You can avail up to Rs. 3.5 Crore with a property loan from leading lenders and NBFCs. However, the amount sanctioned depends on the mortgaged property value. Lenders evaluate the market value of your property and can lend up to 75% of the estimated amount.
Since the property is kept as mortgage, making the right decision is of utmost importance for beneficial results. Consider these pointers before you apply for a loan against property.
- Eligible Credit Amount
Before you avail a loan against property, you should apply for the most judicious loan amount after considering the eligibility criteria and the market value of your property.
Eligible salaried individuals can avail up to Rs. 1 Crore whereas the credit amount can be as high as Rs. 3.5 Crore for self-employed individuals. Considering that only as much as 75% of the property’s value can be availed as loan, applicants need to mortgage a property with a considerably high market value.
- Tenor of loan
The tenor of a loan against property can range up to 20 years. Use a loan against property EMI calculator offered by numerous leading lenders online to gauge an EMI amount and tenor combination best suited with your financial capability. Note that longer tenors increase the total cost of loan.
- Documents required
It is essential to note down the documents a financial institution or NBFC will require to approve your loan against property. Usually, an applicant needs to furnish KYC documents, salary slip, bank statement, copy of property papers to be mortgaged, etc. among others. Note that such documentation requirements may vary between lenders.
So, these are a few pointers which you must check first before applying for the loan. Refer to leading lenders for additional benefits and features on property loans.