A loan against property gives you a chance to raise funds by using your residential or commercial property as collateral. There is no restriction on the way you use the money from your sanction. So, you can use the hefty sanction from your loan to pay for your child’s education, fund medical emergencies, or buy your dream car without compromise or delay. So, if you own a property and you are in dire need of funds, you can take a loan against it rather than selling it to get access to funds. When you take a Loan Against Property from lenders like Bajaj Finserv you can get cash of up to Rs.3.5 crores on a competitive interest rate. However, before applying for it, you must consider certain factors to ensure that your loan application does not get rejected.
Checklist to get Loan Against Property Instant Approval
Keep this handy checklist in mind to get an instant approval on loan against property.
1) Understand the Property Requirements Before you Apply
You can pledge both residential, commercial or industrial properties to avail a loan against property irrespective of how you plan to use the funds from your sanction. So, you can pledge anything starting from a bungalow, a flat where you reside, your shop, a rented house, your warehouse or factory premises, and many more. However, check your lender’s criteria before you proceed with the application and ensure your property qualifies for the loan. This will guarantee quick approval. Keep in mind that the property you are pledging as collateral should not have any legal issues otherwise your lender will not consider it as a valid security.
2) Keep Tabs on the Eligibility Criteria and Documents Required
As per the loan against property terms in India, most lenders will allow you a sanction if you are a resident citizen of India owning a valuable property in your name. This apart, if you are a salaried person then you should be aged between 33 to 58 years at the time of your application. On the other hand, as a self-employed individual you should be aged between 25 to 70 years in order to qualify for the loan. Apart from this basic criteria, you will also have to check and fulfil the loan against property eligibility criteria put in place by the lender you plan to apply with. This way you are sure to get a quicker loan against property approval.
Having the documents required for loan against property ready with you also hastens the approval process. So, keep these ready for the lender to verify. Usually, lenders require you to submit your identity and income proof along with your property papers.
3) Apply Online after Comparing various Interest Rates and Repayment Terms
Before applying, make sure you learn all you can about the loan against property features offered by your chosen lender. Only after adequate research should you select a lender and terms. Tally the offerings in terms of repayment flexibility, interest rates and loan against property tenor. In order to get the best of everything, you can apply for a Loan Against Property from Bajaj Finserv which allows you to repay the loan in up to 20 years on flexible terms. Then apply online to enjoy speedy approval and disbursal.
Ready with this checklist, proceed to check the loan against property eligibility criteria.
Additional Read: 7 Smart Ways to Reduce Loan Against Property Burden
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