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Loan Against Property
Get Best Loan against property interest rates at Loan adda. Top Bank loans provider for commercial loans,property loans,housing 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.
- Child Education.
- Business Expansion.
- Buying other property.
- Debt Consolidation
Can be used for :-
Steps to Apply Home Loan
Secured Loan - Property Loan - Mortgage 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.
Applicant fill out a loan application form.
Documents hand over to the bank.
Bank check your reports and cibil score.
High cibil score leads to eligibility check basis documentation.
Documents Required For Home Loan
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. 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.
Documents required for Guarantor:
Your eligibility for Home Loan is determined by the following factors:-
Income/ Other Income
No of dependents
Let your property be a shelter to your dreams
Loanadda Housing Loans come to you on the solid foundation of trust and transparency built in the tradition of 45+ Banks. Get a loan against residential or commercial property; buy new property or refinance existing loans.
- Attractive interest rates.
- Flexible tenure options.
- Faster processing
- Balance transfer.
- Door step service.