The integration of the digital scape to the financial markets across the globe has made financial products and services more accessible than ever today. So much so that today one may not even need to step out of their homes for availing a loan option of their choice as reputed lenders provide doorstep document collection facility too.
In this scenario, one may still see the prominence of secured, end-use restriction-free loans over other financing options, a property loan being one of them. The process and requirements to get a loan against property are quite simple and straightforward as well.
When availing the advance, it is best to know the requirements that you would need to meet when applying for it along with the process involved for its access. Keeping yourself well-informed of the requirements streamlines loan accessibility, thus making it convenient to get a loan against property.
Let’s check out the essential eligibility and document requirements you must meet to avail a loan against property with ease. Alongside, we will also see the process involved in applying for the advance in detail for a better understanding of loan accessibility.
Eligibility Criteria to Meet for a Loan Against Property
The eligibility criteria to get a loan against property can vary based on the lending institution you select. It can also, to some extent, vary as per your borrowing profile. However, there are some basic requirements that all financial institutions need you to meet to be eligible for the advance. Let’s find out what are the standard requirements you must meet to apply for the loan. Note that some of these will differ based on your occupation.
– Age: You must be between the specified age range to be able to get a loan against property. For salaried individuals, the limit is between 25 and 55 years mostly. In the case of businesspersons, the limit varies between 20 and 70 years.
– Property value: The minimum value of your property must meet the threshold set for the city you reside in.
– Minimum income: You must also earn a minimum income as specified by the lender. This limit varies based on the city you reside in.
– Occupational stability: You should also hold an occupational stability as required by your lender. For salaried applicants, a minimum of 1 year is required as employment stability. Businesspersons should have their business ventures running for not less than 3 years to avail the advance.
While these are the basic requirements, you may also need to meet additional criteria based on the lender selected. So, check with your financial institution when planning to apply. Further, even though credit score is not a mandatory requirement, you should check if you hold a score above 700 or not. This not only makes loan accessibility easy but also helps with securing favourable terms on the advance.
Common Property Loan Documents Required for Application
Further, below are the common documents you would need to submit when applying for your loan against property.
– KYC documents, which primarily include your identity and address proofs.
– Income proofs, which can vary based on your occupation, be it a salaried or self-employed individual.
– For proving the existence and stability of your occupation too, you would need to provide documents specified by the lender, such as employment ID card, business incorporation certificate, MOA, AOA, and the likes.
Further, the lender may ask you to submit additional documents for paperwork completion as per your borrowing profile.
Steps to Apply for a Loan Against Property
Complete the following few steps to apply and get a loan against property.
– Visit the official website of your lender and navigate to the property loan page.
– Next, access the online application form and fill it up with necessary details.
– Check these details for accuracy and upload required documents to submit application.
Before applying for the advance, it can be useful to access a loan against property EMI calculator and utilise it to check your affordability. The EMI and other loan liabilities so calculated allow you to assess how much you should borrow to keep the repayments affordable.
Accordingly, you can make changes to the loan amount and tenure entries and arrive at an EMI that is both affordable to pay and keeps the total interest in check. Then, proceed to apply and get a loan against property with your chosen financial institution.
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