Last date to file IT returns is 30th August 2015.

How to get Mortgage Loan

Meaning As rightly the name suggests, loan against property is a special type of loan offered against mortgage of your personal or commercial property. The loan is disbursed as a certain percentage of the market value of the property, which is typically 40% to 60% in India. Such type of loans fall under the purview of secured loans, where the borrower guarantees his property or asset as collateral to avail of the loan. This multi-purpose loan enables you to have funds in your hands, which you can use for different purposes. To put it simple, personal loan against property unlocks the core value of your property at your disposal.

Purposes to Apply for Loan Against Property: Available at a reasonable rate of interest with easy repayment terms, the loan can be used for several purposes as mentioned herewith:

  • Send your children for higher education.
  • Renovate your home.
  • Grow your business or start a new one.
  • Fund your dream vacation.
  • Get your children married.
  • Fund your emergency medical treatments.

What more!! You can even get a loan against commercial property for emergency renovations, expanding the business or other fund requirements as may arise from time to time.

Features of Loan Against Property: Loan against property is becoming extremely popular today to meet emergency fund requirements or fulfill your aspirations. Here is a glimpse of the key features of loan against property:

  • Loans against personal or commercial property.
  • Loan can be availed of by salaried & self-employed individuals.
  • Get up to 40-70% of the market value of the respective property.
  • Borrow loans against property starting from Rs 2 Lakh onwards based on your needs.
  • Lucrative interest rates.
  • Loan tenure up to 15 years for ease of repayment.
  • Flexibility to opt between an overdraft or EMI based loan.
  • Simple and fast processing of loan against repayment .

What are the Documents Necessary for LAP Approval While the documents necessary for getting approval varies from bank to bank, the standard procedure includes:

In case of Salaried
  • Employment certificate from the employer
  • Pay slips for last 6 months
  • and Form -16 for two years
  • Last 9 months bank A/C statement
In case of Self-employed
  • Copy of audited financial statements for the last 2 years -3 years
  • Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
  • Profit and loss account for the last 2 years -3 years
  • Income tax assessment order
  • Bank statement for 1 year.

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