Loan against property is a secured loan that financial institutions provide against fully constructed, freehold residential and commercial properties.
Benefits:
1) Get a Loan at Lower Interest Rates
2) Continued Usage of Property
3) Partial Fund Disbursements
4) Long Repayment Tenure
5) Higher Loan Amount
Documents:
For Salaried Individuals:
• proof of residence: Ration Card , Telephone Bill , Electricity Bill , Voter's ID Card
• proof of identity: Voter's ID Card , Employer's Card
• Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
• Salary slip for the previous 6 months showing all deductions
• Copies of all the property documents of the concerned property to be pledged for the loan
For Self Employed Professionals/Individuals
• Certified Financial Statement for the previous 3 years
• A copy of any of the following as proof of residence: Ration Card, Telephone Bill , Electricity Bill , Voter's ID Card
• A copy of any of the following as proof of identity: Voter's ID Card, Employer's Card
• Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
• Copies of all the property documents of the concerned property to be pledged for the loan