Loan Against Property helps to liquify your fixed assets to help you manage immediate and future financial needs. While applying for Loan Against Property keep the following factors in mind so you can avail maximum benefits from it. These are the RBI or Reserve Bank of India has set few ceilings and slabs to compute Loan To value ratio. Lenders such as NBFCs and financial institutions can sanction up to 90% LTV for a loan amount of more than Rs. 30 lakhs.
> Up to 80% LTV can be sanctioned for a loan amount of Rs. 30-75 lakhs.
> Up to 75% LTV can be sanctioned for a loan amount of more than Rs. 75 lakhs.
Eligibility criteria of the lender play an important role. As the loan is sanctioned based on their criteria and applicant’s individual standing.
1. The applicant must have a stable job in an MNC, a private company or a public sector.
2. They must be between 33-58 years of age.
3. The property pledged as mortgage/ collateral must be free from any litigations and have no existing loan on it.
4. Besides having a credit score of 750+ or more can help the applicant secure a higher loan amount at the affordable rate of interest.
Lenders expect borrowers to maintain a lower ratio of FOIR (Fixed Obligations to Income Ratio) which is between 40-60% to acquire a preferred loan amount and interest rate.
When you apply online you can discuss your requirement and other concerns with your Relationship Manager. Moreover, you can request for login details of your loan amount to easily manage and track the loan from anywhere anytime.
Read to know more: Factors to Know about Loan to Value in Mortgage Loan
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