Loan Against Property (LAP) - Overview
A loan against property is a loan against your house or even a plot. If all the land titles are in place, you have an income and you are eligible then this is the cheaper loan option for you. Though the interest rates on this loan are higher than that of a home loan, it's cheaper than that a personal loan or a loan against security.
The documents required while applying for loan against property are similar to those of home loan expect for three additional documents. The documents required will vary from bank to bank.
- Identity proof:
A copy of any of these - passport, driving license, voters ID or PAN card with your photograph will serve the purpose of your identity proof.
- Proof of residence:
A copy of your passport, ration card, driving license, telephone bill, or electricity bill to show that you reside at the same place as mentioned in the documents.
- Income proof:
The proof of income for salaried individuals will differ from that of self- employed individuals. Salaried people need to submit their latest salary slip, Form 16 (along with salary certificate from the employer), and their bank statement for the last 3 months. Self-employed people need to provide their IT returns for the last 2 years, balance sheet, and profit & loss account, bank statements for the last 6 months as proof of income.
- Photocopies of all the property documents need to be handed over prior to sanction of the loan.
- The customer also needs to give a declaration stating that the loan amount would not be used for the purposes of carrying out any illegal activities or for speculative activities.
- A valuation report of the flat from the professional valuer appointed by the bank.
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