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):
  1. PAN card
  2. Passport
  3. Driving License
  4. Voter’s ID
  5. Employee ID
  6. Bank passbook
  7. Ration card
• Address proof (any one of the following):
  1. Passport
  2. Utility bill (telephone, electricity, water, gas) – less than 2 months old
  3. Letter from a recognized public authority verifying the customer’s residence address
  4. Bank passbook or Bank account statement
  5. Voter’s ID
  6. Ration card
  7. LIC policy/ receipt
• Residence ownership proof (any one of the following):
  1. Property documents
  2. Maintenance bill
  3. Electricity bill
• Proof of income (any one of the following):
  1. Payslip (Last 2 months)
  2. Increment or Promotion letter
  3. IT returns (for 3 years)
  4. Form 16
  5. Certified letter from Employer
• Proof of job continuity (any one of the following):
  1. Current job appointment letter (if more than 2 years have been spent in the same job)
  2. Current employment certificate
  3. 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):
  1. Property documents
  2. Electricity bill
  3. Maintenance bill
• Office address and ownership proof (any one of the following)
  1. Property documents
  2. Electricity bill
  3. Maintenance bill
• Proof of business existence (any one of the following)
  1. Sales deed/ agreement (executed)
  2. Saral copy (3 years old)
  3. Copy of tax registration
  4. Company registration license
• Proof of Income (any one of the following):
  1. Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
  2.  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).