Loan Against Property (LAP)

Avail our loan against property and use your property to meet immediate personal needs like expanding your business, planning a wedding or funding children’s education etc

Purpose

  • For all purposes like wedding, home renovation, children’s education, investment in business etc except speculative and illegal purposes

Feature

  • Can be availed either as overdraft or term loan

Who Can Borrow

  • Salaried employees in the age group of 21 yrs to 55 yrs having minimum income of Rs. 1.20 lac p.a
  • Self employed persons in the age group of 21 yrs to 65 yrs having minimum income of Rs. 1.50 lac p.a
  • HUF
  • Business Organizations like Company /Society /Firm etc

Loan Amount

  • Maximum Rs. 150 lac
  • Minimum Rs. 2 lac

Repayment

  • Maximum 180 months

Rate Of Interest

  • The rate of interest as decided by the bank from time to time would be applicable.

Security

  • Equitable Mortgage of Property 10% of security will be in form of liquid assets like bank’s fixed deposit, LIC Policy, NSC, KVP etc.

Guarantee

  • Two guarantors acceptable to bank

Processing Charges

  • 1 % of the loan amount + GST

Share Holding

  • 1.5% of the loan amount.

Documents Required

  • Photograph , PAN and KYC documents of borrower and guarantor
  • Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
  • Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
  • Relevant documents related to the property being mortgaged like Title Deed, mutation copy, sanctioned map etc as applicable)

To apply for Loan against property loan, please download the below listed form and submit it to your nearest branch

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