What Are The Eligibility Criteria And Documents Required For A Loan Against Property?
India has witnessed immense growth in its economy with a GDP of $2.716 trillion. However, a drop in the GDP has been observed recently, from 7.5% in 2018 to 6.8% in 2019. Due to this decrease in GDP, India has also seen a massive rise in the inflation rate from 3.48% in 2018 to 3.88% in 2019. This increase in the inflation rate has resulted in a hike in the prices of the products we use daily.
However, the safest way to deal with a massive financial crisis is to avail a credit like a property loan.
A loan against property is a type of secured loan taken against your private asset, that is, an office or a private house.
Your assets will be kept as a security with your lender, and the ownership of the property will be transferred once you default on repayment.
There are many LAP EMI calculator that is available on the internet with which you can calculate your EMI.
Loan Against Property Eligibility Criteria
Nevertheless, before you avail of such loan, there are specific eligibility criteria and documentation that you have to fulfill. Your EMI calculated with the help of a LAP EMI calculator will be based on the eligibility criteria, such as:
Self-Employed Individual
- For a self-employed individual, the age bracket provided is between 25 to 70 years.
- You should hold a regular source of income. The increase or decrease in your EMI amount calculated by a LAP EMI calculator by reducing or increasing the EMI tenor depending on your salary.
Salaried Individual
- The age bracket provided for a salaried borrower is between 33 to 58 years.
- You should be employed under a private or public sector or a registered MNC.
Both salaried and self-employed individual should be a resident of India and maintain a CIBIL Score of 700 to qualify for such loans.
Loan Against Property Documentation
However, before you calculate the EMI with the help of a LAP EMI calculator, there is a list of documents needed to apply for a loan against property, such as:
Self-Employed Individual
- A valid address proof will be required along with a copy of the documents against which you will be taking the loan.
- Bank account statements of the previous six months will be needed while you apply for such loans.
- Know Your Customer or KYC documents will be required, such as your Aadhaar Card, PAN Card, Voter Id, etc.
Salaried Individual
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- KYC or Know Your Customer documents will be required, such as your Aadhaar Card, PAN Card, Voter Id, etc.
- Bank account statements of the previous three months and your recent salary slips and income tax returns will be required while you avail a loan against property. You can lower or increase the EMI amount that can be calculated by a loan against property calculator by increasing or decreasing the EMI tenor, respectively.
- A valid address proof will be required along with a copy of the documents against which you will be taking the loan.
Once you have fulfilled the above-mentioned loan against property eligibility criteria and documents, you can calculate your EMI through the LAP EMI calculator.
However, there are no end-usage restrictions on loan against property. You can use the amount for several purposes, such as buying a new house or property, meet medical expenses, etc.
You can also finance your education with a loan against property or fund your destination wedding.
Several financial institutions and NBFCs offer a loan against property at considerable rates.
Bajaj Finserv also provides collateral-free loans with benefits like online loan against EMI calculator, attractive interest rates, considerable foreclosure and pre-payment charges, online account access, flexible repayment tenor and many more.
Bajaj Finserv has also introduced a pre-approved offer to make the application process hassle-free.
This offer is available on both secured loans like home loans and unsecured loans such as business loans and personal loans.
However, before you apply for a loan against property, make sure that you evaluate your debt-to-income ratio and then decide on the amount of the loan. Always go for a shorter tenor and practice paying your dues on time.
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Category: Loans
