Documentation for Loan Against Property - What You Need to Know

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• Documentation for Loan Against Property - What
  You Need to Know

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• What is Loan Against Property (LAP)?
• You can take it against an idle residential or
  commercial property
• Large loan amount usually
• Long tenure and affordable interest rate
• Easy repayment
• Can use to fund business expansion, medical
  expenses, weddings, education etc.

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• How Does LAP Work?
• Different types or sizes of property can be
  pledged factory, apartment, land, shop etc.
• Property title should be marketable and
  undisputed
• Property should be insured against natural
  calamities and fire
• Post valuation, lender will sanction 60-80 of
  property value as loan

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• LAP Eligibility
• Both business owners and salaried people can
  apply
• Property should have insurance and a clear title
• Lender may consider borrowers income, age,
  occupation etc.

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• LAP Documentation
• Properly filled application form
• ID proof Voter ID, Aadhaar card, drivers
  license, passport etc.
• Address proof Phone bill, rental agreement,
  property tax receipt, account statements or any
  of the ID proofs
• Income proof Salary slips of last 2 months,
  last 6 months account statement, form 16/IT
  return
• Property documents To prove chain of ownership
  and property plan

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• Things to Consider Before Applying for LAP
• Make sure to use the funds productively
• Create a convenient repayment plan
• Pick the right tenure long tenure means high
  interest burden
• Choose from fixed, floating, flat and reducing
  interest rates

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• Conclusion
• You retain property ownership when you avail Loan
  Against Property, as long as your documentation
  is flawless, and repayment is timely.

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Thank You !Would Love to Hear From You

• Hero FinCorp Limited
• 09, Basant Lok, Vasant Vihar, New Delhi - 110057
• Tel. [phone]
• Email Id Corporate.Care_at_HeroFinCorp.com
• Website https//www.herofincorp.com/
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  Property - What You Need to Know