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Loan Against Property Documentation And Eligibility Criteria

Getting a Loan Against Property has the power of helping you around any financial difficulty that you might be facing in your life that requires bug money. Getting this Loan sanctioned is also fairly easy if you know where and what to look for. CreditNation helps you get the right loan. Have a look at some of the important details of the process.

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Eligibility Criteria for Loan Against Property

Different banks have different eligibility criteria when it comes to Loans Against Property. CreditNation provides you all the information you need. The standard eligibility criteria for most banks are

1. Age Limit: The applicant should be above the age of 21 years and below 60 years to apply for Loan Against Property

2. Net Monthly Income: The applicant should have a net monthly income of at least 1.5 times of the proposed EMI or in case he/she works in a salaried job, the minimum income requirements are ₹144000 per annum.

3. Minimum Work Experience: The applicant needs to be working for a minimum of 2 years in the same organization if he/she is a salaried employee. If the applicant is running a business of their own, they need to be continually doing it for more than 3 years and must present all valid proofs for the same.

Documents required for securing a loan against property

1. Proof of residence: A copy of your passport, ration card, driving license, electricity or telephone bill.

2. Proof of Income: The proof of income for self-employed individuals will differ from that of salaried individuals.

For salaried people, latest salary slip, Form 16 (along with salary certificate from the employer), bank statements for the last 3 months.

For Self Employed or professional, IT returns for the last 2 years, balance sheet, profit and loss summary, and bank statements for the last 6 months as proof of income.

3. An evaluation report of the property from the professional values by the bank.