Have you heard about a loan solution in India named a loan against property?
If not, then you must go through this post and know about its fundamentals.
Read on!
What is a loan against property, and how it works?
As the name suggests, a loan against property is given when you keep your property as collateral to get an amount against its value. If your property is located in a known city with good infrastructure, you can get a significant amount at the lowest rates.
A loan against property works when you keep your property as collateral with the lender. And that’s why it is known as a secured debt with lower EMIs. But if you fail to repay on time, lenders can liquidate your asset and recover the funds.
What are the eligibility criteria to apply for a loan against property?
Besides having a property in a leading city area with basic amenities, it is also required to meet some basic eligibility terms and submit a few documents. Have a look:
You should be a resident citizen of India with a property in a city/area where a lender you want to apply with operates.
Your age should be between 28 and 58 years.
You should be a salaried employee working in an MNC, Public and Private Limited Company.
Latest Salary Slips.
Last 3 months’ bank account statements.
Form 60/PAN Card of the applicant.
ID proof.
Address proof.
Copy of the documents of the property you want to keep as collateral.
Income Tax Returns (ITRs).
Title documents as per the needs of the lender’s legal team.
Any other document as required.
These are basic eligibility terms, and documents and a lender may or may not the required additional documents.
Hence, you should check it on the website of the lender you are applying with.
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