Loan against property is one of the easiest and safest ways to arrange finances. One can get a loan against their residential as well as commercial property. It is the perfect alternative for personal loan. As the loan borrower has to mortgage his/her property, the interest rate applicable is low and the tenure is long. Banks and NBFCs approve 60% to 70% loan amount of the property’s current value. Some lender might offer more considering the financial profile of the loan borrower. One can easily apply for a loan against property online on Ruloans.
One can avail many benefits by taking a loan against property:
Maximum loan amount:
One can avail maximum funds by opting for loan against property. Banks and NBFCs have specific loan against property eligibility criteria. If you fit into it, you can borrow the maximum amount against your property.
Easy repayment option:
You can pay back your loan against property by opting for easy EMIs and can also opt later for pre and part payments. You can use loan against property eligibility calculator and know how much you’ll be required to pay every month.
Low interest rate:
Loan against property interest rate offered by banks and NBFCs in the lowest compared to personal loan as loan against property is a type of secured mortgage loan. The loan against property interest rate starts from 9.50%*.
The loan against property application is approved quickly. If you have submitted all the legitimate loan against property documents required then you can easily get a loan within 72 working hours*.
Hassle free application procedure:
You can easily apply online for loan against property on Ruloans. You can check your loan against property eligibility online on Ruloans by filling a simple form.
Eligibility criteria & documents required:
Loan against property is offered by various leading banks and NBFCs in India as it’s easy to get. The eligibility criteria for loan against property are limited and the list of documents required is very straightforward, thus making the procedure hassle-free and quick. The property’s eligibility criteria are also considered in processing the loan.
This is the common eligibility criteria required:
- The borrower has to be an Indian citizen.
- Professional stability and savings history of the borrower also play a major role in approval of the loan against property.
- The borrower should have a good credit history at his/her disposal with proven track record of timely loan EMI and credit card bill repayment.
- Steady and healthy relationship with bank also help you to get the loan quicker and you might get exempted from the hidden charges and processing fee.
- The eligibility is also decided on the value of your mortgaged property.
- The property should currently exist and should be in applicant’s name. The loan can be taken as co-applicants if the property is registered under multiple names.
The eligibility criteria are further divided into two:
- Salaried Applicant
- The applicant should be a permanent employee with the government or a reputed company.
- The applicant should be an employee with the existing company or government for minimum 3 months.
- The minimum age to avail loan against property for salaried applicant is around 24 to 25 years.
- The applicant should currently be employed with existing organization.
- The applicant should also have a good credit score.
- Professional Applicant/ Self-Employed Applicant
- This category is further divided into two:
Self-Employed Professional: Doctor, engineer, architect, chartered accountant, etc.
Self-Employed Non-Professional: Trader, commission agent, contractor, manufacturer etc.
- The minimum age to avail loan against property for professional applicant is 25 years and the maximum age has to be 65 years.
- The applicant should be involved in his/her business for a specific number of years (the number differs from bank to bank).
- The applicant should be filing income tax returns regularly.
Eligibility criteria for property:
- The property which will be kept as collateral should not be involved in any legal tangles.
- The property should have clear titles registered in the name of the applicant.
- The market value of the given property should be higher as the loan amount you’ll get will totally depend on the current value of property.
- The property should not be kept as a mortgage with any other financial institution while applying for loan.
Apply for a loan against property in mumbai