Your property is very valuable; you can use it to fulfill your requirements. Loan against property comes with a benefit of comparatively less rate of interest as in this process the property of the applicant is offered as the security to the financial bank. Many banks provide loan against property because it is considered as one of the best way to raise money. In order to sanction this loan you have to fulfill all the legal formalities and provide us all the important documents so that we can easily provide you hassle free services.
Eligibility criteria
Loan against property is the best way to raise money with comparative low rate of interest. The eligibility criteria for loan against property are:
The value of the property that has to be mortgaged is noticed under the loan against property scheme.
Annual income is considered.
Age of the person applying for LAP is also an important factor. The age for applying for loan is different for different banks.
Bank statements and information of prior loans is required.
SR. NO.
DOCUMENTS TYPE
REQUIRED DOCUMENTS
1
ID PROOF
COPY OF, PASSPORT / PAN CARD / VOTER ID CARD / DRIVING LICENSE/ RATION CARD / ADHAAR CARD
2
ADDRESS PROOF
COPY OF , PASSPORT/UTILITY BILL/VOTER ID CARD / DRIVING LICENSE/ RATION CARD / ADHAAR CARD
3
AGE PROOF
COPY OF, PASSPORT/ PAN CARD/DRIVING LICENSE/BIRTH CERTIFICATE/RATION CARD
4
SIGNATURE PROOF
COPY OF, PAN CARD/BANK AUTHORIZED LETTER
Documents required for loan against property
FINANCIALS DOCUMENTS-
SR. NO.
REQUIRED DOCUMENTS
1
4 PHOTOGRAPH FOR APPLICANT & CO-APPLICANT
2
COMPANY PROFILE (HISTORY, BACKGROUND & GROWTH) + DIRECTOR / PARTNER / PROPRIETOR (BACKGROUND,
EXPERIENCE)
3
LATEST LIST OF DIRECTOR & SHAREHOLDING PATTERN ON LETTER HEAD ATTESTED BY CA
4
NET WORTH STATEMENT OF ALL DIRECTOR ATTESTED BY CA
5
LATEST SALE TAX/SERVICE TAX/ VAT/CST/CERTIFICATE OF REGISTRATION
6
COPY OF MOA/AOA/PARTNERSHIP DEED (AS APPLICABLE)
7
COPY OF LATEST VAT OF TILL DATE FOR LATEST FINANCIAL YEAR
8
COPY OF PROVISIONAL BALANCE SHEET AND PROFIT & LOSS A/C
9
LAST 3 YEAR, ITR + COMPUTATION OF INCOME + AUDITOR’S REPORT +PROFIT & LOSS+ BALANCE SHEET WITH COMPLETE SCHEDULE
10
LAST 6 MONTH BANK STATEMENT OF ALL RUNNING BANK ACCOUNTS OF COMPANY
11
LAST 6 MONTH BANK STATEMENT OF ALL RUNNING BANK ACCOUNTS OF DIRECTOR / PARTNER / PROPRIETOR.
PROPERTY DOCUMENTS-
SR. NO.
REQUIRED DOCUMENTS
1
COPY OF PROPERTY PAPER WITH COMPLETE BACK CHAIN
2
COPY OF SANCTION PLAN
3
COPY OF LATEST HOUSE TAX RECEIPT
ADDITIONAL DOCUMENTS-
SR. NO.
REQUIRED DOCUMENTS
1
COPY OF SANCTION LETTER & AMORTIZATION SCHEDULE OF ALL RUNNING LOAN.
2
LATEST STATEMENT OF ACCOUNT OF ALL RUNNING LOAN
3
COPY OF LOAN CLOSURE LETTER / NOC, IF ANY LOAN CLOSED IN LAST 6 MONTH.
