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Loan Against Property

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Loan Against Property - Regular (Home Equity)

Are you looking to start a new business? Do you require long term working capital to expand your existing business?
Want to send your children for higher education or get them married? Manage medical expenses?

If your answer is a ‘Yes’, then we offer the perfect solution for you. Now, use immoveable property as per your financial requirements. Loan Against Property (LAP), a multi-purpose loan you can avail to meet your financial requirements. We offer Loan Against Property not only against constructed residential or commercial properties but also against plot of land.

Understanding the importance of financial inclusion, we offer Loan Against Property at low rate of interest for a maximum tenure of up to 10 years. Add co-applicant to increase maximum loan amount and rate of interest.

Based on your eligibility and financial requirement, we offer two types of loans under our Loan Against Property- Regular LAP & Samman LAP. Under Regular LAP, we offer maximum loan of up to Rs 10 crore for a loan tenure as long as 10 years with simple repayment options.

To cater financial needs of small business owners, we have customized product . Maximum loan amount that can be availed under Samman LAP is up to Rs 35 lacs. Expanding our footprint, we offer Samman LAP to small set-up owners including kirana store, mobile store, or restaurant.

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Loan Against Property Documents Required

It can be said that Loan Against Property implies the most secure method for availing a credit. One of the reasons is that the process of availing Grow Finance Loan Against Property is very simple and hassle-free. You can get your documents ready and avail the home loan against it. When you apply for the LAP, ensure to keep No Objection Certificate (NOC) and property papers ready. Loan Against Property can be availed by self employed, salaried, partnership firms & private limited companies.

To make your application process simpler, here is a list of documents that you will need:

  • PAN Card (mandatory) and any one of the below documents:

    1. Voter Card
    2. Aadhar Card
    3. Valid Passport
    4. Driving License
    5. Photo Credit Card
    6. Photo Identity card issued by Govt. body
    7. Letter from recognised public authority or public servant verifying the identity of the customer with photograph (not more than 30 days old)

  • Any one of the below documents:

    1. Voter Card
    2. Aadhar Card
    3. Valid Passport
    4. Letter from a recognized public authority or public servant verifying the identity and residence of the customer
    5. Latest Utility bill
    6. Rent agreement on stamp Paper
    7. Bank Statements reflecting address of borrowers of any commercial nationalized bank
    8. Credit Card Statement not older than 3 months
    9. Life Insurance Policy
    10. Residence address Certificate /letter by employer on company letterhead
    11. Copy of Sale Deed of the property (residence), if owned
    12. Municipal or property tax receipt
    13. Post office saving bank account statement
    14. Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings, if they contain the address
    15. Letter of allotment of accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions, and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation
    16. Documents issued by Govt. departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India

  • All the documents given below:

    1. Last 2 months salary slip
    2. Last 6 months bank statement of salaried account
    3. Latest Form 16 / ITR
  •  Documents related to running loans along with 6 months repayment bank statements

  • All the documents given below:

    1. Copy of complete chain documents of the property (as applicable)
    2. Copy of Approved Plan (if applicable)

Amount Limits

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Loan Tenure

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Wider Options

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Loan Against Property- Eligibility

Resident Indian individuals (salaried/ self-employed) can apply with IIFL Home Loan for Loan Against Property. Applicants can have close relatives, partnership firms, or even a Private Limited Company as co-applicant to increase maximum loan amount and avail best rate of interest. For cases where income is considered, minimum age at loan inception should be 21 years and 65 years at loan maturity. In cases where income is not considered, minimum age at loan inception should be 18 years.

Given below are the eligibility parameters under each variant

Any Resident Indian Individual (salaried/ self-employed) can apply. The co-applicants can be close relatives, partnership firms, or even a Private Limited Company.

In case where income is considered, minimum age at loan inception is 21 years and loan maturity is 65 years. If income is not considered, minimum age at loan inception is 18 years.

Product Type Regular LAP
Minimum Loan Amount (non metro) (INR) 25 lakhs
Minimum Loan Amount (metro) (INR) 35 lakhs
Maximum Loan Amount (non metro) (INR) 10 crore
Maximum Loan Amount (metro) (INR) 10 crore
Maximum Tenure (Years) 10

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Who can avail Loan against Property?

Any Resident Indian Individual (salaried/ self-employed) can apply. The co-applicants can be close relatives, partnership firms, or even a Private Limited Company.

What are the Income documents required for Loan against Property?

Salaried Customers need to submit their last 2 month’s salary slip, 6 months bank statement, form 16 and ITR and documents related to running loans.

Self Employed customers need to submit complete set of ITR and Financials for last two financial years, 6 months CA statement and documents related to running loans.

What is the maximum possible tenure?

We offer this Loan Against Property for max tenure of 10 years.

Do I require a guarantor?

Normally a guarantor is not required; however, this would also depend upon the loan facility and financial strength of the customer. However, every loan to have either co-borrower or guarantor.

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    Our goal at Grow Finance is to provide access to personal loans and education loan, car loan, home loan at insight competitive interest rates . We are the loan provider, you can use our loan product.

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    Ramghat Road , Aligarh-202001, Uttar Pradesh

    Our Branch Offices:

    Mathura, Hathras, Kasganj,Etah,Bulandshahar and Khurja.

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