Loan AGAINST PROPERTY

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Overview

Overview

Loan against Property, as the name itself implies is a loan given against the mortgage of a property. The loan is disbursed as a certain percentage of the market value of the property pledged, usually around 50-60%.

Why a Loan against Property?

Even in case one is a meticulous saver, at times his finances may be strained and he may seek a little help to tide him over. Though personal loans are a preferred option for many, a better option would be to leverage an owned asset- your house.

An owned house can be used as collateral for taking a loan from a bank. The latter exercises due diligence as far as the house is concerned, appraise its market value and offers up to 70% of its assessed value as a loan. Owing to the fact that collateral is being offered, a loan against property is considered as a secured loan and thus, a borrower gets a higher loan amount that the one he would have got for any unsecured loan like a personal loan.

The only loan that is less expensive that a loan against property is a home loan.

Which properties are eligible for a loan against property?

A loan against property can be availed against a residential as well as commercial property, be it self-occupied or rented. This may be constructed or even a plot of land.

For what purposes can a Loan against Property be availed?

A loan against property can be taken for the below listed purposes:

» Business Expansion
» Child’s higher education
» Child’s marriage
» Funding vacation
» Funding Medical Treatments

DOCUMENTS REQUIRED

DOCUMENTS REQUIRED

Self Employed Businessman

  • Last 2 years’ certified financial statements
  • Residence proof
  • Proof of age and identity
  • Business Existence Proof
  • Last 6 months’ bank statements
  • Copy of partnership deed (if any)
  • Passport Size Photograph

Salaried Customer

  • Residence proof
  • Proof of age and identity
  • Last 6 months’ bank statements
  • Last 3 months’ salary Slips
  • Last 2 years’ Form 16
  • Passport size photograph

Professionals Customer

  • Last 2 years’ certified financial statements
  • Residence proof
  • Proof of age and identity
  • Business Existence Proof
  • Last 6 months’ bank statements
  • Copy of partnership deed (if any)
  • Passport Size Photograph
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