>Loan against property: What you must know.
Posted by anuragmishra on April 21st Authentic Sergei Bobrovsky Jersey , 2017


You may have a lot on your mind when it comes to sending your children for education abroad or maybe finance your business or even finance your child's wedding. The first thing that would come into the mind of most of us is, 'Where would I get the money from?'


There are many ways you could arrange for money Authentic Evgenii Dadonov Jersey , and one of those ways is taking a loan. You could take a personal loan for the amount required, or you could take a loan against your property.


What is a loan against property?


A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value Authentic Vincent Trocheck Jersey , usually around 40 per cent to 60 per cent.


Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.


What purposes can I take a loan against property for?


Loan against Property can be taken for following purposes:

Expanding your business Getting your sondaughter married Sending your sondaughter for higher studies abroad Funding your dream vacation Funding medical treatments

What kind of properties can I mortgage for a loan?


You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.


What are the eligibility criteria to get a loan against property?


These criteria will vary from one bank to another. However, from all the host of factors Authentic Aleksander Barkov Jersey , the common factors that all banks look at are:

Your income, savings Sergei Bobrovsky Jersey , debt obligations Costvalue of the property mortgaged Your repayment track record for other loans, credit cards Evgenii Dadonov Jersey , etc.

What are the normal interest rates and tenure for repayment offered for a loan against property?


Interest rates on loan against property range from 12 per cent to 15.75 per cent, and the loan tenure can be up to 15 years.


How is a loan against property different from a personal loan?


Salaried Customers


Self Employed Professionals


Self Employed Businessman


Application form with photograph


Application form with photograph


Application form with photograph


Identity and Residence Proof


Identity and Residence Proof


Identity and Residence Proof


Latest Salary-slips


Education Qualifications Certificate and Proof of business existence


Education Qualifications Certificate and Proof of business existence


Form 16


Last 3 years Income Tax returns (self and business)
Last 3 years Profit Loss and Balance Sheet


Business profile
Last 3 years Profit Loss and Balance Sheet
Last 3 years Income Tax returns (self and business)


Last 6 months bank statements


Last 6 months bank statements


Last 6 months bank statements (self and business)


Processing fee cheque


Processing fee cheque


Processing fee cheque


What documents are required for applying for a loan against property?


Most banks and financial institutions typically require the following documents. However Vincent Trocheck Jersey , this list may vary from bank to bank.


Salaried Customers


Self Employed Professionals


Self Employed Businessman


Application form with photograph


Application form with photograph


Application form with photograph


Identity and Residence Proof


Identity and Residence Proof


Identity and Residence Proof


Latest Salary-slips


Education Qualifications Certificate and Proof of business existence


Education Qualifications Certificate and Proof of business existence


Form 16


Last 3 years Income Tax returns (self and business)
Last 3 years Profit Loss and Balance Sheet


Business profile
Last 3 years Profit Loss and Balance Sheet
Last 3 years Income Tax returns (self and business)


Last 6 months bank statements


Last 6 months bank statements


Last 6 months bank statements (self and business)


Processing fee cheque


Processing fee cheque


Processing fee cheque


A loan against property is one of the best ways to raise money. The only disadvantage of such a loan is that if the borrower is not able to pay the loan fully, the bank or the financial institution can take possession of the mortgaged property. Base your decision on your repaying capabilities.


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