LOAN AGAINST PROPERTY Requirements
Mortgaging your property means getting Loan Against Property. Amongst the other loan schemes, Loan Against Property has the lowest interest rate. This is beneficial in times when you have unexpected need of funds for Marriage/Business and other urgent requirements for funds.
Loan Against Property can be availed either by salaried or by self-employed people in case they are willing to set up a new business or need a higher quantum of money. The best part in this type of loan is that you can get money without selling or renting out your residential or commercial property.
Non-Resident Indian applicants:
- passport size photographs-2
- Copy of current valid work permit
- Employment contract Copy of (in case the contract is in any other language other than English, the same must be translated and duly attested by employer/ consulate/ embassy/ our foreign office)
- Passport Copy including visa stamping page
- Original Latest salary certificate or income proof for self-employed/ professional applicants
- Residential address proof such as driving license or any other utility bills, etc.
- Identity card Copy issued by the employer
- Continuous Discharge Certificate Copy in respect of applicants employed in merchant navy
- Power of Attorney, if applicable, duly stamped and notarized/ attested by Indian Embassy/ Consulate
- Employee base sale/ net profit (approximately), etc.
- Statement of overseas bank accounts for last 6 months which reflects the credit of salary, savings, etc.
Salaried/ Self-Employed (Resident individual) applicants:
- Passport sized Photographs-2
- Proof of Identification: Passport/ Electoral ID Card/ PAN Card/ Driving License
- Proof of Business Address, in case of self-employed borrowers
- Personal Liabilities and Assets Statements
- Signature identification proof from present bankers
- Last 6 months bank account statements
- Address Proof: Telephone Bill/ Electoral ID Card/ Electricity Bill/ Passport
Guarantor (wherever applicable):
- 2 passport sized photographs
- Identification Proof
- Proof of business address
- Personal Assets and Liability Statement
- Residence Proof
- Signature identification certificate from his/ her present bankers
Additional documents salaried persons Requirement:
- Form 16/ TDS certificate or copy of the last 2 financial years income tax returns, duly acknowledged by the income tax department.
- Previous month salary certificate in original
proprietorship / Professional / Self-Employed / Businessmen:
- Income Tax Returns for last 3 years duly acknowledged by income tax department or income tax assessment orders for computation of income
- Income tax challan copies in respect to advance payment of income tax.
Property Related Documents:
- Possession certificate, Land and Building tax payment receipts and location sketch of the said property duly certified by revenue authorities.
- Allotment Letter from respective Housing Board/ Private builder/ Society
- Original receipts for advance payments done for purchase of flat
- Non-Encumbrance Certificate
- Copy of permission from Appropriate Authority and approved building plan (and key plan/ floor plan in case of purchase of flats)
- Original No Objection Certificate under ULC Act 1976.
- In case of conversion of agricultural land, the copy of the relative order may be required.
- Letter from the Builder/ Housing Board/ Society, intimating their account number and name of their bankers, for remittance of instalments.
- Agreement of Sale/ Sale Deed, Original Share Certificate(s) issued by the society.
- Original of land tax paid receipt and possession certificate issued by the revenue authorities.