Planning to apply for a loan against a property to meet your urgent cash needs? Do you know if you are eligible? More importantly, do you have all the documents? Check out the who can apply for a Loan Against Property and the 3 most important documents required to get the application approved.
Who can apply for a Loan Against Property?
Almost anyone with a decent monthly income can apply for a loan against property. The only concern is, their income should be sufficient enough to save just the right amount to pay the monthly EMIs along with managing the regular household expenses.
Moving on, based on the income source and type of employment, the applicant’s are divided into two categories:
Almost anyone with a decent monthly income can apply for a loan against property. The only concern is, their income should be sufficient enough to save just the right amount to pay the monthly EMIs along with managing the regular household expenses.
Moving on, based on the income source and type of employment, the applicant’s are divided into two categories:
> Salaried: Salaried individuals are those who are employed by the government enterprises or private/limited companies, and have a fixed monthly income.
> Self-employed: Self-employed individuals are those who run their own business, work as freelancers, or offer consultancy services to other companies. The only way a self-employed differs from a salaried individual is in terms of income. Self-employed individuals don’t have a fixed monthly income.
The documents required while applying for a loan against property:
1. KYC Documents: The basic KYC documents like Aadhaar Card/ Voter ID card/ Passport/PAN Card/Driving License as the address proof issued by a government-recognized institution/department is required to verify your identity, address, age, and other related details.
2. Proof of domicile: Proof of domicile or the property ownership certificate like registry/gift deed/sales deed/patta papers, a chain of title papers, and property map
3. Income proof: Lastly, you’ll have to attach documents to prove your income i.e your salary slips, bank statement, ITR receipts, or any other detail that verifies your income.
> Self-employed: Self-employed individuals are those who run their own business, work as freelancers, or offer consultancy services to other companies. The only way a self-employed differs from a salaried individual is in terms of income. Self-employed individuals don’t have a fixed monthly income.
The documents required while applying for a loan against property:
1. KYC Documents: The basic KYC documents like Aadhaar Card/ Voter ID card/ Passport/PAN Card/Driving License as the address proof issued by a government-recognized institution/department is required to verify your identity, address, age, and other related details.
2. Proof of domicile: Proof of domicile or the property ownership certificate like registry/gift deed/sales deed/patta papers, a chain of title papers, and property map
3. Income proof: Lastly, you’ll have to attach documents to prove your income i.e your salary slips, bank statement, ITR receipts, or any other detail that verifies your income.
Read more to know about: 3 Documents You Need to Apply for A Loan Against Property
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