PROPERTY LOAN
HOW TO APPLY FOR LOAN AGAINST PROPERTY IN INDIA
What is Loan Against Property (LAP)? A home loan that you take against a property that you own, is defined as a ‘LAP’ in India’s housing finance world. Owing to the comparatively longer tenure and lower interest rates, it has emerged as a popular form of long-term loan, especially among the self-employed in India.
How to Take Loan on Your Property? A LAP could be taken against residential, industrial and commercial properties. In case of residential property, it could be a rented out property or a selfoccupied property, including apartments, flats, individual homes, etc. Commercial property includes office buildings, shops, malls, complexes, etc. Through this presentation you can apply for loan against property
Procedure you need to follow ● Start by filling out the application form. ● Confirm your details. ● Submit the necessary documents. ● Await the verification of the documents. ● Get the sanction letter from the lender. ● Await the property evaluation and legal check. ● Get the funds into your account.
Who Can Apply for Loan Against Property? Salaried applicants
Self-employed applicants
Age: 33 to 58 years
Age: 25 to 70 years
Employer: Private company, public company, multi-national company.
Income: Regularity of income.
Residency status: India
Residency status: India
Documents Required to apply for LAP Salaried applicants
Self-employed applicant
Six months’ salary slips.
Bank account statements of the previous six months.
Bank account statements of the previous three months.
PAN Card
PAN card
Aadhaar Card.
Aadhaar card.
Address proof.
Address proof.
Copy of the title documents of the property.
Copy of the title documents of the property.
Income tax returns.
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