Loan Against Property
Loan against Property (LAP), also known as mortgage loan, is given against the mortgage of a property, which remains safe with the bank/loan institutions till the loan taken is repaid. This property can be of many types – residential, commercial or industrial. A special thing in this is that you can get more loan amount on property loan at a lower interest rate starting from 7% per annum.Banks/loan institutions generally sanction mortgage loans comfortably between 50% and 70% of the market value of the property, which you can easily repay in EMIs over a period of about 20 years. Like an unsecured personal loan, this Loan against Property can also be taken to meet personal and business needs excluding risky activities. If you want to know how to get loan against property, how to take loan by mortgaging property or want to know about property loan, then this blog is for you.
Eligibility
To be eligible for a Loan against Property, you must have the collateral property in India. Your age must be 25 to 65 years and you must have a steady income from a job or a business with a minimum of Rs 25,000 a month. Once you have fulfilled all these criteria then you can easily apply for loan against property. In such a situation, the lenders will check all these aspects of yours and if you fulfill all these things then you will be able to get the loan against property.
Documents we required
When applying for a mortgage loan, the bank/loan institution asks you to submit certain documents to assess your paying capacity and ensure that all the information provided by you is correct. These documents may vary from bank to bank/loan institution. The documents may vary depending on the loan scheme you have applied for, type of resident you are and type of employment you have. However, the documents required to apply for Loan Against Property include – Duly filled application form, Passport size photograph, Your identity proof (Passport copy/Voter ID card/Driving license/PAN card), ResidenceProof of Age (PAN Card/Passport/Any other certificate from Statutory) and Proof of address (Ration Card, Telephone Bill, Electricity Bill, Rental Agreement, Passport Copy, Bank Passbook or Statement, Driving License, Authority), Bank Statement (Last 6 Months Bank Statement/Bank Passbook) or Last 6 Months, etc.
Our Process
In India, securing a loan against property starts with understanding your long-term vision and financial needs. We then leverage our expertise to assess potential risks and opportunities, connecting you with the best lenders and investors for a seamless and successful property loan experience.
In India, unlock additional funding potential for your business by leveraging your property. We prioritize exploring non-collateral options like MSME schemes based on your business credentials and unique selling proposition. If needed, we then confidently bring on board nationalized banks, private banks, NBFCs, and other institutions for secured or unsecured loans, or even equity participation, ensuring you secure the optimal funding solution.
Experience complete property loan support in India! We not only help you secure the funding you need, but also navigate the crucial post-loan phase. Our experts guide you through due reporting and prepare you for any financial institution reviews, giving you peace of mind.