Showing posts with label Loan Against Property. Show all posts
Showing posts with label Loan Against Property. Show all posts

Tuesday, December 18, 2018

8 Loan Against Property Eligibility Conditions To Fulfil

A loan against property does what the name suggests – it gives you a loan against your property. It is a facility where a bank or non-banking finance company (NBFC) provides you with easy access to money. It is provided while holding the property as collateral.

Once the loan is repaid under the scheduled tenor, the lender releases your property. You can then again use it as collateral to get another loan.

If you fail to repay the loan in time, the lender has the right to attach your property and sell or dispose of it to recover its unsettled dues.

However, only having the property in a city as per the exclusive list of the lender is not the only eligibility criteria. 

The loan against property India approval is dependent on many other valid eligibility conditions. Yes, you need to match the loan against property documents required with your profile to finally receive the approval.

What is a Loan Against Property facility?

When you keep your property as collateral with a lender, you get to avail the loan against property for a higher loan amount. Based on our requirements, the eligibility, and property’s value, you can get an amount between Rs.1 crore to Rs.3.5 crore.

How can you use the Loan Against Property funds?

The loan against property facility is similar to that of personal loan in nature. Once you receive the money, you are free to use it for multiple purposes such as: 

  • Business expansion 
  • Debt consolidation 
  • Education costs 
  • Family and personal medical emergency 
  • For all other personal needs 

What is the Loan Against Property Eligibility Criteria?

To become eligible for the loan and get quick approval from a prospective lender/bank, you need to fulfil some eligibility terms. Some of the standard loan against property eligibility conditions includes:

  1. Mostly such properties that are residential in nature, either self-occupied or rented to tenants. You don’t have the authority to apply for the loan against property for a space that you don’t own and that you live in on rent. You are also not allowed to mortgage the empty or unused piece of land. 
  2. Your sales/title deed must be clear with absolutely no discrepancies that could affect it later. 
  3. Commercial properties are also available as collateral during the loan against property application. You will need to have clean property documentation for availing the loan against all such properties. 
  4. You need to be an Indian citizen whose age is as per the terms and conditions of your lender. 
  5. You should have a regular source of income and must be working for an MNC, privately owned or public limited companies. 
  6. You should have a robust CIBIL Score in the range of 750+ 
  7. The applicants need to have no defaults and have clean repayment history 
  8. You need to have your ‘to be mortgaged properties’ in major cities of India or as declared by your lender. 

Additional Read: Different Kinds of Loans against Property

Loan Against Property Documents Required

Some of the common loan against property documents required that you need to provide to your lender to complete your eligibility are:

  • KYC documents such as PAN Card and Aadhaar Card 
  • Address proofs such as Driving License, Voter ID Card, Passport or Aadhaar Card 
  • Latest Salary Slips 
  • Last 3 months bank account statements 
  • Copy of the property that you want to keep as the collateral/security 

The loan against property can help you if you need to fulfil any long-craved financial aim or cover other purposes of life. Now that you are clear about the loan against property eligibility and documents, you will find it easier to apply for it online. 

Bajaj Finserv presents some incredible pre-approved offers on loan against property, housing finance, business loans, and personal loans and more. They are created to make your loan application easier and less time-consuming.

Monday, August 20, 2018

Fulfil Your Dream of Travelling the World without Worrying Anymore

Travelling is a dream for some and business for others. Whatever be the case, travelling overseas is always expensive. Saving beforehand for travel expenses may help sometimes, but not always. There can be many reasons for your abroad trip plan:
  • Seeing Switzerland was your childhood dream. 
  • Your children live in a foreign country, and you visit them every once in a while. 
  • You have a vital month-long business meeting where you have to take your employees. 
Whatever the purpose is, it can be anything but economical. Financial institutions offer Loan against Property to manage your travel expenses efficiently. You can easily avail Loan against Property for travel from them and make your dream tour come true. The Loan Against Property Interest Rates are quite lower in comparison to other loans , thus a better option for repayment.

What is a Loan Against Property?

Loan against property is what its name suggests. A financial institution gives you a loan against a property registered in your name which they keep as a mortgage or security. Hence, these are secured loans. 

Such credits have high loan-to-value. It is the ratio of the credit amount to the actual value of the mortgaged property. It is usually higher in comparison to other secured loans.

Loan Against Property Eligibility:

In case you draw salaries, the age bar is 33 to 58. For self-employed individuals, the age bar is 25 to 70 years.

Loan Against Property Documents:

Loan against property documents required are minimal:

  • Salary slip
  • Statements of your bank account for the previous 3-6 months
  • KYC documents 
  • Address proof
  • IT returns
  • Property documents

Loan Against Property Tenure:

Financial institutions offer you loan against property with repayment periods of 2 to 20 years. That is a huge window to repay your credit amounts conveniently. However, there are also options for part-prepayments of the loan against property for travel. You can also opt for foreclosure of your credit account.

Additional Read: Choosing the Perfect Loan Against Property to Tackle your Financial Problems

Loan Against Property Interest Rates:

The interest rates for loan against property India are less compared to other forms of secured loans owing to their longer tenures. EMI amounts for such loans are comparatively lower.

Other Loan Against Property Features:

Financial institutions provide the following features with loan against property -

1. Easy Balance Transfer
Using easy balance transfer facility, a customer can transfer the remaining loan against property for travel amount to another lender who provides with low rate of interest. The current lender may charge a minimal fee for providing this facility.

2. Top Up

Customers can avail a loan top up with their existing loan in case they need additional financing.

Loan Against Property and CIBIL score:

Your CIBIL score will also improve if you pay the EMIs on time. A high CIBIL score helps you in many ways. While a high credit score is not mandatory for availing a loan against property, it will largely help you in getting unsecured loans and credit cards in the future.

However, not repaying your due credits in time will negatively affect your CIBIL score. Keep in mind the things to avoid while availing a loan against property.

Apart from all these benefits, availing Loan against Property has more added benefits. The application procedure is the easiest among all other financial institutions. Also, the end use of such loans is not restricted. You can finance your child’s education or meet your parents’ health requirements.

So, avail a loan against property for travel today and surprise your dear ones with a dream vacation in The Bahamas, Egypt, Japan, or any other.

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