Personal Loan-Property

A (LAP) loan against property is a type of a Secured loan as one gives the lender collateral – a house, land or other property as security for the loan amount.

The interest rates on such loans are generally low as the lender can always sell the property to settle the loan if the customer fails to repay it.

The Title/Ownership of the property is given to the Bank/Finance Company for security the loan is paid completely. Once repaid in full, the property is given back to the customer along with all the ownership documents.

AVALON offers a great Package offering for the LAP services:

OFFER VALUE  : 2.5 % ( incl of GST @18%) of Prop-value< Rs 100.0 lacs)

                             : 3.0% ( Incl of GST @ 18% ) of (Prop-value Rs 100.0lacs<x >Rs 200.0 lacs).

                             : 3.5% ( Incl of 18% ) of (Prop-value > Rs 200.0 lacs)

Eligibility criteria

  • The individual should either be a salaried or a self-employed.
  • The individual should not be more than 60 years of age if salaried and not be more than 65 years of age if self-employed.

Documents list:

1. Salaried employees

  • Filled application form with photograph
  • Age proof: (PAN Card/ Passport)
  • Residence proof: (Passport/Driving License/Telephone Bill/Ration card)
  • Education qualifications – Latest Degree
  • Salary slips for last 3 months
  • Form 16 for last 2 years
  • Bank statements for last 6 months
  • Processing Fee Cheque in favor of ‘XXX Housing Finance Ltd.’
  • Photocopy of Title documents of the property and approved plan


2. Self-employed individuals

  • Filled application form with photograph
  • Age proof: (PAN Card/ Passport)
  • Residence proof: (Passport/Driving License/Telephone Bill/Ration card)
  • Education qualifications – Latest Degree
  • Certificate and proof of business existence along with business profile
  • Last x 3 years Income Tax Returns with profile and loss account and balance sheets duly audited
  • Bank statements for last 12 months
  • Processing Fee Cheque in favor of ‘XXX Housing Finance Ltd.’
  • Photocopy of Title documents of the property and approved plan

Loan repayment

A customer can repay his/her Loan against property in equated Monthly Instalments (EMI) through PDC’s (Post Dated Cheques) or ECS- Electronic Clearance System over a maximum tenure of 15 years.