Loan Against Property

Document Requireds to Apply for Loan Against Property

The documents required for loan against property vary from lender to lender, but typically require the following:

• Identity Proof

  Passport, PAN Card, Voter ID, Driving License

• Address Proof

  Passport, Voter ID, Driving License, Utility Bill

• Latest Bank Statements

  For the last 6 months

• Income Proof

  Salaried: Latest 3 months payslips;

• Self Employed: Last 3 years IT returns with computation of income

• Property Documents

  Title deed, sale deed, agreement of sale, property tax receipts, etc.

• Photographs

  Passport size photographs of the borrower

How to Apply for Loan Against Property at Loanlekardekho.com?

Applying for a loan against property at Loanlekardekho.com is simple and convenient. Here are the steps to apply for a loan against property on our website:

1. Visit Loanlekardekho.com and select the ‘Loan Against Property’ option.

2. Enter your loan purpose, loan amount, and desired tenure.

3. Fill in your personal and financial details like name, age, income, etc.

4. Upload the supporting documents like address proof, ID proof, etc.

5. Review your application and submit.

6. Our team will then verify your details and process your loan application.

7. Once your loan is approved, you will be required to submit the property documents for loan disbursal.

10 FAQs about Loan Against Property

• What is a Loan against Property?

  A Loan against Property (LAP) is a type of loan that is availed by using a property as collateral. The loan amount is based on the market value of the property and the borrower’s repayment capacity.

• What types of properties can be used to avail a Loan against Property?

  Most banks and financial institutions accept residential or commercial properties as collateral. It is also possible to use a combination of both, if the lender permits it.

• What is the maximum loan amount that can be availed?

  The maximum loan amount that can be availed depends on the market value of the property and the borrower’s repayment capacity. Generally, the loan amount is up to 70-80% of the property’s market value.

• What is the interest rate on a Loan against Property?

  The interest rate on a Loan against Property is generally lower than that of a personal loan or a credit card loan. It can range from 10.75% to 15.50% depending on the lender and the borrower’s profile.

• What is the loan tenure for a Loan against Property?

  The loan tenure for a Loan against Property can range from 1 year to 15 years.

• What documents are required to avail a Loan against Property?

  The borrower has to submit documents such as proof of identity, proof of address, income documents, and property documents. The exact list of documents varies from lender to lender.

• What are the benefits of taking a Loan against Property?

  The main benefits of taking a Loan against Property are:
  • Lower interest rates than other loan options
  • Flexible repayment tenure
  • Higher loan amounts
  • Easy access to funds
  

• How is the loan amount disbursed?

  The loan amount is generally disbursed in a lump sum. However, some lenders may disburse the loan amount in installments.
  

• What is the eligibility criteria for availing a Loan against Property?

  The eligibility criteria for availing a Loan against Property vary from lender to lender. Generally, the borrower should be at least 21 years of age and have a steady source of income.

• What will happen if I default on my Loan against Property?

  If you default on your Loan against Property, the lender has the right to take possession of the property used as collateral. The lender may then auction the property to recover the loan amount.