Do you know about LAP process?

  • Duly filled application form
  • Personal discussions – To calculate loan eligibility, EMI structure, Rate of Interest, etc.,
  • Property valuation and legal document verification
  • Credit appraisal
  • Loan offer letter
  • Loan agreement sign-off along with post-dated cheques and pre-EMI (if any)
  • Loan disbursement,
  • Cheque hand-over and original documents submission
  • RMOE of the property

Please contact our specialists for further clarifications.


What is LAP?

As name suggests, property is pledged as collateral for securing loan from a financial institution. Whether it is generating funds for your business without reducing capital, planning your daughter’s wedding or sending your son for education abroad, LAP can help secure required loan amount. Although, the rate of interest on LAP is higher compared to home loan it is cheaper compared to personal loan.


How do you calculate your loan Eligibility and EMI?

Generally, financial institutions offer 40% – 60% of the property value with a maximum tenure of 10 – 12 years. Please contact our specialists for further clarifications.


What documents are required?

Genuine documents play crucial role in disbursing your loan faster. Some of the basic and very important documents are listed below to move your application forward :

  • Identity Proof – PAN Card, Passport, Driver’s License, Voter ID
  • Age Proof – PAN Card, Passport, Driver’s License
  • Address Proof – Passport, Driver’s License, Voter ID, Post paid mobile bill, Landline phone bill, Rental agreement, Company HR confirmation
       on letter pad
  • Income Proof :-
    • Salaried – 3 Months pay-slip, 2 Years’ Form-16, Appointment letter.
    • Self-employed – 3 Years IT returns with company P&L, Balance Sheet, Computation of Income, Nature of Business, Business Profile, VAT certificate
  • Bank statement :-
    • Salaried – 6 Months (salary account).
    • Self-employed – 1 Year
  • Employment Proof (for Salaried) – Appointment letter, ID card, Form-16

Would you like to know precise documents required to process your loan application? Please contact our specialists


How to choose right financial institution?

Before choosing your financial partner for LAP, there are few things you should consider. Our team of specialists recommend following :

  • Loan eligibility plays crucial role as against to rate of interest in LAP
  • Little research on different financial institution regarding your loan eligibility
  • Consider joint applicant model, which can increase your loan eligibility
  • Review advantages and disadvantages of Fixed Rate v/s Floating Rate of Interest
  • Understand pre-payment and fore-closure options
  • Understand and agree on processing fee charged by a financial institution
  • Read carefully loan agreement document for any other hidden fee
  • Consider insurance coverage for your loan, which helps you during uncertainty

Please contact our specialists for further clarifications