Avail Loan Against Property At Lowest Interest Rates

In loan against property, the loan is given in lieu of the market value of the mortgaged property (normally the amount given is 60-70% of property estimate). Though the property remains mortgaged to the bank, the owner is allowed to utilize it for private or business requirements.  

Loan against property is a better option when compared with alternatives like personal loan because the rate of interest is far less in its case. Loan against property is very popular in India and is easily available with the increase in the number of banks and NBFCs in the country.  

               

 Loan Against Property Eligibility

Both salaried and businessmen can avail loan against property. The loan against property eligibility criteria are:  

·         The applicant must be an Indian citizen.

·         The applicant must be 21 years of age at the time he/she applies for the loan.

·         He/She must be earning the minimum required amount and possess the minimum monthly repaying capacity.

·         You must have been employed by the current employer or involved in the current business for a specific time.

·         It is also mandatory for the applicant to have a good credit history and proven time record of loan EMI and credit card bill repayment on time. This may help you in securing lower interest rate. It might also quicken your loan application process as well. 

Loan Against Property Documents Required

Loan against property documents required for business person include:

·         Identity and residence proof.

·         Educational qualification certificates, degrees, diplomas, and other academic credentials.

·         IT Returns of the past 3 years preceding the one in which loan is applied for.

·         Bank statements of 6 months preceding the one in which loan is applied for.

Loan against property documents required for salaried individuals include:

·         Identity and residence proof

·         Form-16 issued by present employer

·         Bank statements of salary account for the past 6 months.

·         A cheque that covers the administrative costs/processing fees incur by the bank in processing the application.

 Loan against property documents required for self-employed individuals include:

·         Identity and address proof.

·         Academic credentials.

·         All registration/licensing certificate related to your profession.

·         Business existence proof.

·         Business profile details.

·         Last 3 years’ balance sheets

·         Profit & Loss statement of the company.

·         Acknowledged Income Tax statements of the company and self for last 3 years

·         Bank statement for last six months.

Loan Against Property Lowest Interest Rates

A number of companies today help people get loan against property at lowestrates. One name that outshines most in this category is IndiaKaLoan.com. The company has its links with a number of banks and NBCs and helps and guides its customers avail loan against property at lowest interest rates.