Loan against Property (LAP) is very unique product which couples the feature of a personal loan and a secured loan. This loan product helps in unlocking the value of the most precious asset: your Property. The end use of the loan is not monitored when compared to any other secured loan which generally comes with a specific purpose. In that sense, LAP is an any purpose loan, but at the same time secured by collateral of property.

Features of LAP:-

• The Loan Is Secured In Nature.
• Only Those Who Own A Clear And Marketable Property Can Avail This Loan.
• Loan Is Long Term In Nature, Usually Ranges Between 7 To 15 Years Depending On The Use Of Property (Commercial Or Residential)
• Interest Rates Are Low When Compared To Unsecured Loan.
• Funds Can Be Used For Any Personal Or Business Purpose.
• Best Suited For People Looking For Debt Consolidation And Business Expansion
• Quantum Of Loan Is High Depending On The Value Of Property
• It Increases The Future Borrowing Capacity Along With Property Appreciation.
• The Loan Can Also Be Used As A Normal Overdraft Or A Dropline Overdraft (Depending On The Lender)

Documents Required For Loan Against Propery Loan:

• Photograph
• Identity proof
• Address proof
• Income proof
• Bank Statements
• Continuity Proof
• Qualification proof (applicable only for Self Employed Professionals)
• *Income proof of salaried employees are pays lips and bank statements.

For self-employed applicants, the following documents are required

• Income tax returns along with all supporting including audit reports for the past 3 years.
• Last 12 months’ bank statements of main business banking.
• In addition, there are some other common documents related to the property that are also required to be produced.
• Original title deeds of the property that is being offered as collateral to loan.
• Property tax receipt.