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All you need to know about Loan against Property



In today’s competitive world, one needs money for almost everything, from funding one’s own business to paying for the education of children. But from where does the money come for various needs? In the current scenario, there are many ways in which the person can source money and the foremost option is to avail a loan. One such loan is a loan against property. The loan against property is given against the mortgage of one’s property.

Steps involved in the process

Application
The loan application sets the ball rolling in a loan against property. All you got to do is opt for the right lender and fill the form with necessary details.

Eligibility criteria
The eligibility criteria to avail this loan differ from lender to lender. One of the foremost points to note here is that a person’s finances should be of sound nature. The banks and NBFCs consider certain points such as how much you earn, how much your savings are, as well as the debts you possess. A thorough check will also be done to ensure that you have disposed of previous loans and that you hold a clean record when it comes to making credit card payments.

Processing
After applying for the loan, the banks and NBFCs start processing your application and the lender may also call you for a discussion. You should take original documents with you, after which the financial institution will conduct a field investigation of the matter and evaluate the documents provided by you. Documents needed include address proof, age proof, income proof, property papers, and employment details. After submitting the documents, you may also be asked to shell out a processing fee as well, which is 1-2% of the desired loan value.

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