An education loan on property can be availed of up to Rs. 1 crore with a flexible tenure ranging from 2 to 20 years for salaried applicants. Additionally, the amount can be up to Rs. 3.5 crore with a period of maximum 18 years for self-employed individuals.
Due to such reasons, education loan on property has become a convenient option for students. However, before opting for such credits, you must prepare the required documents so that your application gets approved without any hassle.
What are the Documents Required for Loan Application?
The documents required for education loan on property differ in case of a salaried individual and a self-employed candidate.
Mandatory documents for both salaried as well as self-employed individuals include:
Photo ID proof - Aadhaar or PAN Card.
Proof of address – Latest utility bills, life insurance policy, water tax, property tax, etc.
Documents of the property to be mortgaged.
Salaried individuals need to provide with the following as well:
Income tax returns.
Latest salary slip.
Bank account statement for the past three months.
On the other hand, self-employed applicants must submit the following:
Bank account statement for the past six months.
Business proof documents like GST registration certificate, Trade License, Partnership Deed, Memorandum of Association, Articles of Association, etc.
In addition to the documents required for education loan, you must keep an eye on the eligibility criteria as well. You must be between the ages of 25 and 70 years if you are self-employed or 33 to 58 years if you are salaried to avail an education loan against property.