Eligibility Criteria for a Loan Against Property
Lenders usually require you to be either a salaried employee or a self-employed individual with a stable income. Your ability to repay the loan is a crucial factor in the approval process. |
Property Ownership
The property must be in your name, free of any existing loans, or if it's mortgaged, the equity in the property should be substantial.
Credit Score
A good credit score significantly enhances your chances of getting approved. It shows the lender that you are financially responsible and capable of repaying the loan.
Required Documentation
You’ll need to submit all the legal documents related to the property, including the title deed, property tax receipts, and any previous loan documents if applicable.
Income Proof
For salaried individuals, this includes salary slips and bank statements. Self-employed individuals may need to provide IT returns, profit and loss statements, and bank statements.
Identity Proof
Standard documents like your Aadhaar card, PAN card, passport, or voter ID will be required for identity verification.
