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Loan against property (LAP) is very good product for those people who have a property and they are in business/profession and need money to expand their business or profession so they can avail loan by mortgage their existing property. LAP can be arrange in OD/CC form or can avail full disbursement depend upon bank to bank,. LAP can avail for 20 year tenure. LAP terms and condition can differ from bank to bank.
Self attested copy of Voter ID/Passport/Driver License (Any One)
Income Tax Return from last 2 year Balance sheet and P&L
Any loan against property (residential or commercial) can be used for personal and business purposes except speculative or non-prohibitive activities.
The bank basically looks your repayment capacity. For calculating the loan amount bank consider generally following criteria.
1. Existing Income and its nature
4. Number of Dependants,
5. Spouse’s Income,
6. Existing Assets and Liabilities,
7. Stability and Continuity of Occupation
8. Credit History
You can repay the loan in EMIs. Repayment by way of EMI commences from the month following the month in which you get full disbursement.
Loans against property (LAP) can avail maximum tenure of 15 years, subject it should not exceed your retirement age. however this condition can be flexible in certain cases and also depend on bank to bank.