A loan against property has often been confused with personal loans. The reason for this is because that they happen to have features which are distinctly similar to each other. But this is not true. Thus, in order to clear all the confusion between these two loan products, we have created a table below. This table will explain the main differences and help you understand how different they indeed are.

The list of documents for availing loan against property changes whether you're a salaried applicant or a self-employed professional/ businessman. The Loan Against Property process can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria. The list of required documents differs from bank to bank. But we have given a generic list of required documents below:
No income proof needed for approval.*

Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories

• Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories
• 1. Self Employed Professionals (SEP): Doctors, CA, CS, architects, engineer etc.
• 2. Self Employed Non Professionals (SENP): Trader, commission agent, contractor etc.

• Also, if you are applying as a company, you can avail loan by applying under following entities:
• 1. Partnerships/Propretorship
• 2. Limited Liability Partnerships
• 3. Private Limited Companies

• Other important requirements to avail Business Loan:
• 1. The minimum turnover of your business should be Rs. 60,00,000. The turnover should be in positive track.
• 2. You should have minimum 3 years of experience in current business and 5 years of experience in overall business industry.
• 3. Your business must be making profit for last 2 years.
• 4. The age of the applicant should be minimum 25 year and maximum 65 years5. You should have paid your business's Income Tax Returns for last 2 years.
• 5. You should have paid your business's Income Tax Returns for last 2 years.
• 6. The borrowers should have a strong credit history. They should have a credit report ready for bank reviewing.