Loan against property + Balance transfer

Eligibility:

• Minimum Age: 21 years and Maximum Age: 60-65 years. However, it will depend on whether the applicant is salaried or self-employed
• A salaried Individual must be employed in a stable job with a reputable organization. Besides, a Self-Employed individual needs to have a steady income through a business, profession, or practice with a proven track record.
• For a salaried applicant, a minimum monthly income, usually between ₹25,000-₹30,000. In case of a self-Employed Applicant, an income threshold set by the lender must be fulfilled
• Typically, a credit score of 700 or above is generally preferred by most lenders
• A LAP applicant must be an Indian citizen or, in some cases, a Non-Resident Indian (NRI) (subject to additional conditions)

Documents:

• Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID, and Driving License
• Proof of Address: Aadhaar Card, Passport, Utility Bills (Electricity/Water/Gas – not older than 3 months), Rent Agreement, and Voter ID
• Property Documents: Title Deed of the property (proof of ownership), Approved Building Plan or Layout, Encumbrance Certificate (indicating no pending legal disputes or loans against the property), Property Tax Receipts (up-to-date), NOC (No Objection Certificate) from society or builder (if applicable), and Sale Agreement (if the property is under purchase)

• Age Proof: Birth Certificate, PAN Card, Aadhaar Card, and Passport

• Proof of Income:

Salaried Individuals:

Latest 3-6 months’ salary slips, Form 16 or Income Tax Returns (ITR) for the last 2 years, and Bank account statements showing salary credits for the last 6 months

Self-Employed Individuals:

Audited financial statements (Profit & Loss Account and Balance Sheet) for the last 2-3 years, Income Tax Returns (ITR) for the last 2-3 years, Business continuity proof (business registration or GST certificate), and Bank account statements for the last 12 months.