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Loan Against Property – Documents required for a self employed individual

Below mentioned is a generic list of documents that is necessary for a self employed individual when applying for a loan against property. If the applicant can fulfill the criteria set by the Bank/NBFC, then they can avail a loan against property.

Mandatory requirements:

  • The applicant must be aged between 24 to 60 years of age.
  • The applicant must be a salaried employee in a private company, an MNC or the public sector.
  • The applicant must compulsorily be a resident of India.
  • Identity proof requirements:

Applicant’s address proof requirements:

  • The applicant must present address proof from one of these; Ration Card/ Telephone Bill/ Electricity Bill, Aadhar Card, Voter’s ID.
  • Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings (This is only to be presented if they contain the address) and Letter from a recognized public authority or public servant verifying the identity and residence of the customer.

Offices address proof requirements:

  • The self employed professional must present any one of the following; SEBI Registration Certificate/ Registration No issued by ROC, Property documents/ Electricity and Maintenance Bill of the office.
  • Shops & Establishment Certificate, Professional qualification Certificate and Degree Certificate for Professionals, Export-Import Code Certificate/Factory Registration Certificate, Trade License Certificate, SSI Registration Certificate
  • PAN Card/Sales Tax/ VAT Registration Certificate/ Partnership Deed (for firms) / Memorandum of Association (MOA).

Business Existence Proof:

  • The applicant must provide any one of the business existence proof; 3 years old Saral Copy, Company Registration license, Any Tax Registration Copy and Shop Establishment Act

Income proof:

  • The applicant must also present any one of the mentioned income proof; Last 6 month current account statements of the business and saving account statements/ Balance Sheet and Profit & Loss account (This must be certified and audited by a Chartered Accountant) and Income Tax Returns along with last 2 financial years computation.

Other documents required:

  • Form 26 AS, MOA (for private Limited companies)/ Partnership deed (for partnership firms)/ Latest List of share holding pattern (which must be duly certified by a Chartered Accountant/Company Secretary) and Documents which are related to existing loans along with repayment bank statements from the past 6 months.
  • The applicant will also have to present an Advance Processing Cheque to the lender. This is so as to help in sanctioning the loan process.
  • If the self employed individual has any existing loans which are currently being repaid, then he/she will need to submit repayment track record of the past 6 months and the loan sanction letter.
  • If the applicant has few investments made in the past, which can be fixed deposits, fixed assets, shares, etc. then they will need to provide the lender with those details as well.

Loan Against Property – Documents required for a salaried individual

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