Loan Against Property: Optimize Your Capital.

Unlock the Power of Your Property

Do you own a property? You could be sitting on a pot of gold! A Loan Against Property (LAP) lets you borrow money by using your home or commercial property as a guarantee. It's a smart way to get a large sum of money for your big plans, all while you continue to own and use your property.

«« Why Choose a Loan Against Property?(As The Good Stuff!)»»

Think of a Loan Against Property as a powerful financial tool. Here’s why it’s a popular choice:

• Get a Big Loan Amount: Because you're providing a property as security, you can get a much larger loan compared to personal loans.

• Lower Interest Rates: With a secured loan like this, the risk for the lender is lower, which means you get to enjoy more affordable interest rates.

• Flexible Spending: The bank won't restrict how you use the loan amount. It's your money to use for your needs – be it business, personal, or anything in between.

• Longer Time to Repay: You can get a longer repayment period, which means smaller, more manageable monthly EMIs (Equated Monthly Instalments).

• You Still Own Your Property: You remain the owner of your property and can continue to use it as you wish.

• Quick and Easy Process: With clear property ownership, the loan approval process is often faster and simpler.

• Continue Using Your Property: You continue to use your property while repaying the loan.

How Does It Work?

• Apply: You apply for a LAP with your chosen lender.

• Property Valuation: The lender will evaluate your property to determine its market value.

• Loan Sanction: Based on your property's value, your income, and creditworthiness, the loan amount is sanctioned.

• Property as Collateral: Your property documents are kept as security with the lender until the loan is fully repaid.

• Disbursal: The sanctioned loan amount is disbursed to you.

• Repayment: You repay the loan in easy monthly installments (EMIs) over the agreed tenure.

Required Documents for Loan Against Property

To make your application process smooth and quick, have the following documents ready:

1. KYC (Know Your Customer) Documents:

• Identity Proof: PAN Card, Aadhaar Card.

• Address Proof: Aadhaar Card, Passport, Utility Bills (electricity, water, gas) - not older than 2-3 months.

• Passport-sized Photographs.

2. Income Documents:

For Salaried Individuals:-

• Last 3 months' salary slips.

• Last 2 years' Form 16 and IT Returns.

• Last 6 months' bank statements (where salary is credited).

For Self-Employed Individuals/Business Owners:

• Last 3 years' Income Tax Returns with computation of income.

• Audited financial statements (Balance Sheet, Profit & Loss A/c) for the last 3 years.

• Business proof (Shop Act license, GST registration, partnership deed, etc.).

• Last 12 months' bank statements (Saving/Current account).

3.Property Documents:

• Title deed of the property (original).

• Copy of Approved Building Plan.

• Occupancy Certificate (if applicable).

• Property tax receipts.

• Encumbrance Certificate (showing no outstanding dues or claims on the property).

• Sale agreement/Deed of Conveyance.

4. Other Documents (if applicable):

• Sanction letter of existing loans (if any).

• Bank statements showing repayment of existing loans.