Mortgage Loan

Mortgage Loan

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. Loan Against Property will cover all your Financial Needs Like expand your business, personal uses, educational expenses, marriage expenditure, Higher studies…etc

Who can Apply for LAP?

• Property should be located in India
• You should be one of the owner of the property.
• It is necessary that the co-owner apply as LAP co-applicant

Rate of Interest

Rate of Interest for LAP ranges from 11% to 18%

Documents Required for LAP:

Proof of Identification (any one of the following)

• PAN Card
• Aadhar Card

Proof of Address (any one of the following)

• Passport
• Utility bill (telephone, electricity, water, gas) – less than 2 months old
• Letter from a recognized public authority verifying the customer’s residence address
• Bank passbook or Bank account statement

Proof of Income for Salaried Applicant (any one of the following)

• Payslip (Last 2 months)
• Increment or Promotion letter
• IT returns (for 3 years)
• Form 16
• Certified letter from Employer

Proof of Income for Businessman (any one of the following)

• Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
• Audited Balance Sheet and Profit & Loss accounts, including Tax Audit Report, if applicable