Documents Required For Loan Against Property

A loan against property is a loan that is disbursed to a borrower with his property used as collateral by the lender. These types of loans are easier to obtain as these are secured loans, making it safer for a lender to approve them. The loan amount for these types of loans usually corresponds with the value of the property and lenders usually do not put that much of a weight-age on an applicant’s income.
The documents required in order to avail a loan against property are mentioned below:

For salaried individuals

• Photo ID proof (Applicant must produce any one of the following)

1.  Applicant’s driving license
2.  Applicant’s PAN card
3.  Applicant’s passport
4.  Applicant’s voter ID

• Address proof of residence (Applicant must produce any one of the following) 

1. Applicant’s ration card
2. Applicant’ electricity bill
3. Applicant’s phone bill
4. Any utility bill of applicant
5. Applicant’s passport

• Ownership of residence proof (Applicant must produce any one of the following) 

1. Applicant’s maintenance bill
2. Applicant’s electricity bill
3. Applicant’s property documents

• Income proof 

1. Pay slip from current employer for the last three months
2. Form 16

• Continuity of job proof (Applicant must produce any one of the following) 

1. Certificate of employment from current employer
2. Job appointment letter from current employer
3. All relevant experience certificates

• Salary proof 

1. One year’s bank statement of the account in which your salary is credited

• Property documentation 

1. Sale deed of the property
2. Maintenance bill of the latest month
3. Share certificate
4. Sanction letter that is provided by the existing banker

• Processing cheque that is required to process the loan 
• Any proof of investment, if any (Assets, fixed deposits, mutual funds, etc.)
• Passport size photograph

For self-employed individuals 

• Photo ID proof (Applicant must produce any one of the following)

1. Applicant’s driving license
2. Applicant’s PAN card
3. Applicant’s passport
4. Applicant’s voter ID 

• Address proof of residence (Applicant must produce any one of the following) 

1. Applicant’s ration card
2. Applicant’ electricity bill
3. Applicant’s phone bill
4. Any utility bill of applicant
5. Applicant’s passport

•  Ownership of residence proof (Applicant must produce any one of the following)

1. Applicant’s maintenance bill
2. Applicant’s electricity bill
3. Applicant’s property documents

• Proof of business 

1. Saral copy of the last 3 years
2. Copy of tax registration, if any
3. License of company registration
4. Shop establishment act

• Income proof

1. Income tax returns for the last three years
2. Copy of audit report, profit and loss statement, balance sheet, etc.

• Copy of bank statement for the last year of both current and savings account
• Property documentation

1. Sale deed of the property
2. Maintenance bill of the latest month
3. Share certificate
4. Sanction letter that is provided by the existing banker

• Processing cheque that is required to process the loan
• Any proof of investment, if any (Assets, fixed deposits, mutual funds, etc.)
• Passport size photograph