Piyush P Jain & Associates

Loan Against Property

What is LAP?

Loan against Property scheme is a secured individual loan for personal purpose which you can avail by mortgaging your property as a security or collateral. These loan schemes are also known as mortgage loans or Loan against Property. Any individual can avail this loan if he/she has immovable property.

Required documents of individuals

1. KYC ( Aadhaar, PAN). 2. Salary Slip of last 3 months, if salaried person. 3. ITR along with Computation of last 2 F.Y or Form-16 of last 2 F.Y ( For Salaried). 4. ITR along with Computation of last 3 F.Y ( For Business or Profession). 5. Bank account Statement of last/latest 6 months ( salary Account). 6. Bank Statement of last 1 year ( For Business or Profession). 7. Rent agreement of applicant ( If residing in rented house). 8. Utility Bill ( if residing in own house)

Required Property Documents

1. Original Title deed. 2. Chain of Title deed ( if Purchase or sale for more than once in last 13 years). 3. B-1 Khasra. 4. Diversion order. 5. Building Permission. 6. Latest Municipality Tax receipt

1. LTV Ratio Shall be 65 % for Loans Up to 1 Crores. 2. Maximum Tenure shall be for 15 years or attaining the age of 70 years. 3. Processing Fees ( 1% + GST). 4. EM Charges (1%). 5. Document Charges

Note: these above conditions may be differ from bank to bank