Through our new series “Knowledge Center” we will be answering the most asked questions by customers about loan against property. With these answers, applying for the best loan against property will get easier.
For today, we shall be answering these 5 important questions;
What is loan against property definition?
By the term itself, “Loan against property” meaning lies in the fact that you can get a loan after keeping your property as collateral. Loan against property also called as mortgage loan allows you to keep your residential, commercial and industrial property as collateral in order to get a loan amount.
How can I get a loan against my property?
The process of getting a loan against property is easy. You apply for the loan and Banks will then valuate your property’s amount. As per the valuation of your property and eligibility, your mortgage loan amount will be decided.
How is loan against property eligibility calculated?
In 2 ways loan against property eligibility is calculated; One where your property value is derived by the Bank and the second one is when they will calculate your eligibility based on your income and credit history. After evaluating these 2 ways, Banks will provide you with a loan amount and interest rate. Getting a loan without income proof is difficult.
What documents are required for loan against property?
There are many documents required for loan against property. Some of these are related to your income and some are related to your property ownership papers. Here is the full list for your reference
Which bank is best for mortgage loan?
All Banks and NBFCs offer mortgage loan in attractive interest rates. As a customer it might get confusing to choose the ideal lender for you. So to clear that confusion, we have created a solution where you can visit our website and compare loan deals offered by more than 25+ top Banks and NBFCs in India. So do visit and get the best loan!