Various Uses of Loan Against Property

Loan against property means you can have a loan by mortgaging your residential property, commercial property, or any other vacant plot and apply for the loan. You can use loan against property in many ways.
This loan has its own benefits like low-interest rate, long tenure, no repayment fee, doorstep support, etc.
Besides this, you can stay in that home in which you have a mortgage to the lender without any restriction.
In this article, we will discuss the eligibility, applying process, common details about loan against property.

Various uses of loan against property

• Wedding

• Medical expenses

• Startups

•  Foreign education

• Advertising

• Vehicle

• Foreign trip

Eligibility criteria:

• Age not more than 65

• The annual profit of the business

• Monthly earning statements

• Existing loans

• Value of the property

• Credit score not less than 750

• Number of dependents (family members)

Document Required:

• Photograph

• Age proof

• Address proof (ration card/telephone bill etc.)

• Highest education mark sheet

• Last three months salary slips or business proof

• Form 16/ITR

• 6-12 months bank statements

• Property documents Verification

These documents depend on the employment of an individual.


Interest Rate:

• The loan against property interest rate is usually less than many other loans. Also, it has a long repayment period so it will be easy to manage the monthly budget with this loan.

Read More:
What are the Different Forms of Loans Offered under Loan against Property?