Loan Against Property
In order to fulfil the cash requirement or working capital requirement, an individual or company may borrow money from financial institution against the self-occupied fully constructed residential or commercial property in which the maximum limit of borrowing depends on the employment status of the concerned party.
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Documents required
List of Documents for Loan Against Property for Self-employed Applicants:
The LAP documents required for self-employed applicants are as follows:
Office Address and Ownership Proof (any one of the following):
- Property documents
- Electricity bill
- Maintenance bill
Business Existence Proof (any one of the following):
- Sales deed/ agreement (executed)
- Saral copy (3 years old)
- Copy of tax registration
- Company registration license
Income Proof (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
- Latest 1 year bank statement (both savings and current)
Other Important Documents:
- Application form with photograph
- Professional degree certificate (in case of professionals)
- Sanction letter, payment track record of existing loans (if any)
- Investment proof: Shares, fixed deposits, fixed assets (if any)
- Processing fee cheque
Note: Documents for loan against property may vary from one lender to another. Along with the above mentioned list of documents, lenders may ask for additional documents as per their discretion.
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