Loan Against Property Documents Required

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.

List of documents that need to be submitted by a salaried loanee:

  1. Proof of identification (any one of the following):
  • PAN card
  • Passport
  • Driving License
  • Voter’s ID
  • Employee ID
  • Bank passbook
  • Ration card
  1. 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
  1. Residence ownership proof (any one of the following):
  • Property documents
  • Maintenance bill
  • Electricity bill
  1. 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
  1. 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)
  1. Bank statement: Last 6 months bank statements of salary account
  2. Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
  3. Investment proof (if any): fixed deposit, fixed assets, shares, etc.
  4. Copies of all property documents: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
  5.  Advance processing cheque: to process loan documents for sanction

List of documents that need to be submitted by a self-employed individual/businessman:

  1. Proof of Identification 
  2. Address Proof
  3. Residence ownership proof (any one of the following):

     

     

     

    • Property documents
    • Electricity bill
    • Maintenance bill
  4. Office address and ownership proof (any one of the following)

     

     

     

    • Property documents
    • Electricity bill
    • Maintenance bill
  5. 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
  6. 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
  7. Bank statement: Latest 1 year bank statement (both savings and current)
  8. Copies of all property documents: Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
  9. Advance processing cheque: to process loan documents for sanction
  10.  Passport size, coloured photograph
  11.  Investment proof (if any): fixed deposit, fixed assets, shares, etc.
  12.  Existing loans: In case of any existing loan, need to submit sanction letter, payment track record

 Professional Degree Certificate: (in case of professionals)

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