With the internet at your fingertips, it is easy to apply for a loan when you need cash urgently.
Out of all loans in India, a loan against property usually offers the lowest interest rates.
Here are the important documents you need to keep ready to apply for a loan against property.
Loan Against Property - Documents Required (Salaried Professionals)
- Application form - You may download the application form from the lender's website or collect it from the lender's branch office.
- Photograph - You need to attach the latest passport-size photograph with the application form
- Age proof - You can apply for a loan against property after turning 21. You may submit a photocopy of the birth certificate, PAN card, or passport as age proof.
- Residence proof - Your passport, driving license, Aadhar card, electricity bill, voter ID card, or telephone bill can serve as residence proof.
- Educational certificate - You may have to submit a photocopy of your latest degree certificate.
- Employment details - Documents like appointment letter, joining letter, and 3-months' salary slips act as employment proof.
- Bank account statement - You should submit a six-months bank account statement of your salary account.
- Income Tax Returns - You will also need to submit details of the income tax file for the previous two years.
- Property papers - Property papers include title deed, approved plan, etc.
- Cheque - A cheque containing the downpayment amount and processing fee needs to be submitted.
Loan Against Property - Documents Required (Self-Employed Professionals)
Self-employed professionals need to submit a few additional documents besides the application form, age proof, residence proof, educational certificate, income tax returns, property papers, and a cheque.
- Business profile - You need to submit documents that prove the existence of your business.
- Income Tax Returns - You may have to submit the income tax returns of the last three years and the Profit & Loss statement.
- Bank account statement - You should submit a 12-months' bank account statement of self and business.
Conclusion
Applying for a loan against property with the lowest interest rate can be easy when you have the documents ready. You can quickly visit the website of the lender, upload the required documents, and apply for the loan.
