Rubique

A loan against property (LAP) is a loan given against the mortgage of a property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent. Loan amount is considered based on type of property, current usage of the property & the market value of the property. The property should be fully constructed clearly demarcated identifiable & registered.

Eligible Borrower :

  • Proprietorship Firms
  • Partnership Firms
  • Limited Companies

Eligible Property :

  • Residential
  • Commercial
  • Industrial property
  • Farm house etc.

Key Features :

  • Age: Min 18 Years to Max 65 Years at the end of loan tenure
  • Loan Amount: Rs.10 Lacs onwards (subject to eligibility conditions being met)
  • LTV: 40% - 70% of valuation of property
  • Rate of Interest: 10% Onwards
  • Loan Tenure: 1 year to 15 years
  • Processing Fees: 1% of the loan amount + service tax as applicable
  • Foreclosure Charges: 2% of the outstanding amount + applicable taxes
  • Operational History: Min 3 years
  • Profitability: Firm/company should be making cash profits for the last two years
  • Co Applicant: All co - owners of the property will have to sign up as co-applicants

Documentation :


    Self Employed Professionals & Non-Professionals
  • Proof of Business- Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificates
  • Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA
  • Latest 12 months bank statement- Savings Account and Current Account
  • Existing loan sanction letters accompanied with repayment track
  • Business profile on the letterhead of the company

    Partnership Firms
  • Age proof of all the partners in the form of PAN Card Passport or Aadhar Card
  • PAN Card of the firm
  • Residence proof of all the partners, utility bills/ passport/bank statement/ registered rent agreement
  • Proof of Business- Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate
  • Latest 3 years Income Tax returns with profit and loss and balance sheet duly audited by CA.
  • Latest 12 months bank statement of the firm and of the partner’s savings bank account
  • Partnership deed
  • Existing Loans Sanction letters accompanied with repayment track
  • Business profile on the letterhead of the firm.

    Companies
  • Application form duly filled with photographs of directors.
  • Age Proof of Directors- PAN Card, Aadhar card, passport
  • Residence Proof of Directors- Utility bills/passport/bank statement/ registered rent agreement
  • PAN Card of the company
  • Education Qualification- A professional qualification certificate in case of Doctors/CA/Architects
  • Proof of Business- Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate
  • MOA AOA List of Directors Share Holding Pattern of the Company
  • Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA
  • Latest 12 months bank statement of Company of all current accounts and the same for Director’s savings bank account
  • Existing Loans sanction letter with repayment track of company and Individual directors
  • Business profile on the letter head of the company
  • Resolution by Board of Directors

    Property Documents
  • Property sale agreement along with entire previous chain of sale agreements
  • Receipt/(s) of initial payment/(s) made to the seller
  • Share certificate Occupancy Certificate / Approved plan copy



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