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Loan Against Property (LAP)

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Loan Against Property (LAP)

Loan Against Property (Towards existing commercial or residential property and Purchase of New commercial premises)

Loan against Property refers to the secured loan where the borrower can apply for loan against the security of his residential as well as commercial property. This loan may be used for variety of reasons such as; to start or expand business, funding medical treatment, Getting your son/daughter married, Sending your son/daughter for higher studies abroad, Funding your dream vacation etc. But it can also be used to repay existing high rate loans. The maximum loan amount can be upto 75% of the market value of property.

What kind of properties can I mortgage for a loan?

You can normally take a loan against your self-occupied or rented property.
In this category we have a special feature for your customer. We provide customer with loan for purchase of new commercial premises against mortgage of the same.

Types of Loan Against Property (LAP)

1. Loan against Rented Commercial and residential Property
2. Loan against Self Occupied Commercial and Residential Property
3. Loan against Industrial Property

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Loans to professional like Chartered Accountants, Doctors etc

In order to boost the professionals of India like Chartered Accountants, Doctors etc., Financial institutions have come up with promotional products providing loans for purchase of office space and Hospitals. The loans are secured and are provided against the security of the purchased property for a term upto 15 years.

Lease Rental Discounting

Lease Rental Discounting is a term loan offered by the financial institution against rental receivables from the property owned by the borrower to reputed tenants. The advantage is that the borrower can tap the funds for long term upto 15 years there by unlocking the value of property and investing in lucrative opportunities.

The LRD loan can be given for Mall, Hospitals, Schools, Industrial warehouse and other commercial establishment. The eligibility can be upto 90% of rent and term can be upto 15 years

ELIGIBILITY CRITERIA

Your eligibility is determined after looking at the following:

  • The current market value of your property and its current status
  • Your current Income
  • The nature and continuity of your employment or business.
  • Your current obligations i.e. the other installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use
  • Your past credit history
  • The purpose of availing such loans is also discussed with the lender and may have a bearing on the loan sanction
  • If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant on the loan.

Documents Required

Your loan application form must be accompanied by:

Identity Proof – Passport / PAN card / Voter’s Identity Card / Driving License / Identity Card with applicant’s photograph issued by Government, Aadhar Card.

Address Proof – Passport / Voter’s Identity Card / Driving License / Latest Utility Bill (electricity, telephone, postpaid mobile phone, piped gas and water bill) / Property Tax Receipt / Bank or Post Office Savings Bank Account Statement etc.

Income Proof: For Salaried Individuals –

1. 3 Months Salary Slip for salaried employees or Salary Certificate
2. Copy of last 2 years Form 16 or IT Return
3. Bank Statement for the last 6 months of the Salary Account
4. Appointment / Confirmation Letter if current job tenure is less than 1 year
5. Any other documents if required

Income Proof: For self-employed individuals –

1. Copy of IT Return, Computation of Income, CA Certified Balance Sheet and Profit & Loss Account, Tax Audit Report,26AS, all for the last 2 years.
2. Bank Statement for the last 6 months of the Business Accounts
3. Office Address Proof
4. Copy of Degree Certificate in case of Professionals
5. Any other documents if required.

Business Proof: COI, Partnership Deed in case of Partnership Firm; MOA/AOA in case of Company

Latest List of Directors and Shareholders attested by CA/CS in case of Company

Sanction letter and loan track record of existing loans.

End use letter is one of the mandatory documents for loan against property cases.

Any other documents if required.

Specific Documents Required for Lease Rental Discounting

1. Bank Account statement showing rent credits.
2. Profile of the tenant
3. All current lease agreements and details of future lease contracts
4. Financials of the associate companies if any.
5. KYC of the promoter directors.
6. Business Profile.

APPLY NOW

Submit your Loan requirements by filling below application form

    Name

    Mobile Number

    Email Id

    City of Residence

    Occupation

    Monthly Income

    Loan Amount Required

    Purpose

    Property Value

    Date Of Birth

      Name

      Mobile Number

      Email Id

      Office Address

      Constitution

      Loan Amount Required

      Turnover - (As per latest audited financial statement)

      NPAT - (As per latest audited financial statement)

      Gross Monthly Rent Received

      No. of years since in Business

      Finactt Consultancy offers you all type of loans such as Home Loans, Loan Against Property, Business Loans, Personal Loans, Balance Transfer expeditiously at the most competitive rates.

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