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vectorLoan Against Property

Loan against property is the loan you get from the bank against the mortgage of your property. This type of loan comes under the category of secured loan. The security in this case is the property of the borrower. Here, the property can include your home, your commercial property, or land.

Documents Needed

The documentary requirements for a LAP (Loan Against Property) application are essential to ensure that the loan is taken out per the lender’s regulations and that the lender and borrower are both protected. Here are the required documents when you apply for a LAP:

  • • Proof of Identity (passport, driver’s licence, and other government-issued IDs)
  • • Proof of Address (recent utility bill, property deed, or rental agreement for commercial property)
  • • Property Documents (deed of sale, no objection certificate, and property tax receipts)
  • • Proof of Income (salary slips for the past three months, bank statements, and income tax returns)