In the real estate and housing finance market today, we regularly come across the term “Home Loan Against Property”. Loan against property is nothing but a loan which you avail by keeping your commercial/residential property as a collateral. Another name for Loan against property is a secured loan. The security in this kind of loan is the property owned by the person applying for the loan. The value of your property decides the amount of potential loan you will be sanctioned.

Value of your property is not the only criteria for banks to decide whether you are eligible for a loan. It must be noted that as a standard practice, lending institutions generally sanction loans of approximately, 65% of the value of your property. The tenure offered in LAP is 15 years subject to age norms while the rate of interest varies between 12% to 16%. We would often look into your income details, savings, employment track and other aspects before coming to disbursement. Your property or collateral would be evaluated on the current market value and correspondingly the loan amount would be calculated. Getting a LAP becomes much more streamlined and swift if you have all the basic documents in place. A quick check of the documents for LAP.

Considering all these elements of LAP, it offers you a good option to raise money for financing a big expense. Probably the only disadvantage of the loan is that the inability of its repayment can lead to the bank taking possession of your property. Nevertheless, if you accurately plan your finances and the interest payments, the loan can be repaid smoothly.

KYC Documents
Home related documents
Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
Bank Statement for the last 6 months for the Savings Account & Current Account,
Copy of either Shop & Establishment License / VAT Registration or GST registration any other mandatory license / Registration
Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
Copy of Tax Deduction Certificate / Form – 16A (if applicable)
Details of Contract (if applicable)
Copy of Advance Tax paid / Self Assessment Tax paid challan
Copy of Educational Qualification Certificate
Copy of Professional Practice Certificate
Salary Certificate (in case of doctors having salaried income)

Rashan Card
Electricity Bill
Mobile Bill
Land Line Bill
Passport
Mool Niwas Patra
House Tax Slip
Water Bill Gas Bill
Aadhaar Card

Pan Card ( Compulsory )
Aadhaar Card ( Compulsory )