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Loan Against Property Eligibility Criteria and Document Requirements

It is often a general notion that a loan against property can be a challenge to avail because of the involvement of several documentation stages. However, these notions are far from true and the only important aspect that holds together the availability of a property loan is whether you own the necessary security to mortgage for availing the advance or not. Also, you need to meet a handful of loan against property eligibility requirements to be able to receive fast and convenient approval for the advance.

Another aspect that is required, but at the same time is easy to fulfil, would be he paperwork requirement for this loan. Thankfully, with the availability of online loan processing, documentation has been reduced to minimal. And so, paperwork for a property loan completes in a few simple steps only.

With different lending institutions the eligibility and document requirements may vary a little, with the core requirements almost remaining the same. When planning to apply for the advance, it is thus ideal to check the eligibility criteria that you may need to fulfil to avail the advance. Below is given in detail about the eligibility and paperwork requirements you may be asked to fulfil when availing a loan against property.

Eligibility Criteria for Loan Against Property

The loan against property eligibility requirements are simple to meet, which makes them easily accessible. However, some aspects of these criteria can differ based on the occupation of the individual applying. Both salaried and self-employed individuals can apply for a loan against property with certain distinctions in criteria fulfilment. Below are listed the requirements that differ with the occupation of the borrower.

1. Age: The age range for salaried and self-employed individuals vary for the purpose of availing a property loan. While a salaried individual needs to be between the age range of 25 to 60 years to avail funding, a self-employed individual needs to be between 21 and 70 years to apply.

2. Occupational stability requirements: A borrower must also prove the existence and stability of their occupation to proceed with the loan processing. A salaried individual must be employed with the current company for at least 6 months with an overall job experience of 1 year. For self-employed applicants, the minimum vintage in the current business should be of 1 year with an overall vintage of not less than 3 years.

3. Occupational type: If you are a salaried individual, you need to be employed with a private/public sector company or an MNC to avail funding. A self-employed applicant simply needs to have a business with a steady income to avail the advance.

Additionally, the prospective borrowers must fulfil the following requirements as well –

  • Should be residing Indian citizens with a stability of at least a year
  • Hold a minimum monthly income as per their city of residence
  • Own a property with a minimum market value as per the city they reside in

Loan Against Property Documents Required

Along with the loan against property eligibility criteria, you need to provide a handful of documents as well to complete paperwork for the advance. Some common documents you need to submit to avail a property loan include the following.

  • Proof of identity and address
  • Proof of income depending on the borrower’s occupation
  • And proof of employment/business existence
  • And proof of occupational stability for the required duration
  • Proof of ownership for the property you seek to mortgage and avail financing against

Once you have all these documents, you can apply for a loan against property with ease.

Keeping the essential aspects in mind related to the loan against property eligibility requirements allows you to prepare well when planning to avail the advance. It is also good to keep all the documents ready when applying so the paperwork completes fast and the loan processing is undertaken without any hassle. With the best lending institutions in the financial market, receiving quick approval of the loan along with a fast disbursal should not be a challenge for eligible individuals. When applying, be informed of the rate of interest on LAP loan so that affordability is kept in check while you enjoy the benefits of this long-term financing solution.

Ahsan Khan
Ahsan Khan
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