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Loan against Property (LAP), also known as a mortgage loan, allows consumers to leverage their residential, commercial, or industrial properties to raise funds. Like unsecured personal loans, LAP can be availed for meeting both personal and business needs, other than speculative purposes. Banks and Housing Finance Companies (HFCs) offer loans against property for tenures of up to 20 years. Depending on the lender and the credit profile of the borrowers, the loan amount for LAP can go up to 75% of the property’s market value. Additionally, many lenders offer the Lease Rental Discounting (LRD) facility, enabling consumers to avail of loans by pledging the rental receipts of their tenants.

Documents required to Apply for Loan Against Property

Proof of Identity: (Passport/ Voter ID Card/ Driving License/ PAN Card)
Proof of Residence: (Ration card/ Telephone Bill/ Electricity Bill/ Rental Agreement/ Passport/ Bank Passbook or Statement/ Driving License)
Proof of Age: (PAN Card/ Passport/ Any other certificate from a statutory authority)
Proof of Income for Salaried: (Form 16, Latest Pay slips, ITR of past 1 year and investment proofs (if any)
Proof of Income for Self-Employed (Details of ITR of last 1 year, Balance Sheet and Profit & Loss Account Statement of the Company/Firm, Business License Details and Proof of Business Address)
Property-related Documents: (Title Deeds including the previous chain of the property documents, Nil Encumbrance Certificate on the concerned property, approved plan [if applicable])

Eligibility criteria for Loan Against Property

  • Residential Status: Resident Indian.
  • Minimum Age Limit: 18 years.
  • Maximum Age Limit: 70 years.
  • Employment Type: Salaried, Self-employed Professional and Self-employed Non-Professional.
  • Minimum Salary: At least Rs. 12,000 per month.
  • Net Annual Income: At least Rs. 1.5 lakh p.a
  • Work Experience: At least 1 year in the current organization.
  • LTV Ratio: Up to 75% of property value.
  • Credit Score: Preferably 650 and above.
  • Property Type: Residential, Commercial and Industrial properties are eligible to be pledged as collateral. Lenders will also consider the age and condition of the property before accepting the property as collateral.

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