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Documents Required for Loan against Property
By Anupama Deshpande | Sep 4, 2018

Before Applying for Loan against Property (LAP), You Need to Know Documents Required for LAP

A loan against property (LAP) refers to a secured loan which is disbursed against the mortgage of property. This type of loan is offered as a certain percentage of the property's current market value.

In this type of loan, the borrower has to give a guarantee to use his/ her property as a security against the loan. It is given usually around 40% to 60% of the property's current market value.

If a person is unable to give any security against loan then he/ she may opt for a Personal Loan which is totally unsecured loan. Click here to check out lowest interest rate on Personal Loan.

Loan against property (LAP) can be availed for any purpose such as meeting out Medical Expenses, Higher Education of Children, Expansion of business, or any other such purposes. This loan is given against either commercial property, residential property or rental property you own.

Loan against property is different from personal loan. You may look for documents required for Personal Loan by clicking here


Additional Facilities offered by Lenders on Loan against Property (LAP)

  • Interest Savings with Overdraft: You need to pay interest only on utilized limit out of available limit
  • Balance Transfer Facility: You can carry over your existing loan against property (LAP) with additional refinance
  • Lease Rental Discounting and Overdraft facility against property

Documents Required for Loan against Property (LAP)

PointSalaried CustomersSelf Employed ProfessionalsSelf Employed Businessman
FormApplication form with photographApplication form with photographApplication form with photograph
Processing fee chequeProcessing fee chequeProcessing fee chequeProcessing fee cheque
Proof of IdentityVoter ID card/ Driving license/ PAN card/ Photo credit card/ Employee ID card/ Defence or Police or Government department ID cardVoter ID card/ Driving license/ PAN card/ Photo credit card/ Employee ID card/ Defence or Police or Government department ID cardVoter ID card/ Driving license/ PAN card/ Photo credit card/ Employee ID card/ Defence or Police or Government department ID card
Proof of ResidenceBank account statement/ Latest electricity bill/ Latest mobile/telephone bill/ Latest credit card statement/ Latest LIC policy/insurance premium receipt/ Employers letter certifying the current mailing addressBank account statement/ Latest electricity bill/ Latest mobile/telephone bill/ Latest credit card statement/ Latest LIC policy/insurance premium receipt/ Employers letter certifying the current mailing addressBank account statement/ Latest electricity bill/ Latest mobile/telephone bill/ Latest credit card statement/ Latest LIC policy/insurance premium receipt/ Employers letter certifying the current mailing address
Proof of IncomeLatest Salary-slips & Form 16Last 3 years Income Tax returns (self and business) & Last 3 years Profit /Loss and Balance SheetBusiness profile, Last 3 years Profit /Loss and Balance Sheet & Last 3 years Income Tax returns (self and business)
Bank StatementLast 6 months bank statementsLast 6 months bank statementsLast 6 months bank statements (self and business)
Guarantor formOptional, varies from lender to lenderOptional, varies from lender to lenderOptional, varies from lender to lender
About Anupama Deshpande
Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for CodeForBanks.com & important resource to all those around her.

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