If you have a residential or commercial property in a leading city in India and you want a significant amount, then you don’t need to apply for a personal loan. It is because it comes with a higher interest rate.
You can simply use your property, keep it as collateral and apply for loan against property at a lower rate.
But to do that, you need to meet some standard eligibility criteria for loan against property and submit a few documents.
Read on and know more!
Standard eligibility criteria for loan against property at a glance
Your age should be between 28 and 58 years.
You must be employed with an MNC, Public or a Private Limited Company.
You should be a resident citizen of India and must live and have a property in an area where your lender operates.
Your latest Salary Slips.
Last 3 months’ bank account statements.
Form 60/PAN Card.
Address proof.
ID proof.
Copy of the documents of the property to be mortgaged.
Income Tax Returns (ITRs).
Title documents as per the requirement by the legal team of your creditor.
Any other documents as needed.
These are the standard loan against property eligibility terms and documents required. They may differ from lenders and lenders. The best thing is to land on the website of your lender and be aware of all eligibility aspects.
You should also have a CIBIL score of 750 or more to improve your eligibility for a higher amount at a lower rate. Your property should also be located in a central area so that you can fetch a considerable amount at a lower rate. It is vital because a lender can easily auction/liquidate your property in the event of a default.
