Cotact For loans - Loan Against Property FAQ

FAQs on loan against property:

  • Who can avail a Mortgage loan?
    Both salaried as well as self-employed group can avail Mortgage Loan, irrespective of the earnings.
  • Which factor determines the eligibility of a mortgage loan?
    The universal factors taken into account while formative the eligibility of loan against property is listed below:
    • Income
    • Age(minimum 21 years)
    • Property assessment
    • accessible liabilities(if any)
    • Current work knowledge
    • monetary Documents
    • Number of dependants
  • How much loan can I get?
    You can get a loan against property up to 80% of the registered price of your assets depending on the bank’s rule on the property type and valuation.
  • How would the value of my property be determined? The value of the property would be resolute through a valuation conducted by the loan supplier.
  • What is the difference between a home loan and loan against property?
    There is an enormous dissimilarity between a home loan and a loan against property. Home loan is taken only for the reason of buying a housing property while a loan against property can be taken for any principle.
  • What are the stages involved in availing the loan?
    • Application
    • Processing
    • Documentation
    • confirmation/Valuation
    • Sanctioning of the loan
    • expenditure
  • Is there any processing fee charged by the bank?
    Yes, a supposed fees and charges are to be rewarded to the bank depending upon their term and conditions.
  • What are the documents required for applying for a loan against property?

    For Salaried:
    • Application form with photograph
    • Identity and Address proof
    • Latest salary slips
    • Form 16
    • Bank statements(last 6 months)
    • Processing fee cheque
  • How much time does the bank take to disburse the loan?
    The processing of the loan generally takes 7 to 10 working days once all the documents are submitted. It also depends upon your profile and documentation.
  • Does the property have to be insured?
    Yes, the property has to be insured against flames, flood, earthquakes and other suitable hazards through the tenor of the loan.
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