Loan Against Property

In today’s world, the level of standard of living is increasing continuously. To cope-up with the growing need of finance, individual can take loan against property. You can opt for the loan against property by keeping your property as a security to to the lending bank or financial institution. The property type can either be a commercial/residential building or just a piece of land.

You can take loan against property and use it to fulfil a variety of needs-

Any medical emergency
Child’s education
Marriage purpose
Buying or constructing house
Business related use
For some other personal use

Here, are the types of Loan Against Property-

Loan against Self Occupied CommercialProperty.
Loan against Vacant Residential Property.
Loan against Rented Residential Property.
Loan against Industrial Property.

Documents required for Loan Against Property

Here are the documents required for Loan Against Property-

For Salaried Individual

Passport size photograph.
ID proof- PAN Card, AADHAR Card, Voter Id card.
Address proof– Ration card, Passport, Any utility bill like electricity or gas bill (for last 2 months), LIC policy/receipt, Bank account statement, Letter from a recognized public authority verifying the customer’s residence address
Residence Ownership proof– Any maintenance bill, property documents.
Income proof– Salary Slip of last 2 months, copy of FORM 16, IT Return of last 3 years, Promotion letter.
Proof of job continuity– Current job appointment letter (if it is more than 2 years), Current employment certificate, Experience Certificate (including your previous job certificate or appointment and relieving letter).
Bank Statement– Last 6 months bank statement of salary account.
Investment proof (if any)- fixed assets, shares, fixed deposits etc.
Advanced Processing cheque for processing loan documents for sanction.

For Self-employed Professional Individual

Passport size photograph.
ID proof- PAN Card, AADHAR Card, Voter Id card.
Address proof– Any utility bill like electricity or gas bill (for last 2 months), Property Documents.
Office Ownership proof– Any maintenance bill, property documents.
Income proof- Latest 3 years Income Tax Returs attested by a Chartered accountant, Audited balance sheet and Profit & Loss accounts, including tax audit report.
Address proof– Ration card, Passport, Any utility bill like electricity or gas bill (for last 2 months), LIC policy/receipt, Bank account statement, Letter from a recognized public authority verifying the customer’s residence address
Residence Ownership proof– Any maintenance bill, property documents.
Income proof– Latest 3 years Income Tax Returs attestede by a Chartered accountant, Audited balance sheet and Profit & Loss accounts, including tax audit report.
Business Existence proof– Saral Copy of last 3 years, Any Tax Registration Copy, License of Company Registration.
Bank Statement– Last 1 year bank statement of both current and savings account.
Investment proof (if any)- fixed assets, shares, fixed deposits etc.
Advanced Processing cheque for processing loan documents for sanction.

For Self-employed Professional Individual

Passport size photograph.
ID proof- PAN Card, AADHAR Card, Voter Id card.
Address proof– Any utility bill like electricity or gas bill (for last 2 months), Property Documents.
Office Ownership proof– Any maintenance bill, property documents.
Income proof– Latest 3 years Income Tax Returns attested by a Chartered Accountant, Audited balance sheet and Profit & Loss accounts, including tax audit report.
Residence Ownership proof– Any maintenance bill, property documents.
Income proof- Latest 3 years Income Tax Returs attested by a Chartered accountant, Audited balance sheet and Profit & Loss accounts, including tax audit report.
Business Existence proof– Saral Copy of last 3 years, Any Tax Registration Copy, License of Company Registration.
Bank Statement– Last 1 year bank statement of both current and savings account.
Investment proof (if any)- fixed assets, shares, fixed deposits etc.
Advanced Processing cheque for processing loan documents for sanction.