When you want to avail a loan against property

Documents Required for Loan Against Property

What are the documents necessary?

You must take expert advice!

We at Finwizz are the most trustworthy Loan against Property Consultants.

You own a property and you have a financial need.

Your need can be for

  • Business expansion
  • Home extension
  • Equipment purchase for a profession
  • Your child’s education
  • Your child’s marriage
  • Debt Consolidation
  • Bridge finance for business
  • Or many other reasons.

You have an asset like an apartment or a piece of land.

You can sale it off and raise the required funds to meet tour above needs. But in this case you permanently lose your asset and with it, lose the profits you would have earned in the long run due to appreciation in its value.

So the best way is to mortgage the property, meet your financial needs and get your property back free-hold, once you successfully repay the loan.

The next question is what the documents necessary for availing such a loan are.

To understand it, first you have to consider the following points:-

  • Your exact need.
  • Whether you are salaried or self-employed.
  • Your present gross income.
  • Whether the property is commercial, residential or industrial.
  • Type of loan against mortgage

Types of properties can be mortgaged to avail of a loan.

  • Residential property- Owned by you. (Occupied by you or given by you on rent.)
  • Commercial property – Owned by you. (Occupied by you or given by you on rent.)
  • An open plot of land owned by you without any constructed structure thereon.
  • An industrial property- Owned by you. (Occupied by you or given by you on rent.)

There are a number of loan types available today against the mortgage of your property.

  1. Lump-sum take-away against mortgage. – In this case you get a certain amount as loan against your property.
  2. Cash Credit against mortgage: – In this case, you get a credit limit against mortgage, which you can use as per your needs and pay interest only on the funds actually used.
  3. Rental Discounting: – This loan can be availed when you earn fixed rentals at specific intervals from a property you own.

The documents required for various categories are as under:-

If you are a salaried person

  • Proof of identity (any one of the these):
    1. Aadhar Card
    2. PAN card
    3. Passport
    4. Driving License
    5. Voter’s ID
    6. Employee ID
    7. Bank passbook
    8. Ration card
  • Proof of Address (any one of these):
    1. Passport
    2. Utility bill  – not more than 2 months old
    3. Municipal Property Tax bill
    4. Bank passbook or Bank account statement
    5. Voter Identity Card
    6. Ration card
    7. Life Insurance policy/ receipt
  • Residence ownership proof (any one of the following):
    1. Property documents (e.g. 7/12 Extract or Property Card) / Electricity bill
  • Proof of income (any one of the following):
    1. Payslips (for the last 3 months)
    2. Promotion letter
    3. IT returns (for 3 years)
    4. Form 16
    5. Certified letter from your employer
  • Proof of job continuity (any one of the following):
    1. Appointment letter for current job (if employed here in current job for more than 2 years)
    2. Certificate of current employment
    3. Experience certificate (including certificate or appointment and relieving letter from previous job/s)
  • Bank statement: Last 6 months bank statements of account in which salary is deposited.
  • Existing loans: In case you have any existing loan/s, submit sanction letter, payment track record
  • Proof of investments made (if any): e.g. FDs, Fixed Assets, Stocks and Debentures, etc.
  • Copies of property related documents: Sale deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
  •  Advance processing cheque: to process loan documents for sanction

 If you are a self-employed person or a professional

  • Proof of Identity:- same as above
  • Proof  of address : – same as above
  • Proof of ownership of residence (any one of these):
    1. Property related documents
    2. Electricity bill
    3. Maintenance bill
  • Office address and ownership proof (if applicable, any one of these)
    1. Property documents
    2. Electricity bill
    3. Maintenance bill
  • Proof of existence of business (any one of these)
    1. Sale-deed/ Agreement (duly executed)
    2. ‘Saral’ copy (for 3 years)
    3. Tax Registration Copy
    4. Company registration / Shop Act / License
  • Proof of Income (any one of the following):
    1. Applicant’s Income tax returns for the last 3 years along with computation of income duly attested by a Chartered Accountant
    2.  Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
  • Bank statement: Bank statement for last 1 year (for both savings and current accounts)
  • Copies of all property related documents: Sale-deed/copy of Agreement, share certificate (in case housing society is formed), maintenance bill
  • Advance processing cheque: to process loan documents for sanction
  • Passport size, coloured photograph
  • Proof investment made (if any): e.g. FDs, Fixed Assets, Stocks and Debentures, etc.
  • Existing loans: In case you have  any existing loan/s, loan sanction letter, repayment history record must be submitted.
  • Degree Certificate relating to the professional: (in case of professionals like Doctors, Advocates, Architects etc).

Add to this, there are hundreds of financial institutions and companies bombarding you with their schemes and offers for such loans. Which company would be best suitable for your needs?

As you can see, this is a complex combination of factors. You are going to risk a hard earned property against the loan.

A layman is not expert enough to take into consideration these complexities and take the right decision.

If you take a hasty decision without consulting an expert, you may face huge financial losses, a trouble in repayments and perhaps may end up losing the property.

We at Finnwizz are at your service as the leading Professional Mortgages and Secured Loans Consultants in Ahmedabad.

We have a long experience and a proven track record as Mortgages and Secured Loans Consultants in Ahmedabad.

We will thoroughly discuss your future projections and help you arrive at a repayment scheme including EMI and tenure that will never stretch your finances, now or in future. It will make your life easy and help you focus and take care of your other financial commitments now and also in future.

We can design the best plan suitable for you which will ensure

  • The right type of loan
  • A sustainable tenure
  • Sustainable EMIs
  • Lowest Interest rates
  • Quick documentation in one-go.
  • The right company offering the best for your needs.

Our fully digitized process makes the process extremely quick and we assure you that it will be a pleasant and happy experience.

For repayments, we will help you choose the right option out of: –

Cheques /Drafts, Post Dated cheques, Cash, Funds Transfer, RTGS Transfers, NEFT Transfers.

With our expertise, you will realize that our home loan solution has delivered maximum loan to value. Our thousands of happy customers can vouch for that.

Long term relationships based on mutual trust is our core value. That is why, we at Finnwizzloans believe in extreme transparency. We have no hidden charges or small prints which you will later on regret. 

We can design tailor made plans for Mortgages and Secured Loans in Ahmedabad: –

  • Loan Against Residential/Commercial Property
  • Loan Against Property for Self-Employed
  • Loan Against Property for Salaried Employees
  • Loan Against Property for Home Renovation
  • Loan Against Property for Education
  • Loan Against Property for Wedding
  • Loan Against Property for Debt Consolidation
  • Loan Against Property Balance Transfer
  • Loan Against Property for Chartered Accountants
  • Loan Against Property for Doctor
AUTHOR: Sini Mathew
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