Features of loan against property like the advance of high-value, long repayment tenure, affordable EMIs and more have made them a convenient loan option to avail.
When availing a loan on a property, individuals must, however, know all the features and benefits it brings along to make optimum use. Here are a few questions answered for you so that you can make an informed decision when availing the loan.
Question 1.) What are the Eligibility Criteria to Avail the Loan?
When availing a loan on a property, individuals must, however, know all the features and benefits it brings along to make optimum use. Here are a few questions answered for you so that you can make an informed decision when availing the loan.
Question 1.) What are the Eligibility Criteria to Avail the Loan?
To avail loan against property, you must meet the eligibility criteria specified by your lender. Take a look at a few general criteria to check before applying for the loan.
- A self-employed individual must age between 25 and 70 years, and a salaried person should be 33 to 58 years.
- One should be an Indian resident.
- He/she must be employed with a private/public sector company or an MNC or should have a regular source of income.
Question 2.) What is the Maximum Loan Amount an individual is Eligible to Avail?Depending on a person’s income source, property value, creditworthiness, lenders policies regarding LTV and other eligibility factors, loan against the property of up to Rs. 3.5 Crore is available.
Question 3.) What are the Applicable Interest Rates on this Loan?As different lenders offer this loan at varying rates of interest, you must make sure to compare the available options and go for the most affordable one. Look for a lender who provides property loan at competitive interest rates along with other affordable charges.
Having answers to these questions, you can now proceed to apply for a loan on the property from your chosen lender. Make sure to check other features like hassle-free disbursal, top-up loan facility, etc. for extensive benefits.
Additional Read: Loans Against Property: Questions you should know the Answers
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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