Loan Against Property Overview
Mumbai is the financial and commercial capital of India which keeps the value of the real estate market constantly rising, and in such places your property can be used for your financial needs.
If you are in need for urgent funds then we help you get the loan against property in Mumbai, Thane at low interest rates. Get quick and hassle-free loan on property mortgage with minimal documentation.
Finance / Loan against property is the best financial product to raise funds that can be used for personal and business use. This includes residential, commercial and industrial properties through which you can avail loan against property without income proof.
1. General economic needs
At times in life there may be financial need such as renovation of property, higher studies and travel expenses etc. And in that case, you can get rid of your problem with this.
2. Business expansion
There is a huge financial need to expand the business and you can easily get the required amount by mortgaging your property.
3. For immediate working capital requirement
If you have land and you need money to build a house on it, then you can choose a house construction loan.
4. Buying commercial pProperty
With a loan on your existing property you can start a new business or prosper by buying a commercial property.
5. Investment in machinery and technology
Investment in machinery, equipment and technology is essential for the growth of any business and your assets can be useful in times of great need.
How to Apply for Loan Against Property
- Identify the requirement & type of property
Before applying for loan on property mortgage, you must be clear on the amount of loan you require, then find out the type of property you intend to mortgage and its market value to get desire amount of loan. - Fill the Application Form
If you are eligible and comfortable with the EMI, then compile all the required documents and make final submission by filling the online/offline form. - Await assessment and verification of your application
Once all the assessment and verification done by financial institute you will receive confirmation, loan offer and authorise disbursal.
Loan Against Property Eligibility & Documents Required
| Salaried Individuals | Self-employed Individuals | Firm/company | |
|---|---|---|---|
| Eligible Borrowers | Salaried individuals working private / public limited companies | Proprietor / Partner / Director Self-employed professionals like Doctors, CA, and Lawyers |
Partnership or private limited companies engaged in manufacturing, servicing or trading |
| Age | Applicant must be a minimum of 25 years at the time of loan application and should be a maximum of 65 years at loan maturity | Applicant must be a minimum of 25 years at the time of loan application and should be a maximum of 65 years at loan maturity | Applicant must be a minimum of 25 years at the time of loan application and should be a maximum of 65 years at loan maturity |
| Income | Net monthly take-home salary should be Rs.25,000 | Gross annual income should be a minimum of Rs.3 lakh | Annual turnover should be a minimum of Rs.10 lakh |
| Experience | 1 year of total experience and 2 months with current employer | Should be in the same business for last 3 years Professionals with qualification of CA / CS / doctor with minimum 1 year of practice |
Business stability of minimum 3 years in the same business |
Documents Required For A Loan Against Property
| Salaried Individuals | Self-employed Individuals | Firm/company | |
|---|---|---|---|
| Identity Documents | PAN Card, Aadhaar Card | PAN Card, Aadhaar Card | Firm/Company PAN Card, GST Registration Certificate (If applicable) and Other Applicable Registration KYC of Partners / Directors PAN Card and Aadhaar Card |
| Address Proof | Electricity bill for owned premises Rent agreement for Rented premises Passport |
Electricity bill for owned premises Rent agreement for Rented premises Passport |
Electricity bill for owned premises Rent agreement for Rented premises Passport for Partner / Directors |
| Income Documents | Salary slip of the latest month | Income Tax Returns along with computation for the last 2 years Profit/Loss statement and balance sheet for the last 2 years |
Income Tax Returns along with computation for the last 2 years Profit/Loss statement and balance sheet for the last 2 years GST Returns |
| Bank Account Statement | Salary credit bank account statement of latest 3 months | Operative bank account statement for the latest 6 months | Operative bank account statement for the latest 6 months |
| Property Documents | If already finalised along with legal & technical clearance of the property | ||
*The above-mentioned loan against property documents list is indicative, and additional documents may be required during loan processing.
