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Loan Against Property (LAP)

Loan Against Property (LAP) Now your property can take care of your personal as well as your family’s needs. Loan against Property is multi-purpose loans which can be taken against your residential or commercial property and is available for personal expenses like Business expansion, holidays, education, marriage etc. Loan amount could range from Rs.20 lakh to Rs.5 Cr. Loan. Eligibility depends on your income and the market value of the property. The loan can be as high as 65 % of the value of residential property and upto 50 % in case of commercial property. LAP is available from minimum 1 year to a maximum of 15 years. List of Documents Required for LAP :- General Documents 4 Photographs of all applicants Bank Application form with photograph duly signed by all applicants Identity Proof of all applicants (copy of Pan Card, Passport, election ID) Residence Proof. (Copy of Ration Card, Electricity bill, Tel. bill, Gas bill, LL Agreement) Proof of qualification. If any Loan running then please Provide Loan Repayment Track Record. Processing fee cheque Property Documents Original Chain of Agreement along with stamp duty and registration paid Receipt. NOC from Society/Builder. Share certificate For Salaried Latest 6 Months Salary Slip. And latest salary increment letter. Latest 12 Months Updated Bank statement of Salary account. Latest 2 Years Form-16. Last 3 years ITR For Self Employed Business Proof along with Company Profile. (BMC Property Tax paid bill and Receipt, Shop & Establishment, society maintenance. Audited Latest 3 years ITR set duly certified by CA. Latest 12 Months Updated Bank statement of Current and saving a/c. Eligibility... This criteria varies from one bank to another. Some of the common factors are :-

AGE

Minimum age required is 21 yrs for salaried and 23 years for self-employed.
Maximum is 50 years for salaried and 65 years for self-employed.

INCOME

Minimum income should be Rs.20000/- per month.

OWNERSHIP

Loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owner

GEO LIMITS

Individual financers have their own geo limitations. Generally most of the banks prefer the property to be located within City Limits.