Loan Against Property

Loan Against Property

Loan against property (LAP) or Mortgage loans is one of the preferred ways of raising funds against a residential or commercial property by parking its papers with banks or institutions as a mortgage. We expertise in structuring loan against property deals for our clients according to specific requirements such as long repayment schedules, flexi repayments. The purpose of LAP can be for meeting business or personal financial needs.

Mortgage loans are given upon mortgage of commercial property/plot, residential property/plot & Industrial property. It can also be given for the purchase of commercial property, Open Plot, Builder Projects & Industrial Properties. The property gets transferred on the buyer’s name. We suggest our clients to take pre-approval of commercial properties, purchase loans and then search property accordingly which always helps to negotiate good deals.

 

LAP Highlights -

  • Type of Security: Residential Property, Commercial Property or plots (residential or Commercial), Industrial property can be offered as security.
  • Tenure of Loan: 5 years -15 Years
  • Indicative Rate of Interest:
    (i) In case of Residential Property- 9.00% onwards
    (ii) In case of Commercial Property- 9.10% onwards
    (iii) In case of Plots- 10.00% onwards
    (iv) In case of Industrial property- 9.50% onwards
  • Expenditure: Estimated 0.50% Stamp duty + approx 1.00% Processing Fees+ GST.
    Loan To Value – LTV of the property is based on usage permission like Residential, commercial, Industrial, etc.

Drop Line Overdraft Limit (DOD)

Drop Line Overdraft Limit (DOD) is type of Loan against property. It is also given to firms and individuals also upon mortgage of commercial property, residential property/plot & Industrial property. Every year DOD limit is reduced by a fixed amount and remaining amount is available for use.

  • Tenure of Loan: 10- 15 years
  • Rate of Interest: 8.75% to 11%
  • Expenditure: 0.50% Stamp duty+1.00% Processing Fees+ GST.
  • Loan To Value: LTV of the property is based on type of property like residential, commercial, etc..

Documents required for LAP/ mortgage loans -

A. In case of Proprietorship-
  • Four photographs
  • Copy of PAN card, Aadhar card. ( Applicant & Co-applicants ).
  • Latest Office & Residence Address Proof i.e. Electricity Bill/Telephone Bill.
  • Gumasta Tax Registration/ GST or any other license applicable.
  • GST Return for last one year.
  • 3 Years ITR & Audit Report With All Annexure.
  • 3 Years ITR With Computation ( Co-applicants )
  • All Current A/c, C.C A/c ,Saving A/c statement for 1year.
  • Existing Loan Sanction Letter & Statement of Account
  • Copy of property papers with chain documents & map.
  • Purchase agreement / Drafting ( in case of new Home loan )
  • List of documents & Foreclosure letter ( only in case of BT )
  • Clear copy of pan card ( Firm )
  • Clear copy of pan card & Aadhar card ( partners)
  • Latest residence & office address proof ( electricity bill / telephone bill)
  • Applicable business license, GST reg & partnership deed
  • GST return for last one year
  • 3 years Income tax return ( Firm & partners)
  • 3 years audit report.
  • Banking of all saving & current & limit a/c for 1year.
  • copy of sanction letter & SOA of any existing loan & limit.
  • Four photographs
  • Copy of property papers with chain documents & map.
  • Purchase agreement / Drafting ( in case of new Home loan )
  • List of documents & Foreclosure letter ( only in case of BT )
  • Clear copy of pan card & Aadhar card ( Company & directors)
  • Latest residence & office address proof ( electricity bill / telephone bill)
  • Applicable business license, GST reg. & MOA.
  • List of Directors & Share holding pattern.
  • GST returns of last one year
  • 3 years Income tax return (Company & Directors)
  • 3 years audit report.
  • banking of all saving & current & limit a/c for 1 year.
  • copy of sanction letter & SOA of all existing loan.
  • copy of property papers with chain documents & map.
  • Four photographs
  • Purchase agreement / Drafting
  • List of documents & Foreclosure letter ( only in case of BT )
  • Four Photograph of Applicant/Co-applicant.
  • Copy of PAN card & Aadhar card of Applicant/Co-applicant.
  • Latest Residence proof of Applicant (Latest telephone/electricity bill).
  • 3 months latest salary slip
  • Form No. 16 (3years).
  • ITR for last 3 years. ( applicant & co-applicant)
  • Saving/ salary A/c statement of Applicant and co-applicant for 1year.
  • Copy of sanction letter of existing loans (if any)
  • Property Documents with approved Chain documents & map.
  • Purchase agreement / Drafting ( in case of new Home loan )
  • List of documents & Foreclosure letter ( only in case of BT )