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Who Can Apply ?
Loan Term ?
Maximum Loan Amount
Any individual or organization having immovable property can take Loan against Property.
Loan Against Property can be arranged for 2 to 15 years of period depending upon the age of the borrower and co borrower.
Loan amount offered by bank depend upon various factors such as Type of Property, Age of the borrower typically mortgage loan are arranged up to LTV of 60-70%.
The LTV ratio differs by type of property. LTV ratio is highest for loans taken against residential property, while LTV ratio is lowest for loan against commercial property.
Loan Amount
For industrial property
For residential property
For commercial property
Maximum Funding
50 - 55%
60 - 70%
60 - 70%
(In exceptional cases customers can get upto 100% of agreement value), for details apply for a Home Loan Now
LAP
As name suggest it is a Loan given against mortgage of property, loan against property can be arrange against residential / Commercial / industrial property. It is a secured loan and it is taken by giving property as security.
Loan against Property (LAP) is a secured loan, which helps borrowers to meet their business and personal financial needs by mortgaging their property. Loan against property can be availed by both salaried and self-employed.
Types of LAP
Regular Loan against Property
This type of loan is taken for Business expansion, acquiring assets, funding college fee,
Funding dream vacation, for Marriage or Medical emergency.
Loan against Property Overdraft
Borrowers who expect to have surplus income or fluctuating income during the year can opt for LAP overdraft. Under this facility, borrower is charged interest rate only on the principal outstanding and can deposit surplus money in loan account any time. This option is highly suitable for self-employed businessmen or professionals who have fluctuating funds requirements throughout the year.
Loan against Property Top Up
Top up loan is an additional loan amount that you can avail on your existing Loan against property. Lenders apply LTV cap on Loan against the property to calculate your top up loan amount eligibility. This means that the amount of top-up loan plus your existing mortgage loan outstanding should be less than or equal to 70% of the market value of the property. Top up amount eligibility varies from bank to bank based on your income and value of the property and needs a thorough comparison
Process
Sign Up
- With the little of your time and we will make it easier for you to get your approvals in place.
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- Get your loan disbursed in seven simple steps
Give Requirement
- Then, securely share your Preferences & Requirement like Loan amount, current loan and financial info.
Select Offer
- With the help of our advance algorithm and Industry Expert at backend, we will be able to offer you best suitable option for your Home Loan. You can Customize your mortgage solution based on your specific goals.
Upload Documents
- Securely share your documents at the touch of a button to get the most accurate numbers.
Track Online Application
- Get real time update on and approval with the click of a button.
Disbursal
- Get the Disbursement for your Mortgage with speed and confidence.
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Filled application form with photographs
Application forms need to be signed with photograph for all borrowers.
Personal Identity Documents
- ID Proof ( Driving license / Ration card / Passport / PAN card / Voter’s ID card / Employee ID / Bank passbook )
- Age proof ( PAN card / Birth certificate / 10th class marksheet / Bank passbook / Passport / Driving license )
- Address Proof ( Bank passbook / Bank account statement / Voter’s ID / Ration card / Passport / Utility bill (telephone, electricity, water, gas) – less than 2 months old / LIC policy receipt / Letter from a recognized public authority verifying the customer’s residence address )
Income Proof
- Salary Slips for past 6 months
- Copy of Form-16 Past 3 Years
- Appointment Letter with Current CTC
- Increment Letter latest
- Three Years Complete set of Income Tax Returns (Income tax Acknowledgement, Computation of Income, Profit and Loss account and balance Sheet
- Copy of Form 26 AS (Current Year and Past 2 financial years)
- Copy of Salary Slips which reflect Bonus Received for past 3 years + Relevant Extract of
- Bank Statement Reflecting Receipt of Bonus.
- Profile of the company on letterhead of the company
- Three years complete set of Income Tax returns (Including ITR acknowledgement, Computation of income, Balance sheet and Profit & Loss a/c, Audit & Tax Audit Reports) duly certified by CA
- Existing Loan sanction letter with repayment track
- GST Registration Certificate with last two years return
- Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
- Proof of investments
- Certificate of Practice (If Applicable)
- Receipts of advance tax payments (if any)
- One year bank statement (Saving & Current)
- Pan Card of the company
- Profile of the company on letterhead of the company
- Three years complete set of Income Tax returns (Including ITR acknowledgement, Computation of income, Balance sheet and Profit & Loss a/c, Audit & Tax Audit Reports) duly certified by CA
- Existing Loan sanction letter with repayment track of Individual & Company
- GST Registration Certificate with last two years return
- Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
- Partnership Deed of the company
- Proof of investments
- Certificate of Practice (If Applicable)
- Receipts of advance tax payments (if any)
- Latest 12 months bank statement of Company of all current accounts and the same for Partner’s Savings Bank Account Pvt Ltd / Ltd Companies
- Pan Card of the company
- Profile of the company on letterhead of the company
- Three years complete set of Income Tax returns (Including ITR acknowledgement, Computation of income, Balance sheet and Profit & Loss a/c, Audit & Tax Audit Reports) duly certified by CA
- Existing Loan sanction letter with repayment track of Individual & Company
- GST Registration Certificate with last two years return
- Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
- MOA/AOA of the company with share holding pattern on letter head of the company
- Proof of investments
- Certificate of Practice (If Applicable)
- Receipts of advance tax payments (if any)+
- Latest 12 months bank statement of Company of all current accounts and the same for Director’s Savings Bank Account
Property Documents
- Occupancy Certificate
- Approved Plan of building
- Share certificate copy
- Chain of deeds in case of resale property
- Property Card
- Nil Encumbrance Certificate- EC ( if applicable)
- Current Sale agreement/ Draft Agreement
Prepayment
As name suggest it is simply means that repayment of part or full amount of the loan before it’s officially due. it offers an alluring proposition: By paying what you owe early, you are reducing the amount of interest you owe to the lender, which can save you good chunk of interest in the long term.
Balance Transfer
When your current rate of interest is higher than current market rate it is advisable to switch from one lender to another, usually lender offer lower interest rate and/or more flexible features. Interest component on your home loan is higher in first 5 to 6 years so it is advisable to do through analysis of saving and cost you will incurred with balance transfer.
Offset Balance Loan
You can reduce the effective rate of interest on your home loan by stashing extra funds you have in to your transaction account which is linked to your home loan account. In this the account’s balance (or a proportion of that balance) is ‘offset’ daily against your home loan balance, and as a result you’re only charged interest on the difference between the total loan balance and the amount offset.
This means the lender charges you less in interest because they are not charging you interest on the full, actual remaining balance of your loan.