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  • Documents Required for a Loan Against Property (LAP)

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  • To apply for a loan, you must provide certain documents. Those documents serve as proof that you match the eligibility criteria. Even if you match the criteria, the loan won’t be approved if you fail to furnish the specific documents. Therefore, it is important to ensure that all the necessary documents and information are provided when applying for a LAP.

    Documents required for salaried employees:

    Mentioned below are some of the important documents required for a salaried employee:

    Required proofs Acceptable documents
    Proof of income
    • 3 months’ pay slips
    • 6 months bank statements
    • 2 years Form 16
    Proof of income for NRIs
    • 3 months’ pay slips
    • 6 months international salary account statement
    • Passport copy
    • Appointment letter
    Proof of identity
    • Passport
    • Voter ID
    • PAN card
    • Aadhaar card
    • Driving license
    • Photo ID issued by GOI
    • Government employee ID
    Date of birth proof
    • Passport
    • PAN card
    • Aadhaar card
    • Birth certificate
    • SSC marksheet
    • Driving license
    Proof of address
    • Aadhaar card
    • Voter ID
    • Electricity bill
    • Government employee ID
    • Photo ID issued by GOI
    • Telephone bill
    • Property tax receipt
    • Gas bill
    Signature Proof
    • Passport
    • PAN card
    • Banker’s verification
    • Notarized affidavit with ID and address proof

    Documents required for Self employed applicants:

    Listed below are some important documents self-employed applicants must provide to apply for a LAP:

    Required Proofs Acceptable documents
    Proof of income
    • 2 years ITR
    • Tax audit report if the turnover exceeds Rs.1 crore
    • 6 months bank statements for business and personal accounts
    • Proof of business continuity for 5 years
    Proof of identity
    • Passport
    • Voter ID
    • PAN card
    • Aadhaar card
    • Driving license
    • Photo ID issued by GOI
    • Government employee ID
    Date of birth proof
    • Passport
    • PAN card
    • Aadhaar card
    • Birth certificate
    • SSC marksheet
    • Driving license
    Proof of address
    • Aadhaar card
    • Voter ID
    • Electricity bill
    • Government employee ID
    • Photo ID issued by GOI
    • Telephone bill
    • Property tax receipt
    • Gas bill
    Signature Proof
    • Passport
    • PAN card
    • Banker’s verification
    • Notarized affidavit with ID and address proof
     

    How Does Loan Against Property Work?

    Loan against property as the name indicates is a type of loan that is taken by pledging one’s property. The property acts as a collateral. One can pledge any kind of property like a residential building, commercial space, or just a plot to avail a loan against property.

    If you have a property registered under your name, you can approach lenders asking them for a loan against your property. The lender will assess the market value of your asset and will sanction the loan if the title is clear. The lender will approve a certain percentage of the market value of the property as a loan which you can use for any purpose. People take loan against property for many reasons like expanding your business, education, studying abroad, taking a vacation, or for medical treatments.

    Loan Against Property Eligibility Calculator:

    A loan against property eligibility calculator is an online tool that tells you, by entering basic information about yourself, if you are eligible for a loan against property. This will take a lot of factors into consideration including the city an individual lives in.

    Other factors that the calculator takes into consideration are total liabilities and assets of the borrower, repayment capability, the value of the property, age and qualifications of the applicant, number of dependants, income of the applicant’s spouse, and the legality of the property.

    Loan Against Property Eligibility Criteria:

    Both, salaried individuals and self-employed customers, can apply for a loan against property. However, based on the occupation, there are certain criteria that they must fulfil in order to be eligible to apply for a LAP.

    Eligibility criteria for salaried employees:

    Mentioned below are the eligibility criteria for salaried employees:

    • Most banks prefer applicants aged between 24 and 60 years. The ages may differ from one lender to another, therefore, it is advisable to check the eligible age before proceeding further.
    • Generally, banks and other NBFCs prefer applicants working in a reputed company like an MNC, or in the private or public sector.
    • To apply for a LAP it is important to be a resident of India. Some lenders even specify the city where the applicant must own a property in order to apply for a loan. It is better to check with the lender for any such requirements.

    Eligibility criteria for self-employed applicants:

    Mentioned below are the eligibility criteria for salaried employees:

    • Lenders like banks and NBFCs usually offer loans to applicants aged between 24 years and 65 years. The eligible ages for self-employed applicants may differ among lenders.
    • Banks and NBFCs usually prefer self-employed applicants with a steady source of income. There are higher chances of the approval of your loan if you have had a steady flow of income for at least 6 months to 1 year before applying for the loan.
    • Self-employed applicants must also be a resident of India or own a property in the country.

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