{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/manage-your-finance\/what-is-a-loan-against-property-eligibility-documents\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/manage-your-finance\/what-is-a-loan-against-property-eligibility-documents\/","headline":"What Is A Loan Against Property Eligibility & Documents?","name":"What Is A Loan Against Property Eligibility & Documents?","description":"There are certain eligibility criteria and documents needed for a loan against property. At IndusInd Bank, both individuals and business entities have to meet simple eligibility criteria and submit minimal documents. A loan against property (LAP) refers to a type of loan that is granted by a bank when a residential or commercial property is...","datePublished":"2023-04-10","dateModified":"2023-06-12","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/#Person","name":"IndusInd Bank","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Eligibility.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Eligibility.jpg","height":400,"width":1060},"url":"https:\/\/www.indusind.com\/iblogs\/manage-your-finance\/what-is-a-loan-against-property-eligibility-documents\/","about":["Manage your Finance"],"wordCount":1184,"keywords":["Loan against property","Loan against property document","loan against property eligibility"],"articleBody":"There are certain eligibility criteria and documents needed for a loan against property. At IndusInd Bank, both individuals and business entities have to meet simple eligibility criteria and submit minimal documents.A loan against property (LAP) refers to a type of loan that is granted by a bank when a residential or commercial property is pledged as a security or collateral. While the funds from both a personal loan and LAP can be used freely for one\u2019s personal or business needs, the latter is a secured loan that is typically offered at a relatively lower rate of interest than other types of loans.Why you Should Opt for IndusInd Bank Loan against PropertyIndusInd Bank loan against property is a great option for those in immediate need of long-term funds. IndusInd Bank offers some of the best loan against property solutions to effectively help you unlock the hidden value of your residential or commercial property.Some of the key features and benefits of obtaining an IndusInd Bank loan against property are as follows:\u00d8  Attractive loan against property interest rates\u00d8  Doorstep banking services and assistance\u00d8  Customized repayment tenures ranging from 1 to 20 years\u00d8  Immediate access to a large loan amount for various needs like educational purpose, business purpose , medical expenses etc.\u00d8  Hassle-free, seamless processing & quick disbursal of funds\u00d8  Availability of balance transfer option\u00d8  Option of availing overdraft facilityEligibility Criteria for Loan Against PropertyLike every other form of loan, an LAP requires certain eligibility criteria. At IndusInd Bank, the loan against property eligibility criteria is fairly simple. The following categories of borrowers are eligible:\u00fc  Individuals and Proprietorship concerns\u00fc  Partnership firms\u00fc Limited Liability Partnership\u00fc  Private Limited Companies\u00fc  Closely held Public Limited Companies (not listed on any stock exchange)Both salaried and self-employed professionals are eligible for LAP. The table below details the criteria for each category.Salaried IndividualsSelf Employed Professionals & IndividualsA person employed permanently in any Public Sector Enterprise, listed Public Limited company, Government undertaking, Multinational Company, or any well-known private limited company  Applicants could be doctors, Chartered Accountants, Cost Accountants, Architects, Engineers, Company Secretaries, and Chartered Financial AnalystMinimum age of applicant at the time of loan application should be 21 years and maximum age at loan maturity should be 65 years or retirement ageApplicants should be filing Income Tax returns Minimum age at the time of loan application should be 21 years and maximum age when the loan matures should not exceed 70 yearsDocumentation for Loan Against PropertyYou are required to furnish certain documents when applying for an LAP. Details of these loan against property documents for both individuals and business entities have been elucidated in the table below:Type of DocumentIndividual ApplicantsNon-Individual\/Business Entity ApplicantsApplication FormApplication form with photographApplication form with photographKYC DocumentsKYC documents including a valid identity\/residence or signature proofValid proof of identity\/residence\/signatureProof of IncomeLatest Form 16\/ITR copy\/Appointment letter and last 3 months\u2019 salary slips \/ salary certificateLatest 2 years\u2019 ITR along with computation and acknowledgement. 2 years\u2019 financials with full schedules & audit report (Form 3CD & 3CB). Financials to be audited for T\/O > 40 \/60 Lakhs case, or should be CA-certifiedBank StatementsPrevious 6 months\u2019 bank statements of the main Current Account\/Savings Account\/ Overdraft and Cash Credit accountsLast 6 months\u2019 bank statements of the main Current Account\/Savings Account\/ Overdraft and Cash Credit accountsProperty DocumentsCopy of complete documents of the property that will be pledged as collateralCopy of complete documents of the property that will be mortgagedProcessing FeeProcessing fee chequeProcessing fee chequeTo apply for a loan against property at IndusInd Bank, you may fill up the online application form, call the phone banking number, or visit your nearest IndusInd Bank branch. Existing customers may simply reach out to their relationship manager for all details regarding LAP.Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision.  IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct\/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.   Share This:"}