Loan Against Property
Loan Against
Property
Loan on Various types
A loan against property can be given against commercial property, residential property and even a loan to purchase a commercial property.
How does loan against property work
When you apply for a loan against property, the Bank will evaluate your property and accordingly will provide you with a certain percentage of the property amount. This percentage will usually hover between 50-75%*. The Bank will give you these funds in advance so you can utilize the loan amount and sort all your problems. But please remember that this money that has been given to you will be repayable with interest. You can re-pay this loan amount through monthly EMIs (Equated Monthly Installments).
DOCUMENTS REQUIRED​
For Salaried Individuals
A copy of any of the following as proof of residence:
- Ration Card
- Telephone Bill
- Electricity Bill
- Voter’s ID Card
A copy of any of the following as proof of identity:
- Voter’s ID Card
- Employer’s Card
Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
Salary slip for the previous 6 months showing all deductions
Form 16 for the previous 2 years
Copies of all the property documents of the concerned property to be pledged for the loan
For Self Employed Professionals / Individuals
Certified Financial Statement for the previous 3 years
A copy of any of the following as proof of residence:
- Ration Card
- Telephone Bill
- Electricity Bill
- Voter’s ID Card
A copy of any of the following as proof of identity:
- Voter’s ID Card
- Employer’s Card
Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
Copies of all the property documents of the concerned property to be pledged for the loan
Would you like to start a project with us?
Still have a doubt, lets get started with a free consultation. Let us know your requirements and we will send you the shortlisted services for queries.