Loan Against Property
- Special offer for Salaried Customers - 11.0% Rate of Interest (RoI), Nil Prepayment Charges
- Special Offer for Self Employed Customers - Interest Rates @ 10.60% from banks
- Avail 100% OD facility on LAP - pay interest on daily amount used and save interest on current balance
- Get upto 70% of current market value of property as loan
- Avail LAP on Residential or Commercial Property
- High Eligibility; Multiple Methods to Suit Your Requirement
- Loan tenure upto 18 years, overdraft available
- As business loan by individuals, private companies and SME's
- For purchase of new property by pledging existing property
- For personal use - marriages, education, home renovation, emergency
Uses of LAP
- Lower rate of interest vs business loan or unsecured loan
- Higher loan amount upto 70% of market value in case of residential property and 60% in case of commercial property
- No additional collateral or guarantee required
- Loan can be taken in name of company/ firm even if the property is owned in individual name of partners/ directors
Key Benefits of LAP
Are you being asked by your bank/ NBFC/ Housing Finance Company (HFC) to pay prepayment penalty or foreclosure charges on your loan?
- You can now prepay property loans without any penalty or charges if:
- Your loan has been sanctioned at a floating rate of interest and not a fixed rate.
- The loan is sanctioned in the name of one or more individual borrowers and not corporate entities
- Neither the borrower nor the co-borrower is a corporate entity (ltd. or pvt. ltd. company) or a firm (partnership or AOP)
✔Property Documents
| Salaried | Self Employed | ||
|---|---|---|---|
| Possession Letter | ✔ | ✔ | |
| Registered Sale Deed/ Conveyance/ Lease Deed | ✔ | ✔ | |
| Past Sale Deeds Chain (each transaction in respect of this property since first allotment) | ✔ | ✔ | |
| House Tax Return/ Receipt | ✔ | ✔ | |
| Approved Building Plan | Case To Case | ||
✔Application Form and KYC
| Salaried | Self Employed | ||
|---|---|---|---|
| Application Form with photo and signed by Primary Borrower and Co-borrower(s) | ✔ | ✔ | |
| Identity Proof of Primary Borrower and Co-borrower(s) | ✔ | ✔ | |
| Residential Address proof of Primary Borrower and Co-borrower(s) | ✔ | ✔ | |
| Age Proof of Primary Borrower and Co-borrower(s) | ✔ | ✔ | |
| Office address – ownership/ lease / rent agreement/ utility bill | ✔ | ||
✔Income Proof
| Salaried | Self Employed | ||
|---|---|---|---|
| Last 3 years' Form 16, last 6 months salary slip, last 6 months' bank account statement showing salary credit | ✔ | ||
| Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA. Last 12 months bank account statement (self and business) | ✔ | ||
| Certificate and Proof of Business Existence | ✔ | ||
| Business Profile | ✔ | ||
✔Additional Documents for Loan Takeover / Transfer
| Salaried | Self Employed | ||
|---|---|---|---|
| Loan statement (loan track) and list of property documents (LOD) in possession of existing lender | ✔ | ✔ | |
| Last 12 months' statement of bank account from which loan EMI is paid | ✔ | ✔ | |
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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