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Loan against Property (LAP)

Loan against property is one of the most common forms of a secured loan where you can pledge any residential, commercial or industrial property for availing the funds required. The loan amount disbursed is equivalent to a certain percentage of the property’s value and varies across lenders.

While some lenders may offer an amount equivalent to 50-60% of the property’s market value, others may offer an amount close to 80%. A loan against property helps you unlock the dormant value of your asset and can be used to satiate personal life goals such as higher education of children or marriage. Businesses use a loan against property for business expansion, R&D and product development among others.

What are the Documents Required for Loan against Property?

  • Proof for photo identity: Any one of the following documents - Passport, PAN Card, Voters ID, Driving License
  • Any one of the following as Residence Address Proof - Passport, Ration Card, Utility Bill
  • Any one of the following as Residence Ownership Proof - Property Documents, Maintenance Bill, Electricity Bill
  • Office Address Proof and Ownership Proof
  • Business Existence Proof
  • Last one year Bank statement
  • Income Proof - Latest 3 months salary slip and Form 16
  • Job Continuity proof

What are the Types of Properties that can be Pledged for Loan against Property?

  • Residential Property- Self Occupied/ Rented/ Vacant/ Self Occupied
  • Commercial Property- Self Occupied/ Rented
  • Residential Plots

Connect Soul can help you obtain a Loan against Property (LAP). You just need to give us all the required information and documents and we’ll help you to making sure that you abide by all the eligibility requirements under this scheme.

 
     
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