Loans against property are a type of personal loans, which provide high financing with prolonged repayment periods than the latter. These loans are secured; hence, the rate of interest is also lower than a conventional personal loan.
Certain institutions only require 48 hours to approve your application for a property loan, and the amount is reflected in your account typically within four days.
However, before proceeding with the application, you must be aware of the loan against property eligibility criteria as well as the documents required.
Eligibility Criteria can be divided into two segments:
The eligibility criteria required to apply for a loan against property are:
- For salaried individuals:
- The age limit is 33 to 58 years.
- Must be an Indian resident.
- Must be working in a private company or a public sector or an MNC.
- For self-employed applicants:
- Must be within 25 to 70 years old.
- The individual must be an Indian resident.
- Must have a source of regular income.
Do note that both salaried and self-employed customers need a minimum credit score of 750 to apply.
List of Documents to be submitted:
The loan against property documents required to apply includes:
- For salaried employees:
- Identity proof.
- Address proof.
- Latest salary slip.
- Bank account statements for the past three months.
- Property’s documents.
- Income tax bills.
- For self-employed individuals:
- Identity proof.
- Address proof.
- Bank account statement for the past six months.
- Property’s documents.
Your loan against property application will be approved within the time mentioned in the beginning if you comply with all of the loan against property eligibility criteria and submit the documents.
