An unsecured loan is considered a viable option for many salaried and self-employed individuals owing to its various benefits. They offer instant cash against fixed assets like property which otherwise could not have been en cashed unless sold or held on rent.
Leading NBFCs offer high-value loan up to Rs. 3.5 crores for a flexible tenure of 2 to 20 years at affordable rate of interest. Though, the loan amount and interest rate depends on individual loan application and lender’s eligibility criteria.But the Interest Rates on Loan Against Property is quite low in comparison to other loan available. Therefore, applying for this will lead to a better opportunity for getting a easy loan repayment.
The Eligibility Criteria of Loan Against Property for a easier procedure and with minimal documentations are as follows.
For Salaried Individuals:
> The applicant must be between 33-58 years of age.
> They must hold a job in a reputed MNC, a public sector or a private company.
Basic Documentation Needed are:
> Latest salary slips
> Bank account statements of last three months
> PAN card and Aadhaar card
> Address proof
> IT returns
> Documents of the property to be mortgaged
For Self-Employed Individuals:
> The applicant must be 25-70 years of age.
> They must have the business up and running for at least three years.
Additional Read: 10 Factors Lenders Consider Before Approving Loan Against Property
Basic Documentation Needed are:
> Bank account statements of last 6 months
> PAN card and Aadhaar card
> Address proof
> Documents of the property to be mortgaged
Lenders also take into account the location of the property while sanctioning the loan. If the location is too far the lender might reject your loan application. Most importantly, healthy credit history of the applicant is taken into account to offer appreciable loan amount. A good history is a measure of the applicant’s credit worthiness and it ensures the lender the loan will be paid off without any defaults.
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