Loan against property in Delhi NCR | Loan against property dsa in Delhi

Loan against property (LAP), are basically loans provided by banks against the security of one’s own property. LAP is designed to meet the financial needs of someone who already owns a house or multiple properties so as to get the best out of their assets. It’s important to remember that the property which you are putting up for your loan should be free any encumbrance (i.e. it is not given as security for any purpose or any other loan).

Banks provide LAP for both Salaried as well as Self-Employed individuals. The rates and loan amounts differ based on your property and your annual income.

Banks will always want to consider all risks, which is why while you are applying for your loan against property, there are certain factors the bank considers with respect to your property to mitigate its risks in giving out the loan. These factors determine your rate of interest, and loan amount. You can get a LAP of up to 70% of the market value of your property depending on the lender’s policy and the property type and valuation. The value of the property would be determined through a valuation conducted by the Loan Provider.

Individuals apply for LAP for a variety of reasons. Some of the common ones are your child’s wedding, loans for new business ventures, second homes, vacations, medical treatment just to name a few.


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Loan against Property is given on the below mentioned property types and the percentage of loan you can get is given below.

Loan Against Property – For a Residential Property

Self-Occupied –70% of Property Value

Vacant – 55% of Property Value

Rented – 55% of Property Value

Loan Against Property – For a Commercial Property

Self-Occupied – 50% of Property Value

Vacant – 40% of Property Value

Rented – 40% of Property Value

Apart from that, you can get LAP with Vacant Plot, Self-occupied Industrial properties also

This varies from Bank to Bank by 5 – 10% of the above mentioned percentages.

In order to calculate how much you would be estimated to pay, most banks use a formula which is given below.

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Features of Loan Against Property

All loans are not created equal, personal loan has become a great option for people to use.

Salaried & Self Employed

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Loan For Agriculturists

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Loan against propertys For NRIs

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Loan Against Property - Eligibility

Some of the eligibility Criteria when applying for a Loan Against Property Are as Follows

Age

Minimum 21 years

Property Valuation

Your property valuation determines the amount of loan you are eligible for.

Existing Liabilities (if any)

Your loan would be also depends upon your existing loans.

Current Work Experience

The more is your work experience and the more you can lend.

Income and Financial Documents

Banks need income and financial documents to check loan eligibility.

Number of Dependents

The number of dependents in your family would also cross checked.

The eligibility for LAP is calculated on basis of both the percentage of property value that you own and the amount of income you have to enable you to return the EMI on the Loan. So you can get Loan against property up to annex % of property value and the net amount that you earn after other EMI has been deducted from your net income.

Other Eligibility Criteria Revolves Around the Maximum Age of The Person Applying for The Loan

For Salaried employees – 60 Years

For Self-Employed – 70 Years

Documents Required

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Salaried Customers Self Employed Professionals Self Employed Businessman
Application form with photograph Application form with photograph Application form with photograph
Identity and Residence Proof Identity and Residence Proof Identity and Residence Proof
Latest Salary-slip Education Qualifications Certificate and Proof of business existence Education Qualifications Certificate and Proof of business existence
Form 16 Last 3 years Income Tax returns (self and business) Business profile
Last 6 months bank statements Last 3 years Profit /Loss and Balance Sheet Last 3 years Income Tax returns (self and business)
Last 3 years Profit /Loss and Balance Sheet
Processing fee cheque Last 6 months bank statements
Processing fee cheque
Last 6 months bank statements (self and business)
Processing fee cheque

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