A loan against property is the simplest type of mortgage. The scheme allows eligible candidates to avail a loan by mortgaging/ pledging their financial assets such as their residential plot, their own home or any other property which is accepted as collateral. The best part about this scheme is the upper borrowing limit which is quite high. A salaried person can borrow as much as Rs 1 crore by mortgaging a property of equivalent value.
So, if you find yourself stuck amidst a cash crunch which can be settled using your own cash, find out a conducive loan against property and apply for it. But, before you do that, take a look at the different types of the said scheme.
Loan against properties with map: A property which is registered with proper maps and the construction plan has been sanctioned by the local town/city/municipality authorities is accepted as a collateral easily.
Also check here: What are the different types of mortgage loans in India?
Loan against properties without a map: Secondly, properties registered without maps are also accepted as a collateral for the loan, but the lender will definitely ask for risk mitigation factors such as ATS and a proper sale deed/agreement.
A general power of attorney: General power of attorney is a legal document which provides a person with the authority to act and take a decision regarding the property on behalf of the owner. In order to avail a loan against a GPA property, you might have to find a lender accepting the said type of property as collateral without any unacceptable conditions.
Also Read: Different Kinds of Loans against Property
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