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What You Must Know About Loan Against Property?

Loan against property is a wise financing scheme which lets you liquify your fixed assets. As lenders do not scrutinize your usage of the loan it can be used to cater to several personal and professional obligations.

So, here are aspects of loan against property you must be sure about.

Interest Rates for Loan Against Property

Mortgage loan is secured in nature. This means you pledge your property as collateral/ security/ guarantee to secure the loan. Therefore, you can enjoy lower Interest Rates on the Loan Against Property and thus easily pay it off.

Payback Tenure

Lenders usually offer longer tenure to pay back the loan from anywhere between 2 to 20 years. This gives you more time to pay off the loan easily and avoid lacking behind in repayments.

Eligibility Criteria

The loan is provided with an easy-to-meet eligibility criteria. Where, salaried individuals must hold stable employment for at least three years and must be between 33 to 58 years of age. While, self-employed individuals should have a minimum business vintage of at least three years and be between 25-70 years of age. It must be noted that the property to be mortgaged must not have any loan running on it and be free from any litigation. You can check out lender’s official website to learn more their individual criteria

High Loan Amount

Lenders offer you higher loan amount to help you take care of all your financial obligations. Salaried individuals can avail loan up to Rs. 1 crore and self-employed individuals can avail loan up to Rs. 3.5 crores.

Minimal Paperwork

Lenders today let you apply for the loan online on their official website by filling up an application form. This is a pretty simple process which requires minimum documentation. Upon verification, you can enjoy instant loan approval and disbursement.

Additional Read to know more: 4 Things you should know before you apply for a Loan Against Property

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