LOAN AGAINST PROPERTY / MORTGAGE LOAN - UNAPPROVED PROPERTY POLICIES

About LAP/ Mortgage Loan

LAP is a secured loan in which immovable collateral is involved. This means if you need this loan, you will have to hold your property as mortgage with the bank. Any property whether it is commercial or residential, Industrial can be used in order to get a loan against property. You can get 40-75% of the property's value as the loan amount. Hence if you have more than one property under your name, you can mortgage all of them to get a higher loan amount. You can use your mortgaged property while repaying the LAP unlike gold where the gold ornaments remain with the banks or NBFCs and you don't get them back until the loan is repaid in full. The lender will evaluate your property and finalize the market value for it. On the basis of that value, you will get the loan amount


Purpose of LAP

For Business Working Capital requirements
To purchase new property/land by mortgaging existing property
For marriage
To fund emergency medical treatments
To fund higher studies
To fund a vacation
For home renovation or expansion


Properties Accepted

1. Society Patta

2. Agriculture Land – Constructed property only (Subject to development)

3. Industrial Patta / Commercial Property (for purchase / Purchase + Construction / Mortgage allowed.)


Profile Accepted (Income wise)

1. Salaried

2. Self-employed (Business man)


Note:

  1. Open land Mortgaged is not allowed for society patta & Agriculture land.
  2. Mortgaged loan from another bank can be transferred by us.
  3. Basement, stilt floor, pent house properties of any patta is also acceptable for mortgage.
  4. Minimum amount for login – Rs. 5 Lac for a single case.
S.No. Particulars Description
1. Rate Of Interest 13%-19%
2. Co-applicant requirement Co-Applicant must be in blood Relation,Wife.
3. Guarantor requirement Depends on Bank requirements.
4. Fixed-Obligation-to-Income ratio (FOIR) 50% - 70%
5. Loan Tenure 3 years to 20 years
6. Minimum Loan Amount 5 Lakhs

Profile accepted (Document wise)

1. Clients having income proof (ITR, business registration, form 16 etc.) or clients not having any income proof both are acceptable for this loan.


List Of Documents

- The list of required documents differs from lender to lender. But we have given a generic list of required documents below:
S.No. Particulars Description
1. ID Proof Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
2. Address Proof Aadhar Card, Bank statement, Rent Agreement, telephone/electricity/water/credit card bill or Property tax.
3. Business Proof Business registration proof such as Udyog Adhar, Shop Act, VAT/CST,Service tax, GST Registration as applicable
4. PhotoGraph Passport-size photographs of Applicant & Co-Applicant
5. Banking Bank Statement of Last 6 Months
6. Income Proof 3 Months salary slip and form 16 of last 2 years(if applicable)for salaried & 3 years ITR for self Employed
7. Property Papers Property Papers with complete chain documents
8. Current running loan details Current Running loan Sanction Letter & Repayment Schedule