Documents required in Loan Against Property
Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:
|In case of Salaried||In case of Self-employed|
|Employment certificate from the employer,||Copy of audited financial statements for the last 2 years|
|Copies of pay slips for previous few months & TDS certificate||Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company|
|Latest Form 16 issued by employer Bank statements||Profit and loss account for the last few years|
|Income tax assessment order|
How is (Loan Against Property) Eligibility Calculated ?
The borrower’s eligibility of obtaining a Loan against property depend upon his/her re-payment capacity & the banks establish this re-payment capacity by considering numerous factors such as income, age, spouse’s income, number of dependents qualifications , assets, liabilities, stability and continuity of occupation & savings history. Eligibility Factors in Loan against property Your Loan against property eligibility is determined by your re-payment capacity and also the value of the Property
The most important / necessary concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
The Second factor is the value of the Property
Banks are okay to fund 50-60% of property value but with the condition that you have income capacity that you can pay its EMI each month.