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Loan Against Property Balance Transfer
A Loan Against Property Balance Transfer allows you to transfer your outstanding principal on your existing loan against property to another Bank or NBFC at lower interest rates. A well-planned loan balance transfer helps you reduce your EMIs, save on interest outgoings, and reduce your debt burden.
Loan against Property Balance Transfer Features
High-Value Top-Up Loans
You can avail a high-value top-up loan in Loan against Property Balance Transfer.
Part-Prepayment and Foreclosure Facility
Part-Prepayment and Foreclosure of loans to help you prepay your loan balance transfer loan, and save on interest payments.
Affordable Interest Rates
LAP Balance Transfer offers great affordability by way of competitive mortgage interest rates, and nominal fees and charges.
Flexi-Loans
Flexi-Loans are the new way of borrowing funds in India to access pre-approved loans based on your credit rating. This allows you to borrow funds at will and prepay when you have additional funds in hand.
Loan Against Property Balance Transfer Eligibility
The following are the common criteria that decide the eligibility for your loan application and approval at most Banks, and NBFCs.
Age
- Salaried Person - 21 years to 58 years
- Self-Employed Person - 25 years to 65 years
Income
- Salaried Person - Minimum Rs. 10,000 per month
- Self-Employed Person - Minimum Rs. 2,00,000 per year
Employment
- Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person - Minimum 3 years of Experience in the current field
Credit Score
Typically, a credit score of 750 may be considered a good score for approval.
- Aadhaar Card
- PAN
- Voter ID
- Passport
- Driving License
- Any of the above Identity Proof with Permanent Address
- Birth Certificate
- Bank Passbook
- Registration Certificate
- GST Details, etc.
- Any of the above Identity Proof with Permanent Address
- Electricity Bill
- Telephone Bill
- Post-Paid Mobile Phone Bill
- Water Tax Receipt
- Property Tax Receipt
- LIC Policy Receipt
- Recognized Public Authority Verification Letter
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Occupancy Certificate
Documents Required for Salaried and Self-Employed Individuals
- Form 16
- Employee Identity Card
- Employer’s Certified Letter
- Increment or Promotion letter
- 3 Months Salary Slip
- 3 Month Bank Account Statement
- Duration of Employment Evidence
- Appointment Letter
- Confirmation Letter
- Promotion Letter
- Increment Letter
- 3 Year IT Returns
- Proof of Business
- PAN
- GST Registration Certificate
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- 3 years Income Tax Returns
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
Top up on Loan Against Property
Top up loans are ideal choice in times of shortage of funds for personal or business purposes. A top up loan on loan against property has the same ability, and you can opt for such an option when you have an existing loan against property. Rather than going for multiple loan applications for different funding purposes, lenders offer you a option that helps you fund your immediate, and emergency needs in the form of a loan against property top up.
As an option for multiple debt requests, a loan against property top up lender offers you benefits such as low interest rates, long loan tenures, quick processing, and easy approval, and speedy disbursal of top-up. This kind of option serves as an ideal choice, when you already have an existing loan against property with a lender. Pay U loans offers you multiple choices of top up loan against loan against property in collaboration will reputed partner banks and NBFCs.
Eligibility Criteria for a Loan Against Property Top Up
- To be eligible for a loan against property top up loan, you first need to have an existing loan against property.
- Your existing loan against property needs to have completed a stipulated period paying of a amount prescribed by your lender.
- A good track record of repayments, that include no overdue EMIs, and no missing EMI payments makes you eligible for a top up.
- Your job or business should be characterized as secure and stable with stable income prospects.
- A good credit will be required to prove your capacity to repay your loan, since a good credit score represent good creditworthiness.
Documents Required for Loan Against Property Top Up
When availing a loan against property top up offered by Pay U loans in association with well-known lending institutions, documentation will be called for to prove your eligibility. However, the requirements will depend on your lender. Have a look at the list of common documents required for a loan against property top up.
- Aadhaar Card
- PAN
- Voter ID
- Passport
- Driving License
- Rent Agreement
- Utility Bills
- Passport, etc.
- Registration Certificate
- GST Details, etc.
- Bank Statements, etc.
- Duly filled Application
- Passport Size Photographs
