You can avail a loan against property from a bank by pledging property. This is basically a secured loan. Loan against property or LAP can be availed by pledging residential as well as commercial property or a plot of land. The loan is sanctioned by evaluating the market value of the property and a percentage of it (60%-70% of property value), may be sanctioned as a loan.
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Submitting authentic documents is very important while getting the LAP sanctioned. There are different sets of documents that must be submitted by salaried individuals and self-employed people, while applying for a loan against property. Listed below are some of the documents the applicant must furnish, along with loan application form.
Loan against property is taken for various purposes like financing business activities, fulfilling family obligations and emergency expenses. The eligibility criteria for loan against property vary across lenders. If you fulfill eligibility criteria, then you can proceed with the loan application and document submission. To apply for a loan against property, you can either apply online or visit the bank directly.
For the online application process, you can visit the website of the bank. You can apply for a new loan by filling the application form and attaching the relevant personal and property documents. The bank verifies your documents and your loan application and lets you know if the loan is sanctioned or rejected. A customer can also contact the bank’s helpline number for services and queries.
Loan against property is availed by mortgaging property with the bank. The verification process of this type of loan involves various charges and fees due to factors like valuation of the property, legal scrutiny, processing fees and so on. Listed below are the charges associated with mortgage loans:
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