Loan against property (LAP) is mainly a loan disbursed against the mortgage of your property. It is given as a certain percentage of the residential or commercial property’s market value which is usually around 40 to 60%. LAP belongs to the secured loan category under which the borrower needs to give his property as security.When you apply for a loan against property, you get to leverage the economic worth of your commercial or residential unit while continuing to enjoy the occupancy of the same. There are various purposes for which the loan can be obtained, for instance, you can avail the loan for expanding your business, funding your dream vacation, meeting medical treatment requirements, sending kids for higher studies or to get your son/daughter married. Know more about Mortgage Loan Against Property.
Documents for proof of identity and address such as PAN card, Aadhaar card, Passport etc.
Financial documents such as your salary slips, latest Form – 16, bank statements, etc.
Documents such as Letter of Allotment, Agreement to Sale, Registration receipt, NOC from builder, etc. which help track your property, at every crucial step of the buying process.