Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    The Ultimate Beginner’s Guide to Yoga: Everything I Wish I Knew

    June 29, 2025

    How to Fix Synchronization Log Email Errors in Outlook

    June 18, 2025

    Sync Email Across Devices: Gmail, Outlook, iCloud

    June 3, 2025
    Facebook X (Twitter) Instagram
    • Home
    • Advertise
    • Write for Us
    • About
    • DMCA Policy
    • Privacy
    • Contact Us
    Facebook X (Twitter) Instagram
    topnewsblog.info
    • Android
    • Automotive
    • Blockchain
    • Finance
    • Games
    • Security
    • Social Media
    • Software
    • Business
    topnewsblog.info

    Eligibility Factors You Must Know To Apply Loan Against Property

    Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Mitigating a short-term financial crisis or achieving the next financial milestone is now very easy by taking a loan. Financial institutions have made loan products readily available for eligible customers, and the entire application can be made online. There are two types of loans that you can choose from when it comes to short-term financial requirements. One is an unsecured loan, such as a personal loan. You don’t need to keep any collateral for this type of loan, and hence, it is called an unsecured loan. On the other hand, secured loans, such loan against property is a loan agreement where you have to keep an asset as collateral.

    Since it is a secured loan, a loan against property has a lower interest rate and can be repaid in a longer duration of time. Loan against property eligibility norms are also not that much complicated, and if the papers are found in order, the loan can be approved very quickly. Whether it is for personal purposes or a home renovation loan, loans against property eligibility requirements are generally the same. In this article, we will discuss loan against property eligibility factors.

    Various Factors that Affect Loan against Property Eligibility

    The eligibility criteria for loan against property are slightly different for salaried people as compared to self-employed customers. We will discuss both of them one by one.

    Salaried Individual

    Age: The age of the customer should be between 33 and 58 years.

    The customer should be a salaried employee in an MNC, a private company, or a public sector company.

    The customer should be a resident of India.

    Self-Employed Individuals

    Age: the age should be between 25 and 70 years.

    Self-employed with a regular stream of income for a particular duration

    The customer should be a resident of India

    The various documents that are required to be submitted for approval are:

    Salaried Individuals

    Latest Salary Slips

    3 Moths’ bank account statements

    PAN

    Aadhaar Card

    Proof of Address

    Papers of the property to be kept as collateral (stating clear ownership)

    Self-Employed

    6 Months’ bank account statement

    PAN

    Aadhaar Card

    Proof of Address

    Papers of the property to be kept as collateral (stating clear ownership)

    Essential Things to Keep in Mind while Applying for a Loan Against Property

    Whether it is a home renovation loan or a loan against property, there are certain things that you have to keep in mind.

    1. Interest Rate: Make sure to go for a financial institution that offers the best interest rate on a loan. Even a tiny difference in the interest rate can cause a substantial change in the amount of interest to be paid.

    2. Charges: Ensure that the processing fee and miscellaneous charges do not accumulate to become too large. Do read into the fine prints to know the kind of deal that you are getting.

    Conclusion

    A loan against property is one of the best ways to raise capital at a low-interest rate. Make sure to check the loan against the property eligibility criteria mentioned above before you apply for the loan. This will ensure a smooth application process and a higher chance of approval.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Leave A Reply Cancel Reply

    Demo
    Don't Miss

    How to Make Microsoft Outlook shine on Microsoft Surface Duo?

    Things get more impressive when you open Duo. Microsoft runs a modified version of Android…

    Preferred Car Customization Ideas in 2021

    February 18, 2021

    Do You Want Today To Call The Scrap Car Pick Up In Sydney Corporation?

    February 13, 2021

    Everyone needs to Know About Games Of Thrones

    April 8, 2021
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Our Picks

    The Ultimate Beginner’s Guide to Yoga: Everything I Wish I Knew

    June 29, 2025

    How to Fix Synchronization Log Email Errors in Outlook

    June 18, 2025

    Sync Email Across Devices: Gmail, Outlook, iCloud

    June 3, 2025

    Why Is the Secure Email Option Missing in Outlook?

    May 13, 2025

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Demo
    © 2025 Topnews Blog
    • Home
    • Advertise
    • Write for Us
    • About
    • DMCA Policy
    • Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    750K+ Emails of Guest Post Buyers, SEO Agency and 320M B2B Leads

    Get Now