Apply For Loan Against Property
Important Information
KYC and Required Documents for Loan against Property: File Charge – ₹5500
| Form | Signed Application Form with a Photograph |
| Identity Proof | Passport, Voter ID, Driving, License or PAN Card |
| Age Proof | Birth Certificate/ Voter ID Card/ School or College Leaving Certificate |
| Address Proof | Aadhar Card, Voter I’d Card, Passport, Electricity Bill, Credit Card Statements, Mobile Bill, Water Bill |
| Income Proof | Last 3 Month Salary Slip, Last 6 Month Bank Statements, Last 2 Year Form 16 Self-employed professionals need to provide last years ITR and Bank account statement as well |
Important Information
Loan Against Property Overview with Take Easy Loan
What is a Loan Against Property?
A loan against property (LAP) is a secured loan that allows individuals to borrow funds by mortgaging their property. The loan amount is determined based on the value of the property being pledged as collateral. The property papers and legal ownership remain with the bank until the loan is repaid. LAP provides flexibility as the ownership of the property stays with the borrower, allowing them to continue using or renting out the property. However, in case of loan default, the bank has the right to take possession of the property and auction it to recover the outstanding loan amount. If the property is jointly owned, all owners must be co-applicants for the loan.
Features & Benefits of Loan Against Property (LAP)
Features of Loan Against Property (LAP):
Low-Interest Rates: Interest rates are typically lower as the property serves as collateral, reducing the risk for lenders.
Reduced Risk of Default: A mortgage of property decreases the risk of default, assuring lenders.
Longer Repayment Tenure: Banks offer extended repayment tenures, often up to 15 years, allowing borrowers ample time for repayment.
Variety of Collateral: Vacant land or rented residential property can also be mortgaged to secure the loan.
Benefits of Loan Against Property:
Retained Ownership: Borrowers retain ownership of their property while using it as collateral for the loan.
Lower Interest Rates: Interest rates are generally lower compared to personal loans, making LAP a cost-effective borrowing option.
Extended Repayment Period: Longer repayment deadlines provide borrowers with sufficient time to repay the loan amount comfortably.
Eligibility Criteria For Loan Against Property (LAP)
There are some following factors that are considered by the some lenders while looking at your loan application. If you meet these eligibility criteria, you can consider yourself eligible for a personal loan.
| Criterion | Salaried | Self Employed |
| Age | 18 to 70 Y | 18 to 70 Y |
| Monthly Income | 10,000 | 25,000 |
| CIBIL Score | 650+ | 650+ |
| Min loan amount | 60% of the Property Value | 60% of the Property Value |
| Max loan amount | 80% of the Property Value | 80% of the Property Value |
| Tenure | Upto 15 Y | Upto 15 Y |
| Work Experience | 3 Y | 5 Y |