People generally try to get quick and easy loan approval, so they choose an unsecured loan. But, when they realize the difficulties such as a higher rate of interest and maintaining a high credit score of above 750, they prefer to choose a secured loan.
If you have any property, residential or commercial, you can put that property as collateral or as mortgage with the lender and get a loan against property at a much lower rate of interest. You just need to fulfil the simple Eligibility Criteria of the loan Against Property set by the lender and you will easily get the loan approval.
Submit Relevant Property Documents
You need to submit the documents of the property against which you are applying for the loan. Those documents are:
● Property registration papers
● Previous registrations
● Property map
● No Objection Certificate (NOC) from local government bodies like Municipal Corporation, municipality, Gram Panchayat, and Urban Improvement Trust (UIT)
Submit Personal Documents
You also need to submit some personal documents to get a loan against property. Those are:
● Aadhaar card
● Passport
● Voter ID card
● PAN card
● Driving License
● Valid photo ID card issued by a government or private enterprise
To know the eligibility factors, Read: Tips to Boost Your Loan Against Property Eligibility
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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