Loan Against Property

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A loan given against the mortgage of the property is called Loan Against Property. This loan mortgages the existing property to meet the current financial needs without actually selling it.

Existing residential or commercial property situated in the semi-urban and rural locations can be mortgaged.

Features & Benefits

Higher Loan to Value Against the Market Offering

The loan amount will depend on the quality of customer’s credit rating and that of the collateral. It will be higher than the market offering if the customer meets the eligibility criteria of the company.

Instant & On-the-spot Approval
No branch visits required. No waiting for days. Just some basic data and get instant provisional approval subject to completion of documentation and verification.

Dedicated Relationship
Relationship officers analyse and understand needs and give the best suitable financial offering at every stage of life.

Loan Amount of Up to Rs. 25 Lakh
Get loan up to Rs. 25 lakh instantly to meet all current financial needs without actually selling off the property.

Bundled Offerings
A bouquet of product offerings along with loan against property for purchasing merchandise, meeting emergencies through a personal loan or securing the family through life insurance.

 

For details about Loan Against Property Agreements, Terms and Conditions or have any questions, you can refer to our Loan Against Property FAQs or can contact us at the nearest Community Finance office.

Eligibility & Documents

Individual must be between 21-60 years* (salaried/self-employed)
*Age at the time of completion of the loan.

As an Applicant and Co-applicant one must have:

Salaried

Completed Application Form
Proof of Identity –

  • Passport Copy / Voter ID card / Driving License / PAN Card
  • Proof of Residence (Ration Card / Telephone Bill / Electricity Bill / Rental Agreement / Passport Copy / Bank Passbook or Statement / Driving License)

Proof of Age –

  • PAN Card / Passport / Any Other Certificate from a Statutory Authority
  • Recent passport size photograph of Applicant & Co-applicant
  • Bank statement / Bank Passbook for last 6 months / Last 3 months’ Salary Slip
  • Form 16 / Income Tax Returns for last 3 years
  • Processing fee cheque
Self Employed

Completed Application Form
Proof of Identity

  • Passport Copy / Voter ID card / Driving License / PAN Card
  • Proof of Residence – (Ration card / Telephone Bill / Electricity Bill / Rental agreement / Passport copy / Bank Passbook or Statement / Driving License)

Proof of Age –

  • PAN Card / Passport / Any Other Certificate from a Statutory Authority
  • Recent passport size photograph of Applicant & Co-applicant
  • Proof of Business continuity
  • Bank statement / Bank Passbook for last 6 months
  • Statement of Profit & Loss for last 3 years
  • Balance Sheet for last 3 years
  • Income Tax Returns for last 3 years (for self and business) duly certified by a CA
  • Processing fee cheque

Fees & Charges

Please refer to the ‘Loan Charges’ section for detailed Fees and Charges related to our product offering (About Us → Policy → Loan Charges)

How to Apply

Applying for a Home Loan with Community Finance is quick, easy and completely hassle-free. Read on to know more about how to apply for the same:

  • Contact our relationship officer
  • Visit our nearest branch office
  • Visit the ‘Apply Online’ section in our website

Frequently Asked Questions (FAQs)

Factors considered in determining the eligibility are:

  • Income of all applicants
  • Age of the primary applicant
  • Number of dependents that the applicants have to support
  • Assets and liabilities of the applicants
  • Stability and continuity of the primary applicant’s occupation
  • Fair market value of the existing mortgageable property

This loan caters to the personal and business needs. However, the end use of the loan should not be for purchasing highly expensive products or services.

The loan offers competitive interest rates as against the market offerings.

The security for the loan will be the first mortgage of the property to be financed, normally by way of deposit of Title Deeds and/or such other collateral security, as may be necessary. The title to the property has to be clear, marketable and free from encumbrance.

Directly to the operating bank account provided at the time of applying for the loan.

The loan is disbursed into the account post approval, compliance of the agreement and all legal formalities are adhered to. Subsequently, a technically and legally appraisal of the mortgageable property is also conducted before the disbursal of the loan.

The repayment of loan can be done through Equated Monthly Instalments (EMI) by the mode of CTS compliant Post Dated Cheques (PDC) or through Electronic Clearance System/Direct Debit (NACH/NEFT).

Pre-EMI interest is the interest on the loan amount disbursed by the bank. It is payable every month from the date of each disbursement until the commencement of the EMI payments.

The loan can be paid at any point of time during the loan tenure. However, the prepayment of loan is not permitted within 12 months from date of disbursal of the loan.