A Loan Against Property is one of the ways you can acquire funds using your existing residential or commercial property. From education expenses, medical emergencies, and business capital requirements to wedding or travel expenses, the need for additional funds can arise anytime. A LAP or Loan Against Property allows you to pledge your properties and settle these expenses. It also gives you the freedom to choose how you want to use the funds. The LAP Loan amount will be decided based on several factors, including the value of the property you own. You can continue to use your property as before when you apply for a Loan Against Property, it simply acts as collateral.
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Compare your existing loan with an indicative alternative repayment scenario to estimate potential monthly savings. Actual loan approval, interest rate, and EMI are determined solely by the respective lending institution.
At Aarnex FinServ, individuals, whether salaried, self-employed, or running a small or medium enterprise, can apply for an LAP tailored to their specific needs. A key part of mortgage loan eligibility is the type of property being pledged. For instance, if you pledge a residential property, you may be eligible for a loan of up to 60%* of its market value. In contrast, commercial properties can fetch up to 70%* of their market value. So, if your residential property is valued at INR 50 lakhs, your property loan eligibility may extend to INR 30 lakhs, while a commercial property of the same value may qualify for up to INR 35 lakhs.
It’s important to note that the final loan approval depends not just on the property type and value but also on additional eligibility factors, which we will explore in detail below.
| Factor | LAP Eligibility Criteria |
|---|---|
| Age | Between 21 and 60 years |
| Nature of Work | Salaried employee in an MNC, private company, or the public sector |
| Geography | Resident citizen of India |
| CIBIL Score | 700+ |
| Factor | LAP Eligibility Criteria |
|---|---|
| Age | Between 25 and 60 years |
| Nature of Work | Self-employed individual with a steady source of income |
| Geography | Resident citizen of India |
| CIBIL Score | 700+ |
| Factor | LAP Eligibility Criteria |
|---|---|
| Age | At least 2 years of operation |
| Geography | Indian Origin |
| Financials | Financials should show a steady source of profits over the past 2 years and should be audited by a chartered accountant |
*Please note that this is only the basic eligibility criteria for business loans. The final eligibility will depend on several factors, including AarneX FinServ’s policy at the time of loan application.
There are several types of LAP or Loan Against Property options available. Let us take a look at some of the types of Loans Against Property you can avail of with AarneX FinServ:
Below are the detailed mortgage loan documents checklists for salaried, self-employed applicants, and AarneX FinServ
Here is a list of the basic documents required for your quick reference:
| Type of Document | Salaried Applicants |
|---|---|
| PAN Card | PAN card/Form 60 of the applicant and the co-applicant (if applicable)* |
| Proof of Identity and Proof of Address (any one) |
Passport Driving License Aadhaar Voter's Identity Card issued by the Election Commission of India Job card issued by MNREGA, duly signed by an officer of the State Government Letter issued by the National Population Register containing details of name and address |
| Age Proof (any one) |
PAN Card Passport Copy Certificate from a Statutory Authority |
| Bank Statements | Latest bank statements for the last 12 months |
| Income Documents |
Salary slips for the last 6 months Form 16 Income Tax Returns for the last 3 years |
| Property Documents | Documentation pertaining to the property offered as collateral |
| Other Essential Documents |
Application form with a recent photograph Processing fee cheque |
| Type of Document | Self-Employed / SMEs |
|---|---|
| PAN Card | PAN card/Form 60 of the applicant and the co-applicant (if applicable)* |
| Proof of Identity and Proof of Address (any one) |
Udyam Registration Certificate Certificate of Registrations Shop and Establishment Certificate Tax Registration Certificates etc. Passport Driving License Aadhaar Voter's Identity Card issued by the Election Commission of India Job card issued by MNREGA duly signed by an officer of the State Government Letter issued by the National Population Register containing details of name and address |
| Age Proof (any one) |
PAN Card Passport Copy Certificate from a Statutory Authority |
| Bank Statements | Latest bank statements for the last 12 months |
| Income Documents (with CA certification wherever applicable) |
Income Tax Returns for the last 3 years Financials for the last 2 years |
| Property Documents | Documentation pertaining to the property offered as collateral |
| Other Essential Documents |
Application form with a recent photograph Processing fee cheque |
Please note that in case of co-applicants, basic documents such as PAN, KYC documents, etc., will also be required.
There are many advantages of a Loan Against Property, and AarneX FinServ adds to them by ensuring a smooth and seamless process. This is how to avail a Loan Against Property:
Begin your loan application by selecting the option for “Loan Against Property”. Specify whether you are a salaried employee, self-employed, or an SME from the given options. You will see an online form where you have to enter your mobile number correctly. Proceed to validate your contact information with the 6-digit OTP you will receive.
Upon successful verification of the mobile number, you will be prompted to provide more information such as your personal details, employment information, and bank details. Proceed to upload the scanned copies of the required documents for a Loan Against Property. Make sure that the documents are updated and error-free to avoid any delays due to discrepancies.
Click on ‘Submit’ to complete the loan application. You will get to know about your loan approval status shortly, after which our representative may get in touch with you as your application goes through various checks. The loan may be sanctioned after your eligibility, documents, and property has been verified. Sign the loan agreement, after which you will receive the final loan approval and the funds will be disbursed.