Loan against property (LAP) or Mortgage loans is one of the preferred ways of raising funds against a residential or commercial property by parking its papers with banks or NBFC’s as a mortgage. This loan can be availed by individual and companies both. The end use of LAP can be for meeting business or personal financial needs.
It depends on banks and NBFC’s internal policy which type property they can accept. Different types of property are Residential property, Commercial Property, Industrial Units, Factory premises, etc.
We expertise in structuring loan against property deals for our clients according to specific requirements such as long repayment schedules, flexi repayments.
| Sr. No | For Salaried Individuals | Self Employed Individuals having | ||
|---|---|---|---|---|
| Proprietorship Firm | Partnership Firm | Private Limited and Limited Company | ||
| KYC Documents | ||||
| 1 | PAN Card | PAN Card | PAN Card | PAN Card |
| 2 | Aadhar Card | Aadhar Card | Aadhar Card | Aadhar Card |
| 3 | Current resident address proof | Current resident address proof | Current resident address proof | Current resident address proof |
| 4 | Appointment letter | Office Address Proof | Office Address Proof | Office Address Proof |
| 5 | Office ID card | GST Registration Certificate | GST Registration Certificate | GST Registration Certificate |
| 6 | Partnership Deed | MOA and AOA | ||
| 7 | List of partners and shareholding pattern onletter head | List of Directors and Shareholding pattern on letter head | ||
| Income Documents | ||||
| 1 | Salary Slip – 6 months | GST Returns – 1 Year | GST Returns – 1 Year | GST Returns – 1 Year |
| 2 | Form 16 - 2 years | Income Tax Returns – 3 years | Income Tax Returns – 3 years | Income Tax Returns – 3 years |
| 3 | Bank Statement – 1 year | Bank Statement – 1 year | Bank Statement – 1 year | Bank Statement – 1 year |
| Additional Documents Generally Required | ||||
| 1 | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) |
| Sr. No | Document |
|---|---|
| 1 | Sale Agreement or Sale Deed with Registration Receipt, Stamp Duty, Index II |
| 2 | Chain of Agreement
with Registration Receipt, Stamp Duty, Index II This is required is there are resale transactions |
| 3 | Share Certificate |
| 4 | Occupancy Certificate ( OC ) |
| 5 | Commence Certificate ( CC ) |
| 6 | Approved Building Plans |
| 7 | Building Completion Certificate |
| 8 | Society Registration Certificate |
| 9 | Tax Paid Challan |
| 10 | Society Maintenance Receipt |
| Note: - As there are different properties types like residential, commercial, industrial, etc. Property documents required will always change based on type of property and location at which the property is located. We have just given the general list of property documents. | |
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