Loan against property for expanding your business | CSL Finance

What is a loan against property?

LAP or Loan against property is a common term used when a person borrows a certain amount of money from an institution with a promise to pay the amount back in future with some certain interest and letting their fixed asset (property) be a security against the loan they have taken. In simpler words, the amount of money you receive from the mortgage of a property is LAP.

Steps to avail Loan Against Property (LAP)

1. Fill an Application form-

You will have to fill out a form with your details and some information about your current employment and the property you are pledging as a collateral. Lenders will allow you to fill in an online application form for added convenience. These details need to be filled correctly as it will be verified in the next step.

2. Confirmation of Details-

After filling out the application form, you will be contacted by a representative to verify your financial and property details. In this step, your credit score will be checked.

3. Document Submission-

You would need to submit documents that verify the information of your eligibility for the loan against property.

4. Verification of Documents-

After the submission of all the required documents, it will be verified. This will include verifying your income, employment, and other property details. Some lenders might go forward with a face-to-face verification or send someone to your home or workplace to ensure the authenticity of the documents.

5. Attaining the sanction letter-

At this stage, the lender will make you an offer for a loan against your pledged property which means that your lender has confirmed the authenticity of the documents you have submitted and you are considered creditworthy.

6. Awaiting Property evaluation and legal check

After you accept the offer, you will enter the second phase of verification. In this stage the lender systematically evaluates your property and the related papers through legal and on-ground channels. The most important thing is to ensure that your property is not under any legal dispute.

7. Getting funds your bank account

Once the entire verification process is over, your lender will proceed with the final disbursal of the amount into your account. You will receive the online access to the account at this stage and can manage your money online with ease. You must choose a lender who offers you the needed funds at a competitive interest and complete the process within a time limit that would suit your urgent needs.

Certificates required for Loan Against property

Documents required to apply for loan against property include-

• Identity proof
• Address proof
• Income proof
• Property papers

You might be asked to submit additional documents based on your lender.

Conclusion

We have a team of professionals and experts that will cater to your loan needs in the most swift manner. They will assist you step wise and solve all your queries. Avail for loans against property and expand your business and choose the correct partners in fulfilling your business needs.