Loan Against Property for Salaried
Loan Against Property is a kind of secured loan, given to borrowers for personal use and does require security or collateral. While drawing the Loan Against Property you are not required to disclose the end use of the borrowed money and can pay off the amount of loan in easy installments.
Quantum of Loan Against Property
Quantum of Loan Against Property for salaried person is estimated on the basis of income of applicant, credit score, capacity of repayment, and steadiness of source of income for such applicant.
Repayment schedule provides the amount of each EMI, due dates and breakup between principal and interest components. It also provides the outstanding principal after realization of each EMI.
Any individual who is in permanent service in government or a reputed company
The applicant in all the cases should be above 24 years of age at the time of loan commencement
and up to the age of superannuation
Professionals (ie, doctors, engineers, dentists, architects, chartered accountants,
cost accountants, company secretary, and management consultants only) can apply
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years
or less at the time of loan maturity
Any individual filing Income Tax returns can apply
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
All resident individuals can apply. The lessee must however be a company as defined under
the Companies Act, 1956. Funding will be done only against ready commercial property. The same will
be restricted to 85% of the net present value of the future rentals or 50% of the value of property,
whichever is lower
List of Documents required
Voter's ID card or driving license or PAN card or photo credit card or employee's ID card,
or defense or police or government department ID card
Voter's ID card or driving license or PAN card or photo credit card
Latest salary slip showing all deductions or Form 16 along with recent salary certificate
IT Returns for the last 2 years and computation of income for the last 2 years certified by a CA
Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement
Last 6 months
Application Fee Charges
We charge a very nominal amount of processing fee and their is no hidden cost incurred to you. No
other charges you need to pay at the time of processing the loan application.
Generally there are heavy application fees & charges incurred to borrowers at the time of
processing the application of LOAN AGAINST PROPERTY. LAP also constitutes other charges levied by
the lender which affect the overall cost of your loan. Some other hidden are incurred to you.