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What Is the Best Way to Get an Online Loan Against Property
Posted on Monday, March 11th, 2024 | By IndusInd Bank
Summary: The growth trajectory of the loan against property sector in India reflects a growing awareness about the benefits of leveraging one’s property for financial requirements. Hasten your loan against property journey by taking advantage of IndusInd Bank’s online application process.
Technological progress has ushered in a generous measure of convenience in every aspect of our lives. Banking processes too have undergone a revolutionary transformation, not only making financial transactions easier but also offering services like loans at the click of a button. As we embrace digitalization, the cumbersome paperwork that once defined the loan against property (LAP) process is now giving way to a more customer-centric approach. The lending process is significantly more efficient, leading to a seamless digital experience for every customer from start to finish.
Understanding a Loan against Property
A loan against property as the name suggests, is a secured loan where you pledge your property, commercial or residential, as collateral in exchange for a loan amount. The key advantages of a LAP include lower interest rates compared to unsecured personal or business loans, extended tenures, and a larger sanctioned amount. As a property owner, taking out a LAP is a convenient way to acquire funds for business expansion, emergency needs, or debt consolidation.
The best way to get an LAP online is to ensure you meet the loan against property eligibility criteria and compile the required documentation before applying. IndusInd Bank offers its customers enhanced convenience with its online application process.
Loan against Property Eligibility Criteria
The following constitution borrowers are eligible
Private Limited Companies
- Closely held Public Ltd Companies that are not listed on any stock exchange
- Partnership firms
- Individuals and Proprietorship concerns
- Limited Liability Partnership
| Salaried Individuals | Self Employed Professionals/Non-Professionals |
| Those employed permanently in any Government/Semi-Government undertaking, Public Sector Enterprise, MNC, listed Public Limited company, or well-known private limited company which are CRISIL rated minimum BB+ OR have a turnover over 50 Cr., NRIs | Architects, Chartered Accountants, Cost Accountants, Company Secretaries, Chartered Financial Analyst, Doctors, BDS, D.O.M.S, Masters in Business Administration (MBA, PGDM, MMS)and Engineers. |
| The minimum age must be 21 years. At the time of loan maturity, maximum age is restricted to 65 years or retirement age,whichever is lower | The minimum age requirement is 21 years / 18 years At the time of loan maturity, maximum age to be 70 years / 75 years depending on Income criteria.. |
| Any individual who files Income Tax returns can apply. |
Documentation Requirements
To initiate the process of taking a loan against property, the following documents need to be submitted:
| Individuals | Non-Individuals | |
| Application form | Application form with photograph | |
| KYC Documents | Valid identity/Residence/Signature proof | |
| Proof of Income | Last 3 months’ salary slips / salary certificate and latest form 16 of latest 2 years/ITR copy/appointment letter/Bank Statement reflecting Salary credits | 2 years of financials along with full schedules & audit report (Form 3CD & 3CB). Financials to be audited for T/O > 40 /60 Lakhs or else should be CA certified. Latest 2 years ITR |
| letter/Bank Statement reflecting Salary credits | should be CA certified. Latest 2 years ITR | |
| Bank Statement | Latest 6 months bank statements of your main CA/SA/CC/OD account | |
| Property documents | Copy of property documents | |
| Processing fee | Processing fee cheque | Processing fee cheque |
Why Opt for an IndusInd Bank Loan against Property
Benefits of an IndusInd Bank loan against property:
- Hassle-free application process, with quick disbursal time
- Flexible tenures for repayment, ranging up to 20 years
- Convenience of doorstep service
- Balance transfer option
- Overdraft facility
How to apply for a loan against property at IndusInd Bank:
- Head to the loan against property page on IndusInd Bank’s website
- Select the ‘Apply Now’ option and fill out the form with your name, contact number, email ID, and place of residence.
- You will receive an interaction ID. A bank representative will reach out to guide you through the next steps in the loan process.
In Conclusion
As you navigate the digital realm for your loan requirements, reap the benefits of an online loan against property with IndusInd Bank for a smoother application process. Apply today.
