Investkraft's Streamlined Loan Against Property (LAP)

Eligibility and Documentation

A loan against property is a secured loan in which you provide the bank or lender with your property as collateral in exchange for a loan. That is just the amount of money you can raise for your real estate, to put it simply. Every owned piece of land, whether it is utilized for residential, commercial, or specialized enterprises, is regarded by Investkraft as collateral for a loan against property.

Each financial institution or lender has a unique set of requirements for approving a loan secured by real estate. The LAP eligibility requirements that Investkraft has in place are listed below.

Eligibility Criteria

For Salaried Person:

• The age should be minimum 21 years or above at the time of loan application but below 65 years at the time of loan retirement.
• Their proof of income is above INR 1.8 LPA. They also need to furnish profits of the past two years of business and a record of the business of at least three years.

For Self Employed Individuals:

• The applicant should possess a graduate degree if the applicant is engaged in a private limited company or a partnership. This won’t be needed if he or she works in a public limited company.
• The person should have a monthly income of more than INR 40,000 per month and he must be working for the last 2-3 years.
• The applicant should be at least 18 years or above at the time of application but under 60 years at loan retirement
• Sanction of the loan is at the discretion of the lender

Required Documents

For Salaried People

• Latest salary slips
• Bank account statements of the previous 3 months
• PAN card/ Form 60 of all applicants
• ID proof
• Address proof
• Document of the property to be mortgaged
• IT returns
• Title documents

For Self-employed Individuals

• Primary bank account statements of the previous 6 months
• PAN card/ Form 60 of all loan applications
• Address proof
• ID proof
• Income documents like ITR/ financial statements, etc.
• Documents of the property to be mortgaged
• Title documents

Interest Rate & Charges

A person can get funds through a Loan Against Property or mortgage, which considers the property as an asset.

Nevertheless, in addition to paying the principle and interest rate in full at the time of repayment, the borrower could also have to pay other expenses. These extra expenses often cover the services rendered by your lender, the loan's contract violation, fines, or agreement fees.

The interest rate for a Loan Against Property at Investkfraft starts at 9.00% per annum.

Mortgage loans are offered by Investkraft at enticing interest rates that are among the lowest in India.

Interest rates for loans against property are determined by the borrower's financial profile in addition to their job status. Mortgage loan interest rates are determined by factors such as your credit score, ability to repay, and financial history.