Know About Loan Against Property Before Applying - Loan Trivia


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Monday 16 January 2023

Know About Loan Against Property Before Applying


A loan against property can be an ideal option for those looking for obtaining funds by keeping their immovable asset as collateral. Applicants applying for property loans must remember the following information before applying for this credit line.

Steps to apply for a loan against property

The application process for a loan against property is simple and completely hassle-free. Check out these steps to apply for a LAP:

Step 1: Visit the BHFL website and find out the loan against property application form.

Step 2: Now choose the loan type as well as the employment type.

Step 3: Further, enter all required details like name, mobile number, PIN code, monthly salary for self-employed and salaried individuals, annual turnover for self-employed applicants, property location, etc.

Step 4: Finally, submit the form.

Eligibility criteria for loan against property

Some common property loan eligibility criteria include the following:

  1. Applicant’s age
  2. His/her credit score
  3. His/her income and existing debts
  4. Market value of the property that is kept as collateral.

Based on the property’s value, one can also calculate the sanctioned loan amount for which they are eligible by using a loan against property eligibility calculator.

Further, existing borrowers can opt for another lender offering a LAP at lower interest rates. They can apply for a loan against property balance transfer to a new lender. Candidates can also claim property loan tax benefits under Section 24B and 37(1) of the Income Tax Act of 1961.

This guide comes as a saviour to those individuals who are intended to applying for property loan.

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