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Loan Against Property (LAP)

Individuals and companies pledge real estate, insurance policies, FD certificates, mutual funds, shares, bonds, and other assets in a manner similar to pledging gold in order to borrow money. The lender will make an offer for a loan with some margin available based on the value of the pledged assets. The borrower must make timely payments in order to obtain ownership of the pledged assets at the conclusion of the term. In the event that this is not done, the lender may liquidate the assets to recoup the unpaid debt.

  • Checklist of Loan Against Property Documents Required

    For Salaried Applicants:

    • Proof of identification (any PAN & Aadhar is compulsary other than that one of the following):
      1. Passport
      2. Driving License
      3. Voter’s ID
      4. Employee ID
      5. Bank passbook
    • Address proof (any one of the following):
      1. Passport
      2. Utility bill (telephone, electricity, water, gas) – less than 2 months old
      3. Letter from a recognized public authority verifying the customer’s residence address
      4. Bank passbook or Bank account statement
      5. Voter’s ID
      6. Ration card
      7. LIC policy/ receipt
    • Residence ownership proof (any one of the following):
      1. Property documents
      2. Maintenance bill
      3. Electricity bill
    • Proof of income (any one of the following):
      1. Payslip (Last 3 months)
      2. Increment or Promotion letter
      3. IT returns (for 3 years)
      4. Form 16
      5. Certified letter from Employer
    • Proof of job continuity (any one of the following):
      1. Current job appointment letter (if more than 2 years have been spent in the same job)
      2. Current employment certificate
      3. Experience certificate (including previous job certificate or appointment and relieving letter)
    • Bank statement: Last 6 months bank statements of salary account
    • Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
    • Investment proof (if any): fixed deposit, fixed assets, shares, etc.
    • Copies of all property documents: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
    •  Advance processing cheque: to process loan documents for sanction

    For self-employed Individual/Businessman:

    • Proof of Identification
    • Address Proof
    • Residence ownership proof (any one of the following):
      1. Property documents
      2. Electricity bill
      3. Maintenance bill
    • Office address and ownership proof (any one of the following)
      1. Property documents
      2. Electricity bill
      3. Maintenance bill
    • Proof of business existence (any one of the following)
      1. Sales deed/ agreement (executed)
      2. Saral copy (3 years old)
      3. Copy of tax registration
      4. Company registration license
    • Proof of Income (any one of the following):
      1. Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
      2.  Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
    • Bank statement: Latest 1 year bank statement (both savings and current)
    • Copies of all property documents: Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
    • Advance processing cheque: to process loan documents for sanction
    • Passport size, coloured photograph
    • Investment proof (if any): fixed deposit, fixed assets, shares, etc.
    • Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
    • Professional Degree Certificate: (in case of professionals).