Loan Against Property

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Loan Against Property


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.

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Banda Urban Co Operative Bank Ltd Head Office