Loan Against Property Interest Rates Comparison in India

Bank Loan Rate Processing Fee
AXIS BANK 8.50% 0.75%
ICICI BANK 8.60% 0.50%
State Bank of India (SBI) 8.05% 0.50% Min ₹ 2,000 - Max ₹ 50,000
LIC HFL 8.50% 8.50% 0.75% Max ₹ 25,000
HDFC 8.75% 0.75%

PAN card

Checklist of Loan Against Property Documents Required:


For Salaried Applicants:


  • Proof of identification (any one of the following):
    • PAN card
    • Passport
    • Driving License
    • Voter’s ID
    • Employee ID
    • Bank passbook
    • Ration card
  • Address proof (any one of the following):
    • Passport
    • Utility bill (telephone, electricity, water, gas) – less than 2 months old
    • Letter from a recognized public authority verifying the customer’s residence address
    • Bank passbook or Bank account statement
    • Voter’s ID
    • Ration card
    • LIC policy/ receipt
  • Residence ownership proof (any one of the following):
    • Property documents
    • Maintenance bill
    • Electricity bill
  • Proof of income (any one of the following):
    • Pay slip (Last 2 months)
    • Increment or Promotion letter
    • IT returns (for 3 years)
    • Form 16
    • Certified letter from Employer
  • Proof of job continuity (any one of the following):
    • Current job appointment letter (if more than 2 years have been spent in the same job)
    • Current employment certificate
    • Experience certificate (including previous job certificate or appointment and relieving letter)
  • Bank statement: Last 6 months bank statements of salary account
  • Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
  • Investment proof (if any): fixed deposit, fixed assets, shares, etc.
  • Copies of all property documents: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
  • Advance processing cheque: to process loan documents for sanction



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For self-employed Individual/Businessman:


  • Proof of Identification
  • Address Proof
  • Residence ownership proof (any one of the following):
    • Property documents
    • Electricity bill
    • Maintenance bill
  • Office address and ownership proof (any one of the following):
    • Property documents
    • Electricity bill
    • Maintenance bill
  • Proof of business existence (any one of the following)
    • Sales deed/ agreement (executed)
    • Saral copy (3 years old)
    • Copy of tax registration
    • Company registration license
  • Proof of Income (any one of the following):
    • Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
    • Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
  • Bank statement: Latest 1-year bank statement (both savings and current)
  • Copies of all property documents: Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
  • Advance processing cheque: to process loan documents for sanction
  • Passport size, colored photograph
  • Investment proof (if any): fixed deposit, fixed assets, shares, etc.
  • Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
  • Professional Degree Certificate: (in case of professionals).


SANCTION LIST OF DOCUMENTS

SALARIED:


  • Application form completed with 2 photograph duly filled in and signed
  • ID Proof : PAN CARD
  • Residence Proof : Latest Telephone bill / Bank Statement containing address for last 6 months / Electricity bill / Ration card / Letter from Employer
  • Salary slips for last 3 months
  • Latest Form 16
  • Copy of Appointment Letter with Latest CTC & Confirmation Letter
  • Original Bank Statement / Passbook of salary A/C for last 6 months (updated)
  • Last Qualification Proof
  • Previous Employment details if applicant is in probation
  • Investment Proof
  • Processing Fees Cheque
  • Repayment Track Record if any

SELF EMPLOYED / PROFESSIONAL:


  • Application form completed with 2 photograph duly filled in and signed
  • ID Proof : PAN CARD / PASSPORT / VOTER ICARD / Employer ID Card / Driving license
  • Residence Proof : Latest Telephone bill / Bank Statement containing address for last 6 months / Electricity bill / Ration card
  • Last 3 years ITRs ( SARAL, Computation of income, Profit & Loss A/c, Balance Sheet, TDS Certificates ( if applicable ), Tax Paid Challans
  • In case of Partnership firm : ITRs for last 3 years and Partnership Firm
  • In case of company : Audit Reports for last 3 years and MOA & AOA
  • Bank Statement / Passbook of Current & SB A/C for last 6 months ( updated )
  • Alternate Business Proof (Shop Registration Certificate Certificate etc.)
  • Processing Fees Cheque

IN CASE OF TAKE OVER:


  • Outstanding loan quotation
  • Repayment Track Record
  • List of Documents
  • NOC for take over
  • Copies of Property Agreement
  • Sanction plan copy ( Blue Print )

NIR:


  • Copy of Passport, Visa, Service Contract, Salary slip ( all duly attested by Indian embassy / Notary / HFL Officials / Bank )
  • GPA (GENERAL POWER OF ATTORNEY ) in our format ( all duly attested by Indian embassy / Notary / HFL Officials / Bank )
  • Bank Statement for past one years of recent employment
  • NRI Bank Statement for 6 months
  • And see list of salaried documents

# above mentioned income documents are required for the Co-applicant also if

  • His/her income is considered.

PROPERTY REALATED DOCUMENTS TO BE ATTACHED:

E or F or G or H whichever applicable

E) For Purchase of New Flats from Builders/ Promoters:


  • Agreement to sale with builder and the Registration Receipts.(2 copies)
  • Blue print of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red colour for easy identification.
  • N.A. Permission and ULC order copy.
  • Title investigation report for last 12 years (Search report for 12 yrs. Conducted within one year.
  • Development Agreement and Power of Attorney / sale deed in favour of the builder.
  • Receipts of payments made to the builder.
  • 7/12 OR CTS extract OR Property card.
  • NOC from builder in prescribed format.
  • Completion Certificate, if obtained.
  • Society documents mentioned below under (I). ( if applicable )

F) For Purchase of Resale Flat:


  • Agreement to sale with the vendor and the Registration Receipt. (2 copies).
  • Agreement to sale between vendor and the builder and its Registration receipt.
  • Copy of the conveyance deed between builder and the society is registered.
  • Receipts of payments made to the vendor.
  • Documents 2, 3, and 4,5,7,8,9,10, of point (E).

G) For construction / Extension / Renovation of House:


  • Sale deed / Lease deed and its Registration.
  • 7/12 extract and the Index II.
  • Demarcation / Layout certification
  • Abstract & Detailed Estimate for construction / extension prepared & certified by a Licensed Surveyor / Architect.
  • Documents 2, 3,4,10, of point (E) above.

H) For Plots / Houses / Flats allowed by MHADA / PCNTDA / MIDC / MHB


  • Allotment letter.
  • NOC from the body.
  • Additional certificate (in PCNTDA) cases only).
  • Lease deed & its Registration receipts.
  • Blue print of the sanction building plan and commencement certificate attested by the sanctioning authority.
  • Receipts of payment made to the body.

I) In point E, F, G & H above, if the flat / house is located in a registered society, the following.

Additional Documents are to be submitted:


  • Society Registration Certificate
  • Society Bye-laws.
  • Share Certificate.
  • Letter of allotment of flat / house / plot.
  • Society NOC. (prescribed format available with our office)

In case of Builder APF or Reference:


  • Agreement to sale with builder and the Registration Receipts.
  • Blue print of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red colour for easy identification.
  • Receipts of payments made to the builder. If cheque Payment then Bank clearance required.
  • NOC from builder in prescribed format.
  • Builder Demand Letter