A loan against property (LAP) is a secured loan provided by banks, housing finance companies, and non-bank financial institutions (NBFIs) against residential or commercial property. These loans are typically offered at a lower interest rate than a personal loan or business loan and are disbursed in a timely manner.
Under Noted Papers Required for Loan Against Property
A. Requirements Before sanction of loan :-
1- 5 Passport size photographs.
2- Photo ID Proof (Aadhar/Voter ID/Passport/Pan Card/ Driving License).
3- Proof of Residence (Aadhar card/ Land line telephone bill/electricity bill /Ceiling of gas connection / Ration card/Passport etc).
4- Income proof
(I)- Form-16 with latest salary slip for Servicemen.
(II)- 3 years ITR with computation sheet for others
(III)- 3 years ITR with computation sheet + 3 years Balance sheets with business proof for businessmen .
5- Statement of Bank account/Photo copy of Bank Pass Book having entries of last six months.
6- Sale Deed.
7- Photocopy of Registry with previous chain.
8- Saving Bank Account with our Bank
9- Two Guarantors Required
Documents required from each guarantor
(I)- 3 Passport size photographs.
(II)- Photo copy of Identity & Address proof (As 2 & 3above).
(III)- Photo copy of Income / Net worth proof (Salary slip + Form 16/ITR).
(IV)- Account statement /Photocopy of Pass book.
Note:- All documents must be Self attested.
B. After Sanction of loan at the time of disbursement :-
1- Revenue stamp-6.
2- 3 stamp papers for Rs. 100/- each in the Name of Borrowers.
3- 0.5% of loan amount (Min. 100/- Max. 10,000/-) stamp for equitable mortgage of property.
4- Affidavit on Bank Performa with photo.
5- Original title deed with previous chain.
6- Share money : 2.5% of loan amount
7- Charges as per Bank rule :-
(I)- Processing fees:- 0. 5% of Loan amount + 18% GST (max. 20,000/- + 18% GST)
(II)- NEC Fees
(III)- Application fees:- 20/- + 18% GST
(IV)- Membership fees:- 10/- + 18% GST (each borrower)
(V)- Nominal membership fees of both guarantors.
(VI)- CIBIL Charges.
(VII)- Valuation Charges:- 0.125% to 0.5% (i.e. Rs. 250/- to Rs.5000/-) depending on loan amount.
8- Valuation of Property from Bank's approved valuer.
You can use any of the contact options given below to enquire about our products , services or schemes.
Banda Urban Co Operative Bank Ltd Head Office
Copyright @2022 BANDA URBAN CO- OPERATIVE BANK LTD. All Rights Reserved