Updated: 12-05-2022 12:32:02 PM
At times when one’s finances are strained and one needs a little help to tide one over, leveraging one’s assets could act as a favourable option rather than fretting over the situation. In such a circumstance, a loan against property would come in handy. Since one offers a collateral for the loan, one can get a higher loan amount as compared to that of an unsecured loan. It’s also a better option since the tenure for a loan against property is longer than that for a personal loan.
The Loan Against Property eligibility criteria vary from bank to bank, but the basic criteria remain fairly uniform.
Checklist of Loan Against Property Documents Required
For Salaried Applicants:
- Proof of identification (any one of the following):
- PAN card
- Passport
- Driving License
- Voter’s ID
- Employee ID
- Bank passbook
- Ration card
- Address proof (any one of the following):
- Passport
- Utility bill (telephone, electricity, water, gas) – less than 2 months old
- Letter from a recognized public authority verifying the customer’s residence address
- Bank passbook or Bank account statement
- Voter’s ID
- Ration card
- LIC policy/ receipt
- Residence ownership proof (any one of the following):
- Property documents
- Maintenance bill
- Electricity bill
- Proof of income (any one of the following):
- Payslip (Last 2 months)
- Increment or Promotion letter
- IT returns (for 3 years)
- Form 16
- Certified letter from Employer
- Proof of job continuity (any one of the following):
- Current job appointment letter (if more than 2 years have been spent in the same job)
- Current employment certificate
- Experience certificate (including previous job certificate or appointment and relieving letter)
- Bank statement: Last 6 months bank statements of salary account
- Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
- Investment proof (if any): fixed deposit, fixed assets, shares, etc.
- Copies of all property documents: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
- Advance processing cheque: to process loan documents for sanction
For self-employed Individual/Businessman:
- Proof of Identification
- Address Proof
- Residence ownership proof (any one of the following):
- Property documents
- Electricity bill
- Maintenance bill
- Office address and ownership proof (any one of the following)
- Property documents
- Electricity bill
- Maintenance bill
- Proof of business existence (any one of the following)
- Sales deed/ agreement (executed)
- Saral copy (3 years old)
- Copy of tax registration
- Company registration license
- Proof of Income (any one of the following):
- Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
- Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
- Bank statement: Latest 1 year bank statement (both savings and current)
- Copies of all property documents: Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
- Advance processing cheque: to process loan documents for sanction
- Passport size, coloured photograph
- Investment proof (if any): fixed deposit, fixed assets, shares, etc.
- Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
- Professional Degree Certificate: (in case of professionals).