Loan Against Property (LAP)
We Provide Term loan and fund up to 75% Market Value of property For a tenor of 120 months with following advantages.
- Longer repayment tenors helping in maximum utilization of funds with small cash flows
- Lower interest rates due to collateral property
- No foreclosure charges***
- Registered Mortgage not required***
- Part payment facility available
We fund against residential, commercial and Industrial properties for a tenor up to 180 months at competitive rates in easy installments. The funds can be used to meet long term goals of company and part payment facility up to 25% of principal amount facility can be availed without any prepayment charges. We can avail liquidity against the property, as well as get benefit of appreciation of property over the tenor of loan. The property value is determined by our valuers, and the funding is done against current market value. We can also enhance the loan value after vintage period of 12 months depending on market value and business growth.
Property Type : Don't be worried about the type of your property. We accept both - residential and commercial*
Flexible product offerings : Pick from an EMI based loan or an Overdraft facility, suited to your needs.
Easy repayments : With longer repayment tenure & competitive interest rates, EMI is certainly lower compared to other funding options.
Loan for the self employed : We offer customized loan options for self-employed individuals.
If you have decided to expand your business or fund your personal requirements through a Loan against Property, we advise you to first check eligibility criteria according to your employment status.
If you are a salaried individual, you will require the following documents:
- Your Proof of Residence - A ration Card / Telephone Bill / Electricity Bill / Voters Card will do
- Your Proof of Identity - A Voter's Card / Driver's License / Employer's Card will do
- Your latest Bank Statement / Passbook from where you can show a salary / income being credited from the past 6 months
- Your Salary Slip from the last 6 months with all deductions shown. A Form 16 from the last 2 years will also be required
- Copies of all Property Documents of the concerned property that you chose to pledge for the loan
If you are a self employed professional/individual, you will require the following documents:
- Certified Financial Statement for the last 3 years
- Your Proof of Residence - A ration Card / Telephone Bill / Electricity Bill / Voters Card will do
- Your Proof of Identity - A Voter's Card / Driver's License / Employer's Card will do
- Your latest Bank Statement / Passbook from where you can show a salary / income being credited from the past 6 months
- Copies of all Property Documents of the concerned property that you chose to pledge for the loan