How to apply for Loan Against Property
Advantages of Loan Against Property
- Lower interest rates as its secured loan.
- The loan amount can be used for Business Working Capital.
- Greater Credit Eligibility.
Minimum Requirements for Loan against property
₹ 35 Lakhs
TIME IN BUSINESS
Documents required for Loan Against Property or Mortgage Loan
PROCESSING FEE CHEQUE
COPY OF PROPERTY DOCUMENTS
LAST 3 YEARS BALANCE SHEET
LATEST OD/CC SANCTION LETTER
INCOME TAX RETURN OF LAST 3 YEARS
PROOF OF BUSINESS
PROFIT & LOSS STATEMENT
Frequently asked questions
- LAP EMI is a defined amount you will pay for repayment of your loan monthly till the loan is completely paid.
- However, the EMI amounts stays the same, every month the part of interest keeps coming down and principal keeps on increasing, except when interest rate increases.
- LAP tenure in India ranges from 5 years to maximum of 18 years. Longer the tenure, lower the EMI.
- The easiest way of paying a mortgage loan EMI is by the way of ECS in favour of the bank. It is not necessary to have a bank account in the same bank from whom you have availed the loan.
- Other instruments can include post-dated cheques (PDCs) and by demand drafts, although, these are rarely used nowadays.
- Your income, savings, debt obligations are considered.
- Cost/value of the property against which you want loan are considered.
- Your track record for other loans, credit cards repayments are considered.
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