Know more about Loan Against Property Loans
1st September 2022 1:11
*Salaried individuals can provide the Latest salary slips, last 2 years form 16, or ITR.
*Self-employed individuals and non-individuals must submit P&L statements and balance sheets.
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You can submit electronic copies of all the documents required for an OD loan against property. With Tata Capital you can easily complete the loan application process online, anywhere, and anytime. If you choose an online application option, you can upload soft copies of all the documents through the application portal.
If you apply for an OD loan against property offline, you must submit physical copies of all your documents.
Yes, you must submit a few income-related documents when applying for an OD loan against property. The documents you need may vary based on whether you are a salaried or self-employed individual.
For salaried individuals, the documents required are-
1. 3-6 months’ pay slip
2. 6 months of bank statements
3. 2 years form 16 or proof of employment continuity
For self-employed individuals, the documents required are-
1. 2 years ITR and computation of income
2. 2 years of P&L statements and balance sheet attested by your chartered accountant
3. 6 months of bank statements
No, to avail a loan against property overdraft with Tata Capital, you don’t need to submit any property documentation. We offer a hassle-free application process that includes minimal paperwork for verification. All you need to do is submit a few necessary documents including your identity proof, residence proof, photograph, income details, and duly filled application form.
Yes, self-employed individuals may have to provide some additional documents. Some documents required for OD loan against property for self-employed individuals include –
1. ITR and Income computation for 2 years
2. Balance sheets and profit and loss statements for 2 years, with the chartered accountant’s sign and seal.
3. 6-month bank statements of personal and business accounts.
4. Signature verification
These additional documents are required because the income structures of self-employed individuals are much more complex and varied compared to salaried individuals. Business-related documents help evaluate creditworthiness.
If you are applying online, you must upload copies of all the documents required for an OD loan against property through the application portal. In case of an offline application, physical copies of all the documents must be submitted.
Yes, to apply for an OD against the property, you must submit age and residency-related documents.
To be eligible for this loan, you must be at least 23 years old at the time of application and up to 65 years old at the time of loan maturity. You need to submit any of the following documents as proof of age-
1. Aadhaar Card
2. PAN Card
3. Birth Certificate
4. Driving Licence
Proof of address is one of the documents required for an OD . You may submit any one of the following as residency proof-
1. Aadhar Card
2. Driving Licence
3. Voter ID
4. Property Tax Receipt
5. Landline bill
6. Gas Bill
7. Govt Issued ID Card
Yes, it is necessary to present bank statements for an OD against property. This helps us verify your income and financial stability. If you are a salaried individual, you need to submit 6 months of bank statements of your personal account showing salary credits. If you are self-employed, you must present 6 months’ bank statements of all your personal and business accounts.
If you don’t provide any of the documents required for an OD loan against property, it results in difficulties in assessing your eligibility and creditworthiness. This may prolong your loan approval loan against property process or even result in your application being rejected.
Submitting as many necessary documents as possible is advised to increase your chances of securing the loan and receiving better terms.
At Tata Capital, we focus on quick loan approvals. Once you submit all the necessary documents, we will start the verification process to determine your eligibility for the loan. Upon verification, if all checks out, you can expect the loan to be approved and disbursed within only a few days.
No, there are no charges or costs for submitting the documents required for the OD loan against the property. The only charge you have to bear is a processing fee when you apply for your loan, which is 1% of the loan amount for residential and commercial properties.
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