Home renovations can be expensive. So much so, that people often opt for loans to handle the costs.
In such cases, a loan against property is the better option when it comes to funding these renovations. The ample loan amount and extended repayment tenor allows easy repayment and ample monetary backing to meet all the necessities.
Here are a few eligibility and documentation factors you should know before applying for such a credit.
LAP Eligibility Criteria
Remember, some lenders ask you to meet additional eligibility factors as well. Therefore, it is best to enquire about the same from the NBFC of your choice.
Lap Documents Required
The following documents are vital when availing a property loan.
Keep these documents handy for a hassle-free and quick loan against property process.
Moreover, determine exactly how much loan you require for the renovations. Ensure you apply for only as much as you need to limit your loan repayment burden. Consult the NBFC if you have any queries about the loan.
Additional Read : What are the Required Eligibility Criteria For A Loan Against Property?
In such cases, a loan against property is the better option when it comes to funding these renovations. The ample loan amount and extended repayment tenor allows easy repayment and ample monetary backing to meet all the necessities.
Here are a few eligibility and documentation factors you should know before applying for such a credit.
LAP Eligibility Criteria
- You must be either a salaried or a self-employed individual.
- You must have adequate income to avail a mortgage loan.
- You must be the owner of a residential property or a plot of land against which the loan against property will be sanctioned.
- Your credit score must not be below 750 points.
Remember, some lenders ask you to meet additional eligibility factors as well. Therefore, it is best to enquire about the same from the NBFC of your choice.
Lap Documents Required
The following documents are vital when availing a property loan.
- KYC documents – Aadhaar Card, Voter ID, PAN Card, Ration Card, Passport or other document that serves the purpose.
- Proof of income – Salary slips for salaried individuals and bank statements for self-employed people is necessary while applying for a credit.
- Proof of residence.
- Property papers – Deed and registration of the house.
Keep these documents handy for a hassle-free and quick loan against property process.
Moreover, determine exactly how much loan you require for the renovations. Ensure you apply for only as much as you need to limit your loan repayment burden. Consult the NBFC if you have any queries about the loan.
Additional Read : What are the Required Eligibility Criteria For A Loan Against Property?
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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