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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