No matter which loan you are applying for, the application process is the most tiring and time consuming task of all. The same is applicable for the applicants applying for a loan against property. Hence, the best way to avoid the delay is by applying for the fastest scheme in the first place. The Loan Against Property Interest Rates are quite low in comparison to other loans available. Find a scheme that guarantees faster loan processing and loan disbursal, and apply for it.
The other way to avoid the delay is by avoiding the simple yet common mistakes committed by loan applicants.
> Read the terms and conditions in advance: All the financial institutions operate differently, and they have their own set of eligibility terms and conditions. Read them before applying to avoid the delay.
> Mention the details correctly: Be extra careful while filling the loan application form. Fill the details correctly and cross-check your application form before submitting the form.
> Share the correct documents: Don’t forget to attach the soft copies of the required documents with the loan application whether you are applying online or offline. Also, make sure all the documents are correct.
> Arrange the NOC in advance: If the property is co-owned by someone else, arrange the NOC in advance. This will cut short the time wasted in legal verification of the property. Best is to mortgage properties completely owned by you.
> Fill out the loan application properly, fill in all the details correctly and attach all the documents before applying for the loan. Once you master all the above mentioned steps, you won’t have to worry about the delay.
Additional Read: How to make your Loan Against Property Application Simpler
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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