About Loan Against Property:
A loan against property is a solution for you. You can avail funds for your personal or business expenditures with a help of banks or Financial Institution. You can use these funds for renovating, purchasing a commercial property, new furniture, household appliances, starting a business, as a Capital for your existing business, for growing an existing business, for Holiday trip. You can raise a large loan through a loan against property with longer terms which will lead to lower EMI at a lower rate of interest. It also means that you can raise funds without selling your property and in return, you pay an interest rate lower than unsecured loans.
- Loan against Property can be taken for following purposes:
- Expanding your business
- Get your child married
- Send your child for higher studies
- Fund your dream vacation
- Fund Medical Treatments
FEATURES OF LOAN AGAINST PROPERTY:
- Cheaper than Personal Loans: It works out to be much cheaper than a personal loan, which is usually issued at interest rates in the region of 11% - 21%.
- Longer Loan Tenure: The tenure for a Loan against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 15 years.
- Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
- Simple documentation and Fast Approvals
- Lowest Interest Rate
- Service at your door step
- Maximum Loan Eligibility
- Easy Repayment
Documents for Loan Against Property:
- Salaried / Individuals Documents for Salaried/Individuals
- 1) One Photograph each of App and Co applicant.
- 2) Copy of ID Proof / Signature Proof / Date of Birth proof: PAN Card/ Valid Passport.
- 3) Last 3 Months salary slips.
- 4) Last 2 years form no 16.
- 5) Bank Statement of last six months.
- 6) Copy of latest Address Proof
- 7) Property Documents
- Self-Employed Documents for Self-Employed
- 1) One Photograph
- 2) Copy of ID Proof / Signature Proof / Date of Birth proof: PAN Card/ Valid Passport
- 3) Copy of latest Address Proof
- 4) Business proof.
- 5) Business Address Proof
- 6) Last 2 years Income Tax Returns with Computation of Income, Balance sheet and Profit& Loss Account along with Annexure (CA certified or Audited) Individual as well as of company.
- 7) Bank statement for last 1 year – All Accounts (Self and Business).
- 8) Existing Loan statement or Sanction letter for all current loans.(if Any).
- 9) Property Documents