Loan Against Property

A Loan against property is a type of loan that allows borrowers to borrow money against the value of their property. This type of loan is becoming increasingly popular due to its flexibility and accessibility.

One of the key benefits of a loan against property is that it can provide borrowers with access to a large amount of funding. This can be particularly useful for those who are in need of a substantial amount of money for a variety of purposes, such as business expansion, debt consolidation, or education expenses.

Another advantage of a loan against Property is that it is secured against the borrower’s property. This means that borrowers can enjoy lower interest rates compared to unsecured loans, as the lender has a lower level of risk.

Additionally, a loan against property can be a great way to put an existing asset to use. Instead of letting a property sit idle, borrowers can use it to access the funding they need to achieve their financial goals.

However, it is important to note that there are risks associated with this type of loan. If borrowers are unable to repay the loan, they risk losing their property. As a result, it is essential to carefully consider the terms and conditions of the loan and ensure that the repayments are manageable.

In conclusion, a loan against Property can be a powerful financial tool for those who are looking to unlock the value of their property. By understanding the risks and benefits of this type of loan, borrowers can make informed decisions and choose a loan that suits their needs.

General checklist

Salaried

Application form to be filled and signed by applicant and co-applicant.
One Passport Size photo of applicant and co-applicant.
Copy of Latest Telephone bill for residence address proof.
Copy of Pan Card of applicant and co-applicant.
Copy of last 3 months payslip and CTC letter.
Copy of last 2 years Form 16 and Saral.
Copy of last 6 months bank stmt where salary is credited.
Processing fee cheque in favour of Bank/ HFC’s.
Details of Present loans with sanction letter and repayment track record.

Self –Employed

Application form to be filled and signed by applicant and coapplicant.
One Passport Size photo of applicant and coapplicant.
Copy of Latest Telephone bill for residence address proof.
Copy of Pan Card of applicant and co-applicant.
Copy of Registration certificate of firm.
Copy of last 2 years ITRs with Statement of Income, Profit & Loss Account, Balance sheet with Form 3cb & 3cd.
Copy of last 12 months bank stmt
Copy of Partnership deed in case of partnership firm.
Copy of MOA & AOA in case of Pvt ltd co.
Processing fee cheque in favour of Bank/ HFC’s.
Details of Present loans with sanction letter and repayment track record.

Additional documents

Pre-Approved Projects (Direct Purchase from builder)

Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale and Construction agreement.
Copy of Assignment agreement (if transferred from assignor)

Un- approved Projects (Direct Purchase from builder)

Copy of legal documents of the project.
Copy of approved plan for the project.
Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale and Construction agreement.
Copy of Assignment agreement ( if transferred from assignor).

Individual Resale house:

Copy of legal documents of the property.
Copy of approved plan for the property.

Plot Purchase:

Pre-Approved project:

Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale agreement.

Un- approved Projects:

Copy of legal documents of the project.
Copy of approved plan for the project.
Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale agreement.

Balance Transfer loans:

List of original documents held in bank
Foreclosure-Quote.
Loan sanction letter and Repayment track record.

Check Eligibility

Loan Against Property

General checklist

Salaried

Self –Employed

Additional documents

Pre-Approved Projects (Direct Purchase from builder)

Un- approved Projects (Direct Purchase from builder)

Individual Resale house:

Plot Purchase:

Pre-Approved project:

Un- approved Projects:

Balance Transfer loans:

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