Features at Glance
- Loans from R20 Lacs onwards depending on your needs,
- Borrow up to 60% of market value of the property,
- Flexibility to choose between an EMI based loan or an overdraft,
- High tenure loans for ease of repayment,
- Attractive interest rates,
- Simple and speedy processing,
- Loan for salaried, self-employed individuals & Businessman, Loan for Personal & Business Use also,
- Loan for Personal & Business Use also.
Advantages of taking a Loan Against Property:
- Cheaper than Personal Loans: It works out to be much cheaper than a personal loan, which is usually issued at interest rates in the region of 16% - 21%.
- Longer Loan Tenure: The tenure for a Loan Against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 15 years.
- Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
- Simple documentation and Fast Approvals: LAP being a secured Loan has comparatively faster approvals and minimal documentation.
Loan Against Property can be taken for following purposes:
- Expanding your business,
- Get your child married,
- Send your child for higher studies,
- Fund your dream vacation,
- Fund Medical Treatments.
In nutshell, Loan Against Property is a secured multi-purpose loan with larger tenor and lesser rate of interest. Documents:
Common Documents-
- 2 Photographs each applicant & co- applicant.
- Passport of each applicant & co- applicant.
- Utility Bill of office and residence (latest month) each applicant & co- applicant.
- Pan Card Copy each applicant & co- applicant.
Income Documents-
- 2 years ITR, computation of income, P&L, Balance sheet, +all Annexure & schedule, Dr. & Cr. List. (self & CA attested)
- 2 years ITR, computation of income, P&L, Balance sheet of individual.
- Last 6 months bank statement of individual.
- Last 12 months bank statement of the company, and all the EMI reflection if any loans going on as per the Balance Sheet.
- Sanction letter of all Loans & OD/CC (if any).
- Sales & Purchase Summery April – 2011 – Till Date
- Dr. & Cr. List April – 2011 – Till Date
Additional Documents-
- MOA & AOA copy / Partnership Deed.
- List of Directors/ Partners
& Shareholder
- Pan card copy of Company
- Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, Service Tax, IEC )
Property Documents-
- Sales deed
- OC & CC
- Share Certificate
- Approved Building Plan
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