There are times when an individual might face heavy expenses but not have the means to deal with them. The situation could be anything from facing a medical emergency to wanting to consolidate debt. Whatever be the case, this could result in a big expense which one might not have the savings for. In such cases, they can always apply for loan against property. This loan is a great option as it does not limit the borrower to a certain kind of expense. With the loan amount, you can choose to take care of any expense, be it personal or professional.
Now, before applying for this loan, it is very important to be sure of certain things, such as the documentation process. Borrowers have previously complained about how tedious a documentation process can get. However, this certainly does not have to be the case if the borrower is well-informed about the documents that they need to submit to the lender.
So, go through a complete list of documents that borrowers need to submit to their lenders while applying for a loan against property:
Loan against property documents required in case the borrower is a self-employed individual
- Proof of identity
- Driving license
- PAN
- Voter ID
- Aadhaar
- Passport
- Proof of property ownership
- Electricity bill
- Agreement copy
- Maintenance bill with share certificate
- Share certificate
- Municipal tax bill
- Proof of address
- Driving license
- Passport
- Utility bill
- Voter ID
- Bank statement
- Aadhaar
- Updated bank account passbook
- Proof of existing business
- GST registration
- Shop and Establishment certificate
- Tax registrations (VAT)
- Service tax
- Financial documents
- Tax Audit Report (past 3 years)
- Audited financials (past 3 years)
- A breakup of all the unsecured and secured loans taken
- Shareholding pattern and list of directors
- GST
- Existing loan sanction letters
- Bank statement (past 1 year)
Loan against property documents required in case the borrower is a salaried individual
- Proof of identity
- Driving license
- PAN
- Voter ID
- Aadhaar
- Passport
- Proof of property ownership
- Electricity bill
- Agreement copy
- Maintenance bill with share certificate
- Share certificate
- Municipal tax bill
- Proof of address
- Driving license
- Passport
- Utility bill
- Voter ID
- Bank statement
- Aadhaar
- Updated bank account passbook
- Proof of income
- Form 16
- Salary slips of the last 6 months
- Bank statements of the past 6 months (for salary and existing EMI payments)
- Income Tax Returns (past 3 years)
- Proof of employment
- Appointment letter from employer (in case the current employer’s name does not match with the submitted Form 16)
These are the documents required for loan against property that lenders generally require. However, before applying for a loan against property, make sure to check with the lender about their specific documentation requirements. This is because not every lender will have the same requirement, and it is better to be aware of the exact documents required by your lender. This will ensure that the documentation process is completed without any unnecessary complications.
