Eligibility Criteria and Factors Affecting Loan Against Property

Shortage of funds to meet different expenses is a major concern for people today. Loan against property is now a feasible alternative that people prefer to get access to the required money. If an individual has repayment capability along with required documents, this loan is easily available.

Eligibility Criteria for a Loan Against Property

Just check the loan against property eligibility and property’s worth to get the loan amount approved in a few minutes. The interest rate is lower and acquiring it requires meeting eligibility criteria. There are different criteria’s for salaried and self-employed individuals. Basic eligibility documents include – Address proof, KYC documents, bank statement and a copy of documents of the mortgaged property.

Basic factors that affect eligibility for a loan against property

Repayment history: This criteria is very useful to check the past repayment history of the applicant. If past dues for loan EMI, credit card outstanding or other dues are paid on time, loan against property gets approved quickly. On the other hand, if these payments are not managed well, the loan application is likely to get rejected.

Additional Read: Loan against property Eligibility and Factors Affecting it

CIBIL Score: This is basic loan against property eligibility criteria that a lender reviews at the time of processing a loan application. This provides a clear view of individual credit worthiness. If the score is not good, it is hard to avail this loan.

Employment History: Money lenders consider borrowers who are earning enough money to repay the loan. Years of experience, the reputation of a company and experience definitely matters. When all these factors are well managed, loan approval is quick and hassle-free.