Loan Against Property Documents

List of Property Documents Required for Loan Against Property

✓ Loan Against Property from ₹2 Lakhs to ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.75%

There are times when you might need finances on an urgent basis, in such a scenario opting for Loan Against Property is a better option than straining your savings. It is a handy option and using an asset as leverage would pool you a high-value loan compared to a personal loan or any other unsecured loan. 

The value of the loan depends on the market value of your property. Generally, financial institutions allow the borrowers to use the property even after the loan is sanctioned.

Loan Against Property Documents Required

Check out the list of documents for Loan against property in the table below -

  1. Application Form

  2. Recent Photograph

  3. Address Proof

  4. Age Proof

  5. Bank Documents 

  6. Form 16

  7. IT Returns of 3 previous years

  8. Processing Charges Fee

  9. Property Documents

For Salaried Applicants

The property documents required for Loan against property is different for salaried applicants and self-employed individuals. The salaried applicants require to submit -

  • Identity Proof - PAN card, Passport, Driving License, Voter’s ID, Employee ID, Bank Passbook, and Ration card. Any of the above-mentioned can be used for Identity Proof.

  • Address Proof - Passport, Utility Bills (previous 2 months), Bank Statements, Voter’s ID, Employee ID, LIC receipt, Ration card. Any of the above-mentioned can be used for Address Proof.

  • Ownership Proof - Maintenance Bills, Utility Bills (previous 2 months), property documents. Any of the above-mentioned can be used as Ownership Proof.

  • Income Proof - Payslip (previous 2 months), Promotion Letter(if any), Income Tax Returns( 3 years), Form 16, Letter from Employer. Any of the above-mentioned can be used as Income Proof.

  • Job Continuity Proof - Job Appointment Letter (in case more than 2 years spent in the same job), Employment Certificate, Experience Certificate.

  • Bank Statement - Bank Statements of salary accounts (previous 6 months).

  • Current Loans - Documents like Sanction letters, and Payment Track Reports of existing loans(if any).

  • Investment Proof - Documents related to investments like Fixed Deposits, Shares, Assets, etc(if any).

  • Property Documents - Documents like Sales Agreement, Share Certificate, Maintenance  Bills, etc of the property.

  • Processing Charge Cheque - Advance cheque for the charges regarding the processing of loan documents.

For Self-employed Individual/Businessmen

The documents needed for Loan against property for self-employed individuals are required to submit -

  • Identity Proof - PAN card, Passport, Driving License, Voter’s ID, Employee ID, Bank Passbook, Ration card. Any of the above-mentioned can be used for Identity Proof.

  • Address Proof - Passport, Utility Bills (previous 2 months), Bank Statements, Voter’s ID, Employee ID, LIC receipt, Ration card. Any of the above-mentioned can be used for Address Proof.

  • Ownership Proof - Maintenance Bills, Utility Bills (previous 2 months), Property Documents. Any of the above-mentioned can be used as Ownership Proof.

  • Office Ownership Proof - Maintenance Bills, Utility Bills (previous 2 months), Property Documents. Any of the above-mentioned can be used as Office Ownership Proof.

  • Business Existence Proof - Sales agreement, Saral Copy (previous 3 years), Tax Registration Documents, Company Registration License. Any of the above-mentioned can be used as Business Existence Proof.

  • Income Proof - IT returns (previous 3 years), Income Computation by CA, Audited Balance Sheet, Audited P&L, Audited Tax Report(if applicable). Any of the above-mentioned can be used as Income Proof.

  • Bank Statement - Statement of both current and savings accounts(previous year).

  • Investment Proof - Documents related to investments like Fixed Deposits, Shares, Assets, etc(if any).

  • Property Documents - Documents like Sales Agreement, Share Certificate, Maintenance Bills, etc of the property.

  • Processing Charge Cheque - Advance cheque for the charges regarding the processing of loan documents.

  • Current Loans - Documents like Sanction Letter, and Payment Track Report of existing loans(if any).

  • Coloured Passport size photograph

FAQs on Loan Against Property Documents

  • ✔️Where can I submit documents for a loan against the property?

    You can submit the loan against the land document along with the application form for the loan procedure. It can be submitted both online and offline depending on the terms and conditions of the lending institution.

  • ✔️Is it necessary to submit original documents for the loan against property procedure?

    No, you can submit the photocopy of the LAP loan documents required along with the application form.

  • ✔️Can I get a loan against property without income proof?

    No, income proof is one of the most important documents required for a LAP for the approval of a loan against property for both salaried employees and self-employed individuals. Salaried employees have to submit a copy of their salary slips for the last three months and self-employed individuals have to submit their financial statements for the last two years.

  • ✔️How does the amount decided in a loan against property?

    The amount is decided according to the market value of the property which is kept as collateral against the loan.

  • ✔️How much time does it take to get a loan against property to get sanctioned after submitting the documents?

    After you submit the documents needed for a loan against the property, a verification process will take place which might take a few days. After this, if there is no fault found during the verification, your loan will be sanctioned and the funds will be credited to your account on the same day.