What is Loan Against Property? Loan Against Property is a type of loan that you can avail of by mortgaging or keeping your commercial/residential property as collateral. Your property or asset is the security of this type of loan. Your property can be either your house, land, shop or any other commercial premises. The benefits of this type of loan are, you can get a much higher loan amount, and the tenure is also longer. It also has a lower interest rate compared to any unsecured loan. Loan against property (LAP) is also called Secured Loan. Most of the businessman prefers loan against property in Kolkata as the rate of interest is low.

Loan Against Property in Kolkata, West Bengal:

Kolkata, ”The City of Joy,” also known as Calcutta, is India’s third-largest city and West Bengal’s capital. It also holds an essential role in the economy, politics, and culture of India.

With the growing demands, loan against property became extremely popular nowadays in Kolkata. Almost every bank in Kolkata is offering loan against property throughout their branch networks.

The best option to get loan against property is to visit your nearest bank and ask the branch manager, or you can visit their official website to apply online. You can also talk to them by dialling their customer helpline number, which is easy to find by a simple Google search.

Lots of NBFCs in Kolkata also offer loan against property, like Fullerton India, Bajaj Finserv, NeoGrowth Finance. Visit their website and follow the instructions.

How to get Loan Against Property?

It is mentioned earlier, getting Loan Against Property (LAP) is pretty straightforward. It would be best to visit any preferred bank’s official website by a simple Google search and fill up the application form.

Hence some websites may ask for your KYC documents before submitting the form. After submitting the form, you may receive a call from a representative of the selected bank and follow his/her instructions step by step.

You can also find lots of NBFCs websites on Google. Follow a similar step and wait for the callback.

You may also visit your nearest bank because every bank offers this type of loan.

Loan Against Property eligibility:

Loan against property eligibility depends on whether you are a self-employed, salaried individual, or own a small and medium-sized business. Therefore it also depends on your age, income, occupation, property value, repayment capacity, and credit history.

If you meet all those following criteria, you are eligible to get the loan from any credit institution. Have a look at the following criteria –

1. Salaried Individuals

• Your age should be between 25 years to 60 years.
• A salaried employee has to work in an MNC, a private company, or the public sector.
• You must be a resident of India.

      2. Self Employed

• Your age should be between 25 years to 65 years.
• A self-employed individual with a steady source of income.
• You must be a resident of India.

What are the documents required for Loan Against Property?

To get a Loan Against Property, you must have the following documents –

For Business Customers: –

KYC Document:

1. Pan card, Aadhar card, and passport size photo.
2. Ownership proof, either office or resident :
3. Address proof : (any of bellow)

• Voter card
• Driving licenses
• Aadhar card
• Passport
• Electric bill
• Telephone bill

1. Income proof :

• One year current account statement.
• Three years IT files
• GST return for the last four quarters.
• Trade License
• GST registration certificate

Other Document:

• Loan Sanction letter (If existing loan available)
• Loan account statement for one year

 For Salaried Customers: 

KYC Documents:

1. Pan card, Aadhar card, and passport size photo.
2. Ownership proof, either office or resident :
3. Address proof : (any of bellow)

• Voter card
• Driving licenses
• Aadhar card
• Passport
• Electric bill
• Telephone bill

1. Income proof :

• One-year bank account statement.
• Salary slips for the last six months.

Property documents:

• Deed
• Link deed
• Property tax slip
• Mutation certificate
• Conversion certificate (If applicable)
• Sanction plan

How to apply for Loan Against Property in Kolkata?

Almost all banks and many financial service providers offer Loan Against Property in Kolkata. You can easily apply for the loan online or by visiting their branch. Just visit their official website directly and fill up the application form or request a callback.

There are a few loan consultants in Kolkata. They can guide you properly to take the loan. They may help you to prepare documents and guide how you can get the loan. Be careful about a street broker. Everybody does not have a good knowledge regarding loan against property. You may lose your time and money choosing the wrong people for your job.

Loan Against Property Interest Rate:

Loan against property interest rate is very low from other loans comparatively. Rate of interest may vary bank to bank. The loan interest is from 8% to 18% depending upon the credit institution in the present market scenario. A bank may take a different rate as per customer profile also. You may bargain with a bank for the lowest interest rate if your business profile is good.  

Loan Against Property providers in Kolkata:

Many banks offer loan against property in Kolkata through their branch networks. But at the same time, many other financial service providers also provide loan against property.

• ICICI Bank
• HDFC Bank
• Axis Bank
• Bank Of Boroda
• Kotak Bank
• Federal Bank
• State Bank Of India
• Yes Bank
• Bajaj Finance
• Tata Capital Finance
• HDB Financial Service
• Fullerton India
• lendingkart Finance
• NeoGrowth Finance

Read also-

• How to get Business Loan?
• Cash Credit Loan eligibility
• Mortgage loan agent in Kolkata