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Loan Against Property: Documents Needed for LAP | EFL

Nowadays, if one is crunched for money, there are many options available such as unsecured loans – personal loan – and secured loans – loan against property. Both these loans allow the spender a great deal of freedom to carry out their personal duties. However, a loan against property has a few advantages that a personal loan does not.

Loan against property is a loan wherein you put your property as collateral. The lender will then sanction a loan amount based on certain criteria such as whether the property is occupied or vacant, residential or commercial, etc. Certain agencies such as EFL offer a maximum loan amount of Rs. 3cr, which is more than one would receive with an unsecured personal loan.

By keeping a property as collateral, the lender enjoys lesser risk since any issues can be solved by making a legal claim on the property. This added security is the main reason lenders can afford to offer you a lower loan against property interest rate. One of the key advantages of this loan is that lenders offer longer repayment terms. This is incredibly beneficial for the borrower in case of a higher loan amount.

The long tenure along with lower loan against property interest rate makes this loan an attractive choice.

Applying for this loan is relatively easy as long as one has all the necessary documents.

For salaried individuals, the documents required are:

  • Proof of residence such as ration card, telephone bill, electricity bill, etc.
  • Proof of identity such as voter’s card or employee card.
  • Latest Bank Statement/Passbook from where you can show a salary/income being. credited for the previous 6 months.
  • Salary slip for the previous 6 months showing all deductions
  • Form 16 for the previous 2 years.

Copies of all the property documents of the concerned property.

For self-employed individuals, the documents required are:

  • Certified Financial Statement for the previous 3 years
  • Proof of residence such as ration card, telephone bill, electricity bill, etc.
  • Proof of identity such as voter’s card or employer’s card.
  • Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months.

Copies of all the property documents of the concerned.

loan against property eligibility increases if the borrower has a bureau score of more than 600, business vintage more than 3 years, and turnover of more than Rs. 1cr.

EFL’s loan against property offers borrowers:

  • Maximum loan amount of Rs. 3cr.
  • Repayment period up to 84 months.
  • Loan sanctioned up to 70% of the property valuation.
  • Industrial property accepted as collateral.

This loan is a great option for those who want a hassle free loan experience. Check your loan against property eligibility to see if you qualify for more features!

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