Loan Against Property is a kind of secured loan. This sort of funding can easily be acquired by mortgaging your assets such as residential or commercial property. The Banks and financial institutions put forward mortgage Loans against Property for properties like residential, commercial property or vacant land, etc. It's a secured category loan, which means that if the applicant fails to pay back the loan amount then the bank or the financial institute can legally put up the property for sale in order to recover the remaining loan amount. .
However, the property rights stay with the applicant throughout the tenure. The borrower can normally use or lease the property, in case of loan against commercial property. In case of joint property rights, all the co-owners require being the co-applicants in the loan.
The illustration below indicates what to expect at every step during the loan evaluation process. It helps understand how the credit decisioning works in banks and the steps they take before deciding to accept or reject a loan/ credit card.
Fill in the Loan Against property Application Form, to check your eligibility.
Compare various Loan Against property loan options, and apply for the suitable option.
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1. Proof of Business - Shop and Establishment Certificate, Vat Registration Certificate/ Service Tax Certificate.
2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.
3. Business profile on the letterhead of the company.
4. ID/ Age Proof - PAN Card, Passport, Aadhar Card
5. Cheque of Processing Fee.
6. Last 6-month bank statement
7. Property documents
8. Residence Proof – Passport, aadhar card, gas bill, water bill, postpaid bill
9. 1 photograph
Most banks follow the same general rules in terms of document requirements. There may be a few changes in certain cases, in which case, our loan officers will guide you personally to complete the documentation process. Salaried individuals.
1. Form 16 of the last 2 years or Income Tax Returns.
2. Salary slips of the last 3 months.
3. Last 6 months bank statement till date (reflecting salary credits).
4. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and
5. Cheque (as per requirement)
6. Residence Proof – Passport, postpaid bill, water bill, gas bill
7. Property documents
8. 1 Photograph
1. Age proof of all the partners in the form of PAN Card, Passport or Aadar Card.
2. PAN Card of the company.
3. Residence proof of all the partners – Utility Bills/ Passport/Bank statement/ Registered rent agreement.
4. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate.
5. Latest 3 years Income Tax returns with profit and loss and balance sheet duly audited by CA.
6. Latest 12 months bank statement of the Company and of the Partners’ Savings Bank Account.
7. Existing Loans' Sanction letters accompanied with repayment track.
8. Business profile on the letterhead of the company.
9. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
10. Cheque of Processing Fee.
1. Application form duly filled with photographs of directors.
2. Age Proof of Directors - PAN Card, Aadhar Card, passport.
3. Residence Proof of Directors - Utility Bills/ Passport/Bank statement/ Registered rent agreement.
4. PAN Card of Company.
5. Education Qualification - A professional qualification certificate in case of Doctors/CA/Architects.
6. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate.
7. MOA, AOA, List Of Directors, Share Holding Pattern of the Company.
8. Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA.
9. Latest 12 months bank statement of Company of all current accounts and the same for Director’s Savings Bank Account.
10. Existing Loans’ sanction letter with repayment track of company and Individual Directors.
11. Business Profile on the Letter Head of the Company.
12. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
13. Cheque of Processing Fee.
1. Occupancy Certificate.
2. Approved Plan of building.
3. Share certificate copy.
4. Past 13 years Chain of deeds.
5. Nil Encumbrance Certificate - EC (if applicable).
6. Current Sale agreement/ Draft Agreement to sell.
Your eligibility for Home Loan is determined by the following factors:-
Income- must be a salaried or self employed individual with a stable income source.
Age- must be between 24-60 years.
Credit score.
Total assets and liabilities
No of dependents
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