Everything You Need To Know About
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Loan Against Property
Overview
Online Lowest Loan Against Property interest rates
for
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loans on Loanadda. India top bank loans
providers. Apply Online Loan Against Property is a secured loan in which property is used
as a collateral to raise funds from a lending institution. The property being mortgaged can be
residential property, commercial property, land, industrial property etc. The loan amount is
ascertained by individual banks and is based on the market value of the property. The maximum
amount is subject to LTV, which varies from 50-70 % of the market value of the property.
For example, if your residential property (self occupied) is worth 100 lakhs in the market, you
can avail a loan against property in the range of 60-70 lakhs depending on the lending
institution and if you have commensurate income to pay the EMIs.
Benefits & Uses
Can be used for :-
- Child Education.
- Business Expansion.
- Buying other property.
- Debt Consolidation
Documents Required For Loan Against Property
Most banks follow the same general rules in terms of document requirement. 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 last 2 years or Income Tax Returns.
2. Salary slips of last 3 months.
3. Last 6 months bank statement reflecting salary credits.
4. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
5. Cheque of Processing Fee.
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. Existing Loans’ Sanction letters accompanied with repayment track.
4. Business profile on the letterhead of the company.
5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
6. Cheque of Processing Fee.
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.
Eligibility Criteria
1. Income/ Other Income
2. Age
3. Qualification
4. Property value
5. No of dependents
6. Bank Balance
7. Assets/Liabilities