lvb-lap

a. Age: 21 years to 60 years

b. Credit Score: 650 or more.

c. Employment type

1. Salaried Employees

2. Business Owners

d. Minimum net income (monthly): Rs. 25,000

e. Work experience

The loan is eligible for the following persons who are Income Tax
assessees for at least two years:

1. Salaried employees

2. Business owners

3. Professionals

4. Agriculturalists

5. Partnership firms

6. Private and public limited companies

For self-employed individuals:

• Filled up Lakshmi Vilas Bank loan against property application form.
• Two passport-size photos.
• ITR of the last two years.
• Identity proof document—PAN, Passport, Driving License, Voter ID.
• Residence proof—Utility bill, Registered Rent Agreement, Leave and License.
• Business proof such as business incorporation details, profit and loss account, VAT
  or service tax registration, business address proof, company balance sheet
  certified by a Chartered Accountant, partnership deed copy, etc.

For salaried employees:

• Filled up Lakshmi Vilas Bank loan against property application form.
• Two passport-size photos.
• ITR of the last two years.
• Identity proof document—PAN, Passport, Driving License, Voter ID.
• Residence proof—Utility bill, Registered Rent Agreement, Leave and License.
• Income Documents—last six months payslip, 2 years Form 16, bank statements showing
  six months of salary credit, EMI debits.

Other documents required for a loan application:

• Registered sale deed, conveyance, lease deed of the property.
• Most recent House Tax Returns or receipt.
• Municipal corporation’s approval on the building plan. 

The loan verification process at Apnapaisa is straightforward and simple:

• Fill in the application form and submit it along with the other required documents.
  It can be quickly done by signing up on apnapaisa.com. You can also get the best
  rates through Apnapaisa.
• You will receive a call from one of our representatives within 24 hours to schedule
  a pickup of the documents in case you opt for offline submission of the
  documents.
• The concerned department representatives at Lakshmi Vilas Bank will verify the
  documents and the details. They may visit the property if necessary.
• After the completion of the verification process and approval of the loan, the
  lender will call you with the loan offer and ask for your consent for disbursal.
• Once you have accepted the loan offer, the amount gets credited to your accounts
  within 48 hours.
• You will get a copy of the duly signed loan agreement containing details of loan
  interest, tenure, loan amount, charges, and penalties.

The interest rates can vary based on the profile of the customer and the resale value of the property.

Typically, the interest rate varies around 11.65%. The interest rates for prime residential properties are often lower than those offered for commercial or industrial properties.