About Loan against Property

When someone is looking for a loan by the way of mortgaging his property which is freehold (no matter if it is residential or industrial or commercial) is called loan against property.

Why do we need Loan against Property-?

In today’s fast age of tough competition everyone wants to be successful. Everybody wants to become more and more rich and successful in his life. So what is the most important thing to be successful? The most primary important thing to get success in your life is to be positive, think positive and act positive.

Then we need to dream and not only dream but to dream big. And when you have dared to dream, the next challenge comes how to realise it.

We help you in fulfilling that dream by the way of offering loan against property. We are providing the lowest rate on loan against property in market through different banks and NBFCs..

We are offering loan against property from Dewan Housing Finance, Cholamandalam, HDFC and Citi Bank and many other banks.

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DOCUMENTS REQUIRED

The documents to be submitted when applying for an LAP are as follows:

FOR SALARIED INDIVIDUALS

Proof of identity or residence
Latest salary slips
Form-16 issued by present employer
Bank statements of six months preceding the month in which loan is applied for
A cheque covering the administrative costs incurred by the bank in processing the application
A cheque covering the processing fee charged by the bank For Self-employed Professionals:

FOR SELF-EMPLOYED PROFESSIONALS:

Proof of identity or residence
Educational qualification certificates, degrees, diplomas, and other academic credentials
IT Returns of the three years preceding the one in which loan is applied for
Bank statements of six months preceding the one in which loan is applied for

FOR SELF-EMPLOYED BUSINESS PERSONS:

Proof of identity or residence
Educational qualification certificates, degrees, diplomas, and other academic credentials
Proof of existence of business
Detailed business profile
Profit and loss sheet and balance sheets of the company for the three years preceding the one in which loan is applied for
IT Returns (of both self and the company) of the three years preceding the one in which loan is applied for
Bank statements of the six months preceding the one in which loan is applied for

REPAYMENT

THE LOAN SANCTION MAY TAKE UP TO 15 WORKING DAYS TO PROCESS. THE INTEREST RATE CAN BE FIXED OR FLOATING .THE ROI CAN BE FIXED FOR THE INITIAL YEAR OF THE TENURE. THE TENURE GRANTED IS TO A MAXIMUM 15 YEARS UP TO THE AGE OF 65 YEARS.

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PROPERTY LOAN ELIGIBILITY

Should be an Indian national
Should be at least 21 years of age at the time of submitting the loan application
Should have been employed by your current organization or been involved in your business for a certain number of years
Should have the minimum required salary or monthly repaying capacity.
Self Employed & Salaried persons are eligible to take this loan.
Property should be dully registered
Property should be dully registered
There shouldn’t be any encumbrance or mortgage
More than one applicant can be part of the loan (could be a blood relative or spouse)

Debt Consolidation Loan - Eligibility

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a debt consolidation loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

Loan against Property

11.50%