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Loan against Property & Eligibility Criteria

Loan against Property (LAP), also called loan, is sanctioned against an asset, which remains with a lender until the loan is repaid. This asset is often a residential, commercial or industrial property. Property loan gives you access to high loan amount at a coffee charge per unit starting at 8.20% p.a.

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Loan against Property & Eligibility Criteria

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  1. Loan against Property & Eligibility Criteria Loan against Property (LAP), also called loan, is sanctioned against an asset, which remains with a lender until the loan is repaid. This asset is often a residential, commercial or industrial property. Property loan gives you access to high loan amount at a coffee charge per unit starting at 8.20% p.a. Lenders usually sanction a real estate loan between 50% and 70% of the property’s market price, which you'll repay easily in EMIs stretching up to twenty years. Like unsecured personal loans, LAP Loan or loan against property interest rate can also be availed for meeting both personal and business needs apart from speculative purposes. loan against property in gurugram: Benefits of loan against property interest rate vary across different lenders and loan schemes. However, a number of the common real estate loan benefits are as below: Flexible End Use: Like loan, loan against property is used for both personal and business purposes aside from any speculative use High Quantum of Loan: real estate loan is secured against a high value asset, which provides you access to high loan amount, helping you meet your high-end expenses with ease Low Interest Rate: The rate on a secured loan is less than the rate of interest on an unsecured loan. This makes loan against property interest rate a less expensive and a far better alternative to non-public loans Flexible Tenure: The tenure of loan against property usually extends till 20 years, supplying you with the good thing about lower EMIs and greater flexibility of repayment Balance Transfer Facility: Real estate loan also comes with the feature of balance transfer, allowing you to refinance your existing loan to a different lender giving lower charge per unit or better loan terms Tax Benefits: Interest procured the loan against property interest rate provides tax benefits under Section 37 (1) of the revenue enhancement Act, 1961. If the loan amount is employed for financing a replacement house purchase, the interest paid on the loan will get you tax write-off of up to Rs. 2 lakh under Section 24 of the revenue enhancement Act. Loan against Property Eligibility Required Residential Status Resident Indian and Non-resident Indian Minimum Age Limit 18 years Maximum Age Limit 70 years Salaried, Self-employed Professional and Self-employed Non- professional Employment Type greenwallfinance.com | +91-9873999068 Page 1

  2. Loan against Property & Eligibility Criteria Minimum Salary At least Rs. 12,000 per month Net Annual Income At least Rs. 1.5 lakh per annum Work Experience At least 1 year in the current organisation Eligible Loan Amount Up to Rs. 25 crore Loan to Value Up to 75% of property value Credit Score Preferably 750 and above Property Type Residential, Commercial and Industrial Loan against Property Document Required When applying for a mortgage loan, lenders ask for a list of documents to assess your loan repayment capacity and also to ensure that all information given by you is legit. Now this list of documents may differ from one lender to another. It may also vary as per your scheme, resident type and type of employment. However, the common set of documents required to apply for loan against property interest rate are as below: Duly filled loan against property application form Passport size photographs Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card) Proof of Residence (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License) Proof of Age (PAN Card /Passport /any other certificate from a statutory authority) Bank Statements (Bank statement /Bank Passbook for the last 6 months) OR Last 6 months salary slips Form 16 Income Tax Returns for the last 3 years Processing Fee Cheque Documentation related to the property offered as collateral Additional Documents Required for Mortgage Loan For Self Employed: Income statements and other financials for the past 2 years attested by a CA For SMEs: Audited financials for the last 2 years greenwallfinance.com | +91-9873999068 Page 2

  3. Loan against Property & Eligibility Criteria greenwallfinance.com | +91-9873999068 Page 3

  4. Loan against Property & Eligibility Criteria Loan against Property Interest Rate Lender's Name Interest Rate IDFC First 8.00% p.a. onwards HDFC Bank 8.00% - 8.95% p.a. ICICI Bank 8.35% - 10.00% p.a. State Bank of India 8.45% - 10.00% p.a. greenwallfinance.com | +91-9873999068 Page 4

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