Loan Against Property
What is Loan Against Property?
If you are in dire need of funds then there are multiple avenues of getting the required sum. Loan against property is one such financial asset banks can provide individuals.
Directly Apply for loan in less then 1 min
Advantages of Loan against Property
Utilize Additional Potential Of Property
Individuals who are in need of funds but don’t want to give away the rights to their property find an easy method of doing so.
Reduced Interest Rates
Loan Against Property have lower interest rates than even personal and business loans however they can be utilized for a wide variety of uses.
Loan against property allows you to gain a loan of large sums. You can get as much as 70% of the property value as your loan amount. With the cost of real estate booming that could amount to a significant figure.
How Your Application For Loan Against Property Is Judged
As with most loans the individual applying for the loan should have a good credit score. Most banks will check your CIBIL score before they move forward with your application processing. If you credit score is poor you may get a loan against property however the sum would be much lower than the full potential of the property.
Eligibility Criteria For Loan Against Proprty
The following factors are considered absolutely crucial when it comes to checking for the eligibility of an individual for a loan.
- Credit Score
- Type Of Property
- Value Of Property
For loan against property the individual along with the regular identity, address and income proof will also need to provide the bank with the property papers. The property papers are mortgaged with the bank until full repayment of the loan is not complete.