Loan Against Property Process

There are several steps in the process of getting aloan against property. A loan against property (LAP) gets you capital based on the value of your property. It is available for both salaried and self-employed persons and against commercial as well as residential property. All this and, you don't have to sell your property to raise the capital. It??s all yours to keep if you repay the loan taken.

Steps involved in the application process are:

• Application
• Processing
• Documentation
• Sanctioning of the loan
• Valuation and legal check
• Disbursement

Just as in case of every loan, the loan application begins the whole process. You will need to fill in a loan application with details, personal and professional, loan requirement, details of the property intended for mortgage etc. Make sure the details are filled in accurately.

Next comes the loan processing stage, the stage at which the loan process gains actual momentum. This could start with a personal discussion followed by the bank's field investigation.

Along with the application form and the credit documents, you may have to pay a processing fee to the bank, which could be 1-2 per cent of the intended loan.

An upfront fee could be collected to maintain your loan account records, sending income tax certificates every year, maintaining post-dated cheques, etc.

When you go for a personal discussion, carry all the original documents pertaining to the information provided on the application form. Do not submit any forged documents or lie about the financial details requested.

The bank's field investigation will follow; the bank might outsource this task to third-party verification agents.

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