Loan Against Property
   
 

Loan against Property is a secured loan. If you own Residential or Commercial property you could utilize the value of the same by opting for mortgage loan. The property papers are retained as security for a loan at a much lesser rate than personal loan.

 

The ownership of the property is retained by the owner. In case of inability to repay the loan the property could be disposed of to repay dues.


Loan against property can be taken either for personal or business purpose like working capital, business expansion, repayment of expensive loans etc. Option for an overdraft facility is also available.

 

Loan amount could range from Rs.10 lakh to Rs.50 Cr.

 

Loan tenor could extend up to 15 years.

 

Eligibility depends on income and the current market value of the property.

 

Rate of interest could be in the range of 12% to 16 % on monthly reducing basis.


Various types of loan against property are :

 
 
Process...
All Purpose Loan

  • One can use this loan for a variety of purposes, like funding existing business, debt consolidation, emergencies, education etc.

  • Loans against residential & commercial properties ranging from Rs.10 lakh to Rs.3 crores.

  • It is an ideal product for debt consolidation.

  • Flexible process.LAP can be availed on either self owned or family owned property.

  • Attractive Interest Rates.

  • Easy repayment through EMI's or overdraft facility.

  • Loans to Salaried and Self Employed.

  • Fast Process.

  • On complete set of documents being provided as per check list forwarded documents are sent to the respective bank/institution for processing.

  • On acceptance of the documents by the bank/institution a physical verification of residence & office and of the documents submitted, is initiated along with current credit history report as maintained by Cibil.

  • Post positive verification of residence and office and acceptable credit history as captured by Cibil a personal interview /discussion is arranged at the customer's office by the bank/institution.

  • Based on and subject to credit comfort and mitigation of any further queries the file is forwarded for sanction to the appropriate authority.

  • On sanction loan agreement is executed and all additional documents as required post personal discussion including original title deeds etc. has to be submitted along with either post- dated cheques or security cheques in case of repayment through electronic clearance (ecs).

  • The loan is disbursed subsequently. In certain cases disbursement is subject to the mortgage deed being registered.
 
Eligibility...

This criteria varys from one bank to another some of the common factors ar e:


  • AGE
    Minimum age required is 21 yrs for salaried and 23 years for selfemployed.
    Maximum years is 50 years for salaried and 65 years for selfemployed.
  • INCOME
    Minimum income should be Rs.20000/- per month.

  • OWNERSHIP
    Loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owner.
  • GEO LIMITS
    Individual financers have there own geo limitations.Generally most of the banks prefer the property to be located within City Limits.
  • TENURE
    LAP is available from minimum 1 year to a maximum of 15 years.
 
FAQ...
  • What are the interest rates ?
    Interest rates on loan against property range from 12 per cent to 16 per cent.


  • What are the modes of repayment?
    There are normally 2 modes of repaying either opting for a overdraft facility or
    through regular EMIS.

  • What is the difference between a LAP and a personal loan?
    LAP is taken by mortgaging property.
    Personal loan is without any security or guarantors.

    LAP is Cheaper then Personal loans generally 12%-16% interest rate.
    Compared to LAP interest rates fall in the range of 16%-21%

    Personal Loan is available from Rs.50,000/- upto Rs.20 lakhs
    LAP is available from Rs.10 lakh upto Rs.3 crores.

    Maximum loan tenure for LAP is up to 15 years (180 months)
    Maximum loan tenure for personal loan is up to 5 years (60 months)

  • What percentage of the property value is the loan sanctioned?
    LAP is sanctioned upto 60% of the property value if residential and 40% to 50 % in case of commercial.

  • What documents are required ?
    Though the documents vary from bank to bank the common documents are:

  • Photographs
    Proof of Identity
    Proof of age
    Proof of Signature
    Residence Proof
    Proof of business existence
    Qualifications Certificate (For Salaried)
    Proof of business existence
    Income Proof Salary Slips ,Form 16(For Salaried)
    3 years Income Tax returns (self and business)
    Business profile
    Property Documents & NOC from Society.
    Last 6 months bank statements
    Processing fee cheque

  • What happens if the loan is not repaid?


    The Property can be repossessed by the lender to recover its outstanding loan amount. To allow recovery of the loan amount, courts can order foreclosure (sale in the open market to recover dues) of the property.

  • What are the interest rates?
    Interest rates on loan against property range from 12 per cent to 16 per cent.

  • What are the modes of repayment?
    There are normally 2 modes of repaying either postdated cheques or through ECS.

  • What is the difference between a LAP and a personal loan?
    LAP is taken by mortgaging property.
    Personal loan is without any security or guarantors.

    LAP is Cheaper than Personal loans generally 12%-16% interest rate.
    Compared to LAP, interest rates fall in the range of 16%-21%.

    Personal Loan is available from Rs.50, 000/- up to Rs.20 lakhs
    LAP is available from Rs.10 lakh up to Rs.50 crores.

    Maximum loan tenure for LAP is up to 15 years (180 months)
    Maximum loan tenure for personal loan is up to 5 years (60 months)

  • What percentage of the property value is the loan sanctioned?
    LAP is sanctioned up to 65/70 % of the property value if self- owned self-occupied residential property
    50/55% in case of self-owned rented property.

    Similarly 50/60 % in case of self- owned self-occupied commercial property and 40/45% in case of self owned rented commercial property.

  • What documents are required?

    Though the documents vary from bank to bank the common documents are:

Business  :

  • Photograph (Applicant and Co-applicants)
  • Pan card (Applicant and Co-applicants)
  • Pan card of firm/company if applicable
  • Residence & Office address Proof :

    Latest Electricity bill or Receipt of Maintenance Charges
    or valid Passport or Purchase/Lease Deed/Leave &
    License Agreement of Residence or Office Premises.
    (Either residence or office has to be self or family
    owned as per current policy)

  • Business Existence Proof:

    VAT/CST/Service tax Registration certificate or SSI Permanent Registration Certificate or Warehouse Receipts or Shop & Establishment Certificate.

  • Business Profile on Company's Letterhead.
  • Partnership deed/Memorandum and Articles of Association with certificate of incorporation as
    the case may be. (Amended/Reconstituted partnership deed or Form 32 where ever required)
  • Last three years complete set of IT papers including Computation of income, Profit & Loss A/c.
    and Balance Sheets with all schedules, annexures, Auditor's/Director's report, Form 3CA/3CB, &
    3 CD as the case may be (duly certified by a Chartered Accountant wherever applicable).
  • Latest 12 months current account Bank statement of the Firm of all accounts.
  • Sanction/Closure letter of all existing loans including CC/OD etc.
  • Individual Income Tax Returns of the Individual/Partners/Directors for last three years.
  • Latest 12 months Bank statement of Individuals, Partners, Directors.
  • List of the Existing Directors & Share Holding pattern of the company on letter head duly
    certified by Chartered accountant or latest copy of ROC to substantiate the same.
  • Property papers- Complete set -chain of agreements where applicable, Share certificate.
  • Cheque favouring bank/institution towards valuation, legal and title clearance.

Salaried

  • Photograph (Applicant and Co-applicants)
  • Pan card (Applicant and Co-applicants)
  • Residence & Office address Proof :

    Latest Electricity bill or Receipt of Maintenance Charges or valid Passport or Purchase/Lease Deed/Leave & License Agreement of Residence or Office Premises. (Either residence or office has to be self or family owned as per current policy)

  • Salary Slips for latest 6 months in.
  • Company ID card copy.
  • Appointment letter.
  • Form 16 for latest 2 years.
  • Savings and salary account for latest 12 months.
  • Sanction/Closure letter of all existing loans including CC/OD etc.
  • Property papers-

    Complete set -chain of agreements where applicable, Share certificate (front & back), Approved plan copy, CC & OC

  • Cheque favouring bank/institution towards valuation, legal and title clearance.

  • What happens if the loan is not repaid?

    The Property can be repossessed by the lender to recover its outstanding loan amount. To allow
    recovery of the loan amount, courts can order foreclosure (sale in the open market to recover dues) of the property.
 

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