COMMERCIAL LOAN
Loan Against Property (LAP) or mortgage loan is a type of secured loan offered by banks and NBFC’s against commercial or residential property owned by the borrower. The amount, which is availed by keeping the property as collateral till the loan is fully repaid, can be used by the borrower for various purposes like expanding a business, funding children’s education, meeting medical expenses, and more. The maximum loan amount provided under LAP can go up to 80% of the property value. Along with being cost-effective, loans against property are reasonably convenient to avail and repay to the relatively low mortgage interest rate.
The availability of higher loan amount and the flexibility to use the amount for various purposes make LAP a better option compared to a personal loan. Mentioned under are some of the features and benefits of availing a LAP. The loan is available against self-occupied residential property, such as house, apartment, flat, etc. It is also provided against rented residential properties. It is available by mortgaging commercial properties like an office building, malls, shopping complex, shops etc. It can be taken against a plot of land owned by the borrower. Available for both salaried and self employed individuals. It comes with flexible tenure and lower interest rate compared to personal loans.
Who can get lAp and commercial loan
The eligibility criteria for availing Loan against property varies from funder to funder, However, to provide you with an overview of the minimum requirements, Mentioned below are some general conditions.
. Applicant Nationality must be Indian.
. He or She should be at least 21 years at the time of submission of the loan application
. Applicant must have been employed by the current working institution or organization or should be involved in the current business for a minimum 2 years.
. Applicant must have a good CIBIL score, demonstrating His or Her history of successful repayments.
. ROI starting with 8%
Required documents to get LAP AND cOMMERCIAL loan
| MORTGAGE LOANS | ||
| SALARIED CHECK LIST | Self Employeed Check List | |
| 1 | 3 MONTHS PAYSLIPS | 3 ITRs full set |
| 2 | 6 MONTHS Salary a/c BANK STATEMENT | 1 Year Bank Statement from c/a and s/b |
| 3 | 2 YEAR FORM 16 | |
| 4 | 1 Photo (appalicant and co-applicant) | 1 Photo (appalicant and co-applicant) |
| 5 | COMPANY ID PROOF copy | |
| 6 | Id Proof (PAN CARD and Aadhaar) BOTH | Id Proof (PAN CARD and Aadhaar) BOTH |
| 7 | Address Proof (Election id or Gas bill or electricity bill or passport or Driving Lience) | Address Proof (Election id or Gas bill or electricity bill or passport or Driving Lience) |
| 8 | 1 Processing Fee Cheque | 1 Processing Fee Cheque |
| PROPERTY DOCUMENTS | PROPERTY DOCUMENTS | |
| 9 | SALE DEED(2 SETS OF XEROX) | SALE DEED(2 SETS OF XEROX) |
| 10 | 15 YRS LINK DOCUMENTS | 15 YRS LINK DOCUMENTS |
| 11 | SANCTION PLAN(2 SETS OF XEROX) | SANCTION PLAN(2 SETS OF XEROX) |
| 12 | Latest Proprty Tax Receipt | Latest Proprty Tax Receipt |
| 13 | LATEST EC | LATEST EC |
| IF ANY LOANS ,REQUIRED TRACK RECORD | IF ANY LOANS ,REQUIRED TRACK RECORD | |