Do you want to take loan? Are you not getting unsecured loan? If you have a property and want to take a loan by mortgaging this property, then you will get the loan, which is called loan against property(Mortgate Loans).
The bank would like to know from you why you want to take the loan. Loan against Property, you can take for business expansion, for building a house, for daughter’s marriage and for other purposes.
Mortgage loans-Loan against Property
If you have property and want to take loan against property, by mortgaging the property, then it is called loan against property(Mortgage Loans).
In times of limited salary and inflation, you may have a sudden need of money at any time.on the other handPersonal loan also has a limit that you cannot take a loan of more than a certain amount. Your need may be so big that you are planning to sell your property. However, you can consider Loan against Property (LAP) for getting a large loan amount. By mortgaging the property you were trying to fulfil your need than selling it, you will get the job done. You can use residential or commercial property for loan against property. Come; let us know about it in detail.
Loan Amount(Loan to Value):-
The loan amount is based on the value of the property. Most banks or other lending companies offer loan amounts between 50-75 per cent depending on the market value of the property. The loan amount depends on the condition of the place where the property is located. After all this the credit score of the applicant, source of income etc. is seen.
Now the bank sees what is your income. Are you a salaried man or a businessman? If you work, then you can get a home loan of four times your annual income, if no EMI is going on then , if any your EMI is going on, the bank will give you that loan amount except for, which will become your eligibility.
If you are a businessman then you will get 7 times of your annual income home loan. If no EMI is running then , if any your EMI is going on, the bank will give you that loan amount except which will become your eligibility. All banks in the country loan against property give, the process of giving loan of all banks is different. The interest rate of all the banks is different, the terms and conditions of all the banks are different. If we follow them then we get loan easily. Before taking a loan, we need to know the bank terms and conditions, before taking a loan, we should know interest rate, processing fees-paid , the insurance and additional deductions.
Documents required for Loan against property:-
Usually, almost identical documents are required to be produced for all the banks. Here we are giving the list of required documents to this,, according to complete your paper preparation for mortgage loan.
Documents required for all types of applicants Applicant:-
- Identity Card
- Loan Application- Fill your loan application form and three passport size photographs with it.
- Identity Proof- PAN, Passport, Driving License, Voter Card. One of these ID cards.
- Residence certificate- copy of telephone bill, electricity bill, water bill, gas pipeline bill; Copy of Passport, Driving License or Aadhar Card. any one of these.
Property Papers for Mortgage Loans :-
- Registered Agreement for Sale, Allotment Letter for Sale or Stamped Agreement
- Possession Certificate
- Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan Copy (Xerox Blueprint) and Builder’s Registered Development Agreement, Conveyance Deed (For New Property)
- Account Statement
- Bank account statements for the last six months of all the bank accounts with the applicant,
- if any loan has already been taken from any other bank or lenders, then loan statement for the last one year
Income proof of Salaried applicant, Co –applicant and the Guarantor:-
- Salary slip or salary certificate of last three months, Bank Statement of LAST 3 MONTHS
- Copy of Form 16 for last two years or copy of IT Returns of last two financial years
Income proof of Non-salaried applicant, Co -applicant and Guarantor:-
- Business address Proof
- IT Returns for the
- last three years Balance Sheet and Profit and Loss Account for the last three years
- Business License details
- TDS Certificate (Form 16A, if applicable) Qualified for
- CAs, Doctors and other professionals education certificate