed or floating rate loan against property.
- How the valuation of my property will be determined? The value of your property will be determined by the bank offering you the loan against property.
- What is an amortization schedule? An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.
- How to foreclose the loan against property? The loan against property can be foreclosed by approaching the lending bank. You have to issue a cheque favoring the bank, upon clearance of which the documents will be released for that loan. Kindly note that banks change a small amount of fee for foreclosing a loan against property.
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*The calculated EMI is based on your total eligible loan amount.
*The eligibility amount is in Lacs.
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