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Loan AgainstProperty

Your property is one of your great assets. LAP is an ideal way to utilize and leverage your property to its full potential. Unlock the potential of your property to meet your financial requirements at a competitive rate with a long repayment tenure.

Property-loan

Features

Loan Amount: You can avail loans ranging from Rs 1 lakh to 25 lakhs.

Flexible Tenure: You can repay your loan over a period of 12 months to 84 months.

Easy Repayments: You can repay your loan easily through ECS, post-dates cheques and even cash.

Flexible Interest Rates: Depending upon customer's profile & property title we offer attractive interest rates.

Quick and Easy Processing: You can process your application with minimal paper work and prompt door service.

Flexible Interest Rates: Depending upon customer's profile & property title we offer attractive flat interest rates ranging from 12% - 15% p.a.

Acceptable property collateral: We accept property titles namely JDA, Nagar Nigam, Nagar Palika, Grampanchayat, Registry with conversion order, Society Patta


Eligibility

  • Resident of India
  • Above 21 years of age at the commencement of the loan
  • Below 65 years of age at loan maturity
  • Either Salaried or self employed
  • Eligibility is dependent on applicant's income and repayment capacity, age, assets & liabilities, cost of the proposed property etc.
  • Loan to value ratio (LTV) upto 60% of the property value assessed by us.

Fees and Charges

Login Charges: While taking your application for LAP, we take a non-refundable login cheque of Rs 1100 or 3100 in favour of "Setia Auto Finance (P) Ltd" depending upon the loan amount.

Legal & Valuation Charges: We conduct a thorough Legal check & valuation of the property, charges for the same amounts to Rs 5200 non-refundable which is deducted from the loan amount.

Processing Fees: Once you get a credit approval from the company, you will be charged a non-refundable processing fee of upto 3% + service tax, which varies depending upon particulars of your loan.

Loan Sureksha: We offer loan protection plan to provide cover against your new loan to ensure that your liabilities are not passed on to your loved ones. The charges varies as per age of borrower, Loan amount & tenure.

Stamping Charges: As per government policy.



Documentation
For Loan Against Property

These are the basic documentation required. It may vary from case to case. In addition we also take Co-Borrower/ Guarantor who takes the responsibility incase the borrower fails to repay his/ her EMIs.




Borrower


ID Proof

  • Passport
  • Voter ID
  • Driving License
  • Pan Card
  • Aadhar Card
  • Ration Card


Address Proof

  • Latest electricity bill
  • Water bill
  • Telephone bill
  • bank statement
  • Jamabandhi
  • Rent agreement
  • Address Affidavit


Signature Proof

  • Pan card
  • Passport
  • Driving Licence
  • Ration card
  • Bank sign verification letter


Other Documents

  • Property papers
  • Post Dated Cheques
  • 2 photos
  • Last 6 months Bank Statement or Pass book of payee (latest entry)
  • Jamabandhi


Co-Borrower/Guarantor


ID Proof

  • Passport
  • Voter ID
  • Driving License
  • Pan Card
  • Aadhar Card
  • Ration Card


Address Proof

  • Latest electricity bill
  • Water bill
  • Telephone bill
  • Bank statement
  • Jamabandhi
  • Rent agreement
  • Address Affidavit


Signature Proof

  • Pan card
  • Passport
  • Driving Licence
  • Ration card
  • Bank sign verification letter


Other Documents

  • Property papers
  • Post Dated Cheques
  • 2 photos
  • Last 6 months Bank Statement or Pass book of payee (latest entry)
  • Jamabandhi


Income Proof Documents


Income Proof

Documents Salaried Individual
Income Proof (all documents need to be signed by the applicant / co-applicant)

Fixed income - Salaried

  • Last one month's salary slip OR
  • Last month's salary certificate with deductions OR
  • Last month's salary certificate with deductions, Form 16 / ITR

Variable income - Salaried

  • Latest four month's salary slips OR
  • Latest month's salary certificate with statement of variable components of income for last four months
  • Form 16 latest / ITR
Bank Statement / Pass Book Copy for applicants whose income is being considered for eligibility Bank statement required for the last six months from salary a/c (for cheque salary) or from operating a/c (for cash salary)
Documents Salaried Individual
Proof of Existence Partnership deed copy / Memorandum of Association (MOA) / Article of Association if applicable
Office Address Proof Utility bill, Telephone bill, Electricity bill (maximum 3 months old), Shop & Establishment Act Certificate, Sales tax certificate.
Income Proof (all documents need to be signed by the applicant / co-applicant)
  • Latest two ITRs, both personal and business along with computation of income
  • Latest two years P&L accounts and B/S (with schedules) duly certified by a CA - both personal and business
  • Advance tax challans if available
Bank Statement / Pass Book Copy for applicants whose income is being considered for eligibility Bank statement required for the last six months from operating account
Documents Salaried Individual
Proof of Existence Partnership deed, Memorandum of Association (MOA) & Articles of Association / Form 32, copy of the professional degree / membership certificate
Ownership Pattern Latest list of directors and shareholding pattern certified by company secretary (if applicable)
Office Address Proof Utility bill, Telephone bill, Electricity bill (maximum 3 months old), Shop & Establishment Act Certificate, Sales tax certificate
Income Proof (all documents need to be signed by the applicant / co-applicant)

When borrower is an individual

  • Latest 2 year's ITRs with computation for the individual applicants and co-applicants

When borrower is a firm / company

  • Latest 2 year's audited / C.A. certified profit & loss accounts and balance sheets of the firm / company
Bank Statement / Pass Book Copy for applicants whose income is being considered for eligibility
  • Bank statements for the last six months from current a/c of the firm/company
  • Bank statements for the last six months from the current a/c or savings a/c of the individual applicants and co-applicants


Non Income Proof

  • Sales & purchase register of last one year
  • Current stock statement
  • Bank Statement (Last Six Months)
  • Jamabandhi (Agriculture Income)