How to Apply for Engineer Loan on Property?

A financial product which is tailor-made for engineers, engineer loan on property offers up to Rs.2 crore as credit to fulfil various personal and professional requirements. While this loan product can be used for numerous purposes since it has no end-use restriction, engineers need to note the process to apply for such a credit.

One can easily apply for an engineer loan by following these steps below.

• Visit the official web page of relevant financial institutions. 
• Fill in the application form. 
• After submission, representatives from the financial institution typically collect the necessary documents within 24 hours. 

An applicant has to fulfil certain eligibility criteria to apply for such a credit. The engineer loan eligibility criteria are as follows.

• Indians aged between 25 and 65 years. 
• Applicants must have a valid engineering degree. 
• Applicants must be employed while applying for this loan. 
• Self-employed engineers must have 3 years of experience while it stretches to 5 years for salaried engineers. 

Applicants must also produce the following documents while applying for a loan on property for an engineer.

• KYC documents. 
• Graduation certificate with mark sheet. 
• PAN Card of the borrower. 
• Ownership documents of the mortgaged property. 

Salaried engineers must produce their latest salary slips along with their letter of employment. In the case of self-employed individuals, registration certificate of the company and other documents must be produced.