Loan Against Property (LAP)

Loan Against Property Interest Rates Comparison in India

Checklist of Loan Against Property Documents Required:

For Salaried Applicants

Proof of identification (any one of the following):
1 PAN card
2 Passport
3 Driving License
4 Voter’s ID
5 Employee ID
6 Bank passbook
7 Ration card
Address proof (any one of the following):
1 Passport
2 Utility bill (telephone, electricity, water, gas) – less than 2 months old
3 Letter from a recognized public authority verifying the customer’s residence address
4 Bank passbook or Bank account statement
5 Voter’s ID
6 Ration card
7 LIC policy/ receipt
Residence ownership proof (any one of the following)
1 Property documents
2 Maintenance bill
3 Electricity bill
Proof of income (any one of the following):
1 Pay slip (Last 2 months)
2 Increment or Promotion letter
3 IT returns (for 3 years)
4 Form 16
5 Certified letter from Employer
Proof of job continuity (any one of the following):
1 Current job appointment letter (if more than 2 years have been spent in the same job)
2 Current employment certificate
3 Experience certificate (including previous job certificate or appointment and relieving letter)
Bank statement: Last 6 months bank statements of salary account
Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
Investment proof (if any): fixed deposit, fixed assets, shares, etc.
Copies of all property documents: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
Advance processing cheque: to process loan documents for sanction

For self-employed Individual/Businessman:

♦Proof of Identification
♦Proof
♦Residence ownership proof (any one of the following.
1 Property documents
2 Electricity bill
3 Maintenance bill
Office address and ownership proof (any one of the following):
1 Property documents
2 Electricity bill
3 Maintenance bil
Proof of business existence (any one of the following)
1 Sales deed/ agreement (executed)
2 Saral copy (3 years old)
3 Copy of tax registration
4 Company registration license
Proof of Income (any one of the following)
1 Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
2 Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
♦Bank statement: Latest 1-year bank statement (both savings and current)
♦Copies of all property documents: Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
♦Advance processing cheque: to process loan documents for sanction
♦Passport size, colored photograph
♦Investment proof (if any): fixed deposit, fixed assets, shares, etc.
♦Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
♦Professional Degree Certificate: (in case of professionals).

SANCTION LIST OF DOCUMENTS

SALARIED:

1 Application form completed with 2 photograph duly filled in and signed
2 ID Proof : PAN CARD
3 Residence Proof : Latest Telephone bill / Bank Statement containing address for last 6 months / Electricity bill / Ration card / Letter from Employer
4 Salary slips for last 3 months
5 Latest Form 16
6 Copy of Appointment Letter with Latest CTC & Confirmation Letter
7 Original Bank Statement / Passbook of salary A/C for last 6 months (updated)
8 Last Qualification Proof
9 Previous Employment details if applicant is in probation
10 Investment Proof
11 Processing Fees Cheque
12 Repayment Track Record if any

SELF EMPLOYED / PROFESSIONAL:

1 Application form completed with 2 photograph duly filled in and signed
2 ID Proof : PAN CARD / PASSPORT / VOTER ICARD / Employer ID Card / Driving license
3 Residence Proof : Latest Telephone bill / Bank Statement containing address for last 6 months / Electricity bill / Ration card
4 Last 3 years ITRs ( SARAL, Computation of income, Profit & Loss A/c, Balance Sheet, TDS Certificates ( if applicable ), Tax Paid Challans
5 In case of Partnership firm : ITRs for last 3 years and Partnership Firm
6 In case of company : Audit Reports for last 3 years and MOA & AOA
7 Bank Statement / Passbook of Current & SB A/C for last 6 months ( updated )
8 Alternate Business Proof (Shop Registration Certificate Certificate etc.)
9 Processing Fees Cheque

IN CASE OF TAKE OVER:

1 Outstanding loan quotation
2 Repayment Track Record
3 List of Documents
4 NOC for take over
5 Copies of Property Agreement
6 Sanction plan copy ( Blue Print )
NIR:
1 Copy of Passport, Visa, Service Contract, Salary slip ( all duly attested by Indian embassy / Notary / HFL Officials / Bank )
2 GPA (GENERAL POWER OF ATTORNEY ) in our format ( all duly attested by Indian embassy / Notary / HFL Officials / Bank )
3 Bank Statement for past one years of recent employment
4 NRI Bank Statement for 6 months
5 And see list of salaried documents
# above mentioned income documents are required for the Co-applicant also if
His/her income is considered
PROPERTY REALATED DOCUMENTS TO BE ATTACHED:
E or F or G or H whichever applicable

E) For Purchase of New Flats from Builders/ Promoters:

1 Agreement to sale with builder and the Registration Receipts.(2 copies)
2 Blue print of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red colour for easy identification.
3 N.A. Permission and ULC order copy.
4 Title investigation report for last 12 years (Search report for 12 yrs. Conducted within one year.
5 Development Agreement and Power of Attorney / sale deed in favour of the builder.
6 Receipts of payments made to the builder.
7 7/12 OR CTS extract OR Property card.
8 NOC from builder in prescribed format.
9 Completion Certificate, if obtained.
10 Society documents mentioned below under (I). ( if applicable )
F) For Purchase of Resale Flat:
Agreement to sale with the vendor and the Registration Receipt. (2 copies).
Agreement to sale between vendor and the builder and its Registration receipt.
Copy of the conveyance deed between builder and the society is registered.
Receipts of payments made to the vendor.
Documents 2, 3, and 4,5,7,8,9,10, of point (E
G) For construction / Extension / Renovation of House:
Sale deed / Lease deed and its Registration.
7/12 extract and the Index II.
Demarcation / Layout certification
Abstract & Detailed Estimate for construction / extension prepared & certified by a Licensed Surveyor / Architect.
H) For Plots / Houses / Flats allowed by MHADA / PCNTDA / MIDC / MHB
Allotment letter.
NOC from the body.
Additional certificate (in PCNTDA) cases only).
Lease deed & its Registration receipts.
Blue print of the sanction building plan and commencement certificate attested by the sanctioning authority.
Receipts of payment made to the body.
Additional Documents are to be submitted:
1 Society Registration Certificate
2 Society Bye-laws.
3 Share Certificate.
4 Letter of allotment of flat / house / plot.
5 Society NOC. (prescribed format available with our office)
In case of Builder APF or Reference
♦ Agreement to sale with builder and the Registration Receipts.
♦ Blue print of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red colour for easy identification.
♦ Receipts of payments made to the builder. If cheque Payment then Bank clearance required.
♦ NOC from builder in prescribed format.
♦ Builder Demand Letter