Documents Necessary for LAP Approval
What are the Documents Necessary for LAP Approval?
While the documents necessary for getting approval varies
from bank to bank, the standard procedure includes:
- Duly filled loan application form with passport-size photograph.
- Residence and identity proof.
- Last 6 months’ salary slip for salaried individuals, and certificate and proof of business and income source for self employed professionals and businessmen.
- Last 6 months bank statement – self and business for self employed businessmen.
- Form 16 for salaried individuals and last 3 three years ITR and Profit and Loss and Balance Sheet for self employed professionals.
- Process fee checks.
Loan against property belongs to the secured loan category
where the borrower gives a guarantee by using his property as security. The
loan is given as a certain percentage of the property‘s market value, usually
around 40% to 60%.
Loan against property can be availed against commercial
property and residential property for either business activities or personal
activities
Loan amount will be determined based on repayment ability.
Repayment is ability is decided on the basis of age, income, educational
qualification, spouse‘s income, savings, number of dependants etc. Eligibility
of loan cannot exceed 85% of the property cost
Repayment of loan is possible for over a period of maximum
15 years but may vary with bank. Repayment will not extend the age of 60 years
or retirement.
Mostly 1.5% of the loan
amount is charged as processing fee.
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