What is Loan Against Property?

A loan against property is exactly what the name implies a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent. How much I can get? The eligibility of Loan against Property is calculated on the basis of either the percentage of property value that you own and how much income you have that you can return the emi with.So you can get Loan against property upto annex % of property value and the net amount that you earn after other emi a percentage of that amount can go into the emi.

Eligibility Criteria

-> Any salaried, self employed or professional Indian national is eligible for a personal loan.
-> According to the parameters set by banks and other financial institutions lending the loan, you:
->Should have been employed by your current organization or been involved in your business for a certain number of years
->Should have some monthly repaying capacity or the required minimum salary
->Must qualify the age bracket defined by the lending bank or institution
->Should not have bad credit history under your name for three months prior to submitting the loan application

Documents Required

-> Duly signed and filled application form
-> Passport Size Photograph
-> Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.
-> Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
-> Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.

Income proof :

-> Salaried Individuals
-> Latest 3 months salary slips
-> Form 16 with proper computation of income
-> Latest acknowledged IT return
-> Salary account bank statement for six months