Loan Against Property - PowerPoint PPT Presentation

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loan against property lap is a secured loan which n.
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Loan Against Property

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  1. Loan Against property (LAP) is a secured loan which you can avail by mortgaging your property. Banks and financial institutions provides mortgage Loan Against Property for residential, commercial property or land etc. It's a secured loan i.e. in case of loan default, bank can takeover the property and use it to recover loan dues. However the ownership of the property stays with you throughout the whole tenure. You can normally use or rent out the property,in case of loan against commercial property. Only if you can not repay the loan, the bank can sell the property to settle its debts. In case of joint ownership all co-owners need to be co-applicants in the loan. We at LoanAdda streamline the process of applying for loan against commercial property, residential property/plot by enabling you to compare between best loan against property (LAP)schemes, by teaming up with leading banks and NBFCs. With LoanAdda fund your dreams using your property , whether you are looking to expand your business or need financial aid for personal reasons such as education, home improvement or for wedding or other family occasions,LoanAdda offers loan amount upto 10cr for a tenure of 15-20 years at lowest loan against property interest rates. Most financial institutions have similar rules and parameters to check your loan against property eligibility depending on your repayment capacity( based on your annual income and past loans and other commitments ) & proper legal and technical verification of the property against which a loan is to be sanctioned. It includes physical visit to the property, ownership verification and valuation of property by a trusted valuer. Though all banks follow different norms the maximum loan amount one can avail is 60% of the property value. At LoanAdda cheapest loan against property interest rates are available, starting as low as 8.50% . Mortgage loan against property eligibility is evaluated on following benchmarks: ●Income- must be a salaried or self employed individual with a stable income source. ●Age- must be between 24-60 years. ●Credit score. ●Total assets and liabilities. ●No of dependants. Documents Required for Loan Against property: Property documents: 1. Occupancy Certificate. 2. Approved Plan of building. 3. Share certificate copy. 4. Past 13 years Chain of deeds. 5. Nil Encumbrance Certificate - EC (if applicable).

  2. 6. Current Sale agreement/ Draft Agreement to sell. Personal Documents: DOCUMENTS FOR INDIVIDUAL SALARIED FOR INDIVIDUAL SELF EMPLOYED FILLED APPLICATION FORM IDENTITY, AGE PROOF RESIDENCE, LAST 6 MONTHS BANK STATEMENT LAST 3 MONTHS SALARY SLIP PROCESSING FEE CHEQUE FORM 16/ ITR PROOF EXISTENCE OF BUSINESS BUSINESS PROFILE TAX RETURNS OF LAST 3 YEARS FOR THE EXISTING BUSINESS LAST 3 YEARS BALANCE SHEET, ACCOUNT, CERTIFICATES PROFIT/LOSS CA To better evaluate your loan against property options our online EMI calculator helps you calculate your monthly installments for repayment of your Loan Against property. Our EMI calculator is very easy to use. All you need to do is enter the following information:

  3. 1.The Loan Amount 2.Tenor( In Months) 3.Rate Of Interest And it calculates total amount payable every month until the loan has been fully repaid. Now use your property to boost your business or meet your personal financial requirements with LoanAdda’s various Loan Against property schemes. By using your property as security, you can easily avail a mortgage loan at cheaper interest rates than a unsecured personal loan, also the tenure of your loan against property may be up to 20 years. LoanAdda lets you unlock the value of your property to enable you to fund all your financial necessities. Compare online between best mortgage loans from top lenders with lowest loan against property interest rates on LoanAdda and opt the one best suited to you. Our on call experts are also here to help you at every step right till disbursal of your loan amount.