Documents Required While Applying for Loan Against Property
At times, you might face financial constraints and need a little help to figure your way out. Leveraging your assets could help you in such circumstances. So, opt for a loan against property (LAP) and avail its benefits. It is quite affordable and offers a higher loan amount as compared to unsecured loans. Let’s discuss what this loan is briefly.
Loan against property (LAP)
You can avail a loan against property by keeping your residential/commercial property as collateral. It is a secured loan which conveniently takes care of your financial requirements. The current market value of your property will determine the loan amount you’re eligible to receive.
Documents required for LAP
Salaried and self-employed individuals can easily meet the loan against property eligibility criteria. It is one of the simplest and hassle-free loans that can help you ease any financial burden. There is no criteria or restriction as to how or where you should use your money.
You can use the funds for any personal or business purposes as per your wish. However, for availing this facility, you will need to submit the following documents:
For salaried applicants-
- Copies of all property documents pledged for the loan.
- Salary slips of the previous 6 months with all the deductions mentioned.
- Bank statements of the previous few months.
- Form 16 of the previous 2 years.
- Residence ownership proof such as maintenance bill, property documents or electricity bills.
- Proof of your job continuity (appointment letter of current job or experience certificate).
For self-employed individuals-
- Office and residential ownership proof.
- Proof of current business.
- Bank statements of the primary account and also other accounts mentioned in the balance sheet.
- Partnership details and authority letter (for partnering firms).
- Audited ITR financial documents.
- Copy of all the documents of the property.
- In case of existing loans, submit a sanctioned letter and payment track record.
Along with the ones mentioned above, there are certain mandatory documents to be submitted for both categories. These include photocopies of-
- PAN card and passport.
- Driving license, voter’s ID, ration card, bank book for identity and address proof.
- Income and business continuity proof.
- Passport-sized photographs.
After taking the loan, you would be required to repay it in monthly instalments known as EMI. You can use the loan against property calculator available on our website.
Also known as the loan against property EMI calculator, this calculator helps you accurately compute the amount (EMI) that needs to be paid. You just need to enter your loan amount, rate of interest and tenure of the loan. With this, you can easily calculate the monthly instalments that need to be paid for your LAP.
Make sure that you furnish all the documents requested by your lender to enjoy a seamless experience.