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Loan Against Property (LAP) is a secured loan that allows individuals to borrow funds against the mortgage of their residential or commercial property. It serves as a convenient financing option for meeting diverse financial needs, including business expansion, debt consolidation, education expenses, and more.

Why Choose Orion Finance World for Your Loan Against Property?

Orion Finance World stands out as a reliable financial partner for securing Loan Against Property due to its commitment to customer satisfaction and adherence to Indian banking laws. Here are some compelling reasons to choose Orion Finance World:

Service Benefits

Streamlined Application Process

Orion Finance World offers a user-friendly and hassle-free application process for Loan Against Property, ensuring quick and efficient processing of loan requests.

Personalized Assistance

Our team of experienced professionals provides personalized guidance and support throughout the loan application process, addressing any queries or concerns promptly.

Quick Disbursal

Orion Finance World ensures timely disbursal of funds upon the approval of Loan Against Property applications, enabling borrowers to address their financial needs promptly.

Transparent Communication

We believe in transparent communication with our clients, ensuring that they are well-informed about the terms, conditions, and requirements associated with their Loan Against Property.

Key Benefits

Competitive Interest Rates

Orion Finance World offers competitive interest rates on Loan Against Property, ensuring affordability and cost-effectiveness for borrowers.

Flexible Repayment Options

Borrowers have the flexibility to choose from various repayment tenures tailored to their financial capabilities and preferences.

High Loan Amounts

With Orion Finance World, borrowers can avail themselves of substantial loan amounts against their property, helping them meet their financial requirements effectively.

Minimal Documentation

We strive to make the documentation process hassle-free for our clients, minimizing paperwork and ensuring a smooth loan application experience.

Eligibility Criteria

  • Age Limit:
    Applicants should typically be between 21 and 65 years old, with the requirement that the age must not exceed 65 by the time the loan matures.
  • Residential Status:
    Both Indian Residents and Non-Resident Indians (NRIs) are eligible to apply for a Loan Against Property.
  • Minimum Income:
    Salaried individuals should have a minimum monthly income of Rs. 15,000.
    Self-employed individuals should have an annual income of at least Rs. 1.5 lakh.
    Income requirements may vary depending on the lender and location.
  • Minimum Work Experience:
    Salaried individuals typically need to have at least 1 year of work experience.
    Self-employed individuals usually require a minimum of 5 years of business experience.
  • Property Type:
    Properties eligible for mortgage include residential, commercial, and industrial properties.
  • Credit Score:
    A credit score of preferably 750 and above is desirable, although specific requirements may vary among lenders.

Documents Required

For Salaried Individuals:

Individual KYC: Provide photos, PAN, and Aadhar Card copies for all applicants and co-applicants.

Proof of Address: Submit utility bills such as electricity or gas bills.

Income Proof: Furnish Form 16, bank statements (or passbook) for the last 6 months, or salary slips for the same period. Alternatively, provide income tax returns for the last 3 years.

Employment Verification: Include current job appointment letters, employment certificates, or experience certificates, especially if you've been in the same job for more than 2 years.

For Self-Employed Individuals:

Individual KYC: Include photos, PAN, and Aadhar Card copies for all applicants and co-applicants.

Proof of Address: Supply utility bills like electricity or gas bills.

Business Documentation: Provide Gumasta License for proprietors, company PAN card or partnership deed for partnerships, and company PAN card, Memorandum of Association (MOA), Articles of Association (AOA), Certificate of Incorporation, and a list of directors and shareholding pattern for private limited companies.

Government Certifications: Include the Udyam Certificate and the last 1-year GST return.

Financial Statements: Submit the last 2 years' income tax returns of the company and individual, attested by a Chartered Accountant. This should include the acknowledgement, computation of income, balance sheet, and profit & loss account with schedules.

Banking Statements: Provide the last 12 months' current account statements and the last 6 months' savings account statements.

Property Documents:

Ownership Documents: Include the registered sale deed, allotment letter, or stamped agreement of sale with the builder, along with the share certificate.

Compliance Certificates: Furnish the occupancy certificate and completion certificate for the property.

NOC: Obtain a No Objection Certificate (NOC) from the society or builder.
Please note that the above list serves as a general guideline, and your lender may require additional documents based on their specific requirements and policies.

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It's important to note that while the above list is indicative, your lender may request additional documents based on specific requirements. Prospective borrowers are advised to consult with their chosen lending institution for precise information regarding document submission.

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FAQs

1. Is having an account in the same bank as my loan disbursement important?

While not crucial, being an account holder with the lending bank can offer certain advantages during the loan process.

The maximum loan against property amount is typically up to 65%* of the property's market value, although norms may vary among Banks & NBFCs.

You can pledge your self-occupied Residential or Commercial property (including Shops and Offices) as collateral.

A loan against property (LAP) is exactly as it sounds -- a loan disbursed against the mortgage of property. LAP belongs to the secured loan category where the borrower uses their property as security.

Typically, if you jointly own a property with someone else, such as a spouse or business partner, they cannot take out a loan against the property without your consent. However, specific terms of ownership and agreements may affect this.

No, LAPs do not offer tax benefits or deductions. However, if you have an existing home loan on the same property, you can continue to claim applicable tax exemptions.

Loan against property is secured against property you already own, while a home loan is specifically for purchasing property. LAP can be taken for various purposes.

Disbursement time frames usually range from 10 to 15 days but may vary depending on the bank and individual circumstances.

Yes, banks offer LAPs to salaried NRI customers.

You have the flexibility to choose a comfortable loan tenure ranging from 5 to 15 years, provided it does not extend beyond your 65th year or retirement age, whichever is earlier.

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