A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.

Documentation?

For Salaried

• Photo Identity Proof, Address Proof: As per RBI defined KYC guidelines
• Income Proof: Latest 2 years’ ITR/Form 16, Last 6 months’ bank statement reflecting salary credit, latest 3 months’ salary slips
• Details of Running Loans: Sanction letter, amort schedule/account statement
• Property Document: Complete chain of property title deeds, approved layout/plan

For Self-Employed

• Photo Identity and Address Proof: As per RBI defined KYC guidelines
• Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed.
• Details of Running Loans if any: Sanction letter, amort schedule/account statement
• Property Document: Complete chain of property title deeds, approved layout/plan