When you need a considerable amount to manage diverse needs in your life and don’t want to manage a higher interest rate, you can apply for a loan against property (LAP).
But there is nothing to worry about if you don’t know how to apply for a loan against property.
It is because this quick post will shed insights on how to apply for a loan against property and its eligibility criteria.
Read on!
Loan against property eligibility criteria
Your age should be between 28 and 58 years.
You should be an Indian resident and have a property in an area where your lender operates.
You should be employed with an MNC, Public and Private Limited company.
Latest Salary Slips.
Last 3 months’ bank account statements.
Form 60/PAN Card.
ID proof.
Address proof.
Property’s documents/copies you want to pledge as the collateral.
Income Tax Returns (ITRs).
Title document as per the requirement of the legal team of your lender.
Any other documents as needed.
Here’s how to apply for a loan against property online
Land on the website or portal of your lender you want to apply for a loan against property with.
Access the online form of the lender and enter your income details so that a lender is able to match the best deal matching your finances the most.
Once done, you should click on the ‘Apply Loan Against Property’ button.
Submit the online form, and one of the representatives of the lender will connect with you to discuss your customized loan deal with you and take this forward.
If your property is in a good location with robust infrastructure and your CIBIL score reads 750+, you can enjoy a lower current loan against property interest rate. This way, you can save massively on repayments.
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