Loan against property or LAP is provided to the borrowers against the security of an existing property. The property may be your existing home or even a plot whose title is in your name. You can avail loan against property in Delhi for your residential or commercial property. Interest rates on loans against property in Delhi are usually higher than a home loan but they are cheaper than a personal loan. While availing a home loan, your property works as an investment and security for you on whose basis you can apply for your loan against property in Delhi.
Some banks give high weightage to your entrepreneurship skills. They will preferentially approve your loan if you are running a successful enterprise and would not evaluate your financial statements deeply.
Eligibility: Even if you are applying for loan against your property, you need to satisfy the money lender / bank that you have some regular source of income. Copies of last 2 years Income Tax Returns, Form 16, last 3 salary slips or last 6 months bank transaction details need to be submitted by the borrower.
Processing Fee: It is usually one percent of the total sanctioned amount and is to be paid upfront by the borrower. It is usually one percent of the total sanctioned amount and is to be paid upfront by the borrower.
Mortgage Instrument: Your residential or commercial property works as a mortgage instrument for the successful approval of your loan against property in Delhi.
Tenure: The repayment tenure of loan against property may extend to a maximum of 20 years.
Identity Proof: You need to submit an identity proof like your PAN Card, Voter ID or Passport etc.
Residence Proof: You need to submit your residence proof like Ration Card, Telephone Bill, Electricity Bill, Driving License etc.
Income Proof: You need to submit your last 3 months salary slips and last 6 months bank statements. Self employed individuals need to submit proof of last 2 years IT Returns.
Valuation Report: The report will be created by the professional appointed by the money lender / bank on whose basis your home loan amount will be determined.
Property Documents: Photocopies of all property documents will have to be submitted before the sanctioning of your loan.
Tax Receipts: Paid receipts of latest electricity, water, municipality tax and other utility bills are to be submitted.
Declaration: The borrower will also have to sign a declaration that he will not use the loan amount for any other purpose than what he has stated in his loan application and approval form.
Procedure: Following is the procedure that the money lenders follow to approve your home loan against property in Delhi:
. Application submission by the borrowerIf you meet all the eligibility criteria to the satisfaction of your bank or money lender, your loan against property will be approved which you can use as per your agreed requirements.
