Buying a new home with all the modern amenities is a huge commitment. You can always mortgage your old property to move into a bigger and better one. To take a loan against an old property lowers the risk of the financial crisis. Well, in such cases, if you wish to buy a new property without selling the old one, it is possible. All you have to do is mortgage your old property and take a loan against it. To fulfil the criteria for such loan you must know the minimum CIBIL score required for Loan Against Property. Your credit score issued by Credit Information Bureau India Ltd (CIBIL) is one of the most dominating factors for procuring a loan against property. The CIBIL score represents your past repayment issues and your financial stability.

If your minimum CIBIL score required for Loan Against Property is between 300 to 900, then you are eligible for a loan.

The documents required to undergo the process are:-

• Application form with your photograph

• Current address proof

• Valid photo ID

• Salary slips of past 3 months

• Form 16 for people who are in service/ IT returns for businessmen/salaried for the last 3 years

• Bank statement of last 6 months

• A cheque to process fee

• Age proof

A good CIBIL score not only reflects your loan repaying capacity but also has a high accuracy rate and is trusted in this sector.

Reference Read: How a high Credit Score helps you get a Loan Against Property