Loan Against Property

LET US UNDERSTAND EXACTLY WHAT IS LOAN AGAINST PROPERTY. IT IS A LOAN THAT IS PROVIDED BY BANKS AND 

A loan against your property can be taken for various purposes. One can need it for various purposes  to fuel its venture with capital investment. There can be several reasons depending on an individual. It is a very safe loan lending for financial institutions and banks as they collateral the property.

In India, many salaried people opt for this loan as it caters their needs. People even take it for their child educational expenses, medical expenses and so on. This loan is easy to avail as it is secure in nature. Banks and institutions decide a margin while giving this loan against property. Loan against property is a way to accomplish your goals and get a financial aid.

• Purposes of taking loan against property The advantage of loan against property is you can apply for the loan without any specific reason; you can apply for the loan to meet your general requirement. The Loan can be taken for any of the purposes described below:  
• Business Expansion : It can be avail if your motive is to expand your business.  
• Marriage Purpose : If you need money for the marriage of your son or daughter you can avail this loan.  
• Fund for abroad studies : The monetary resource can be avail for children’s abroad study by taking LAP loan.  
• Fund for vacation : You can also apply for the loan if you desire a dream vacation and need monetary resources for the same.  
• For medical uncertainty : Life is uncertain and unpredictable and if we need financial help for any medical purpose we can apply for the loan against property.

In the market, there are five types of loan against property available which can be availed by the borrower. As per the need, one can avail the type which they want to apply for and they are:   

• Loan against rented residential property  
• Loan against self-occupied commercial property  
• Loan against vacant residential property  
• Loan against rented commercial property  
• Loan against industrial property

The documents required by different banks are different but we would like to share some common requirements which are asked by every bank.   

• Address Proof  
• Age Identity  
• Identity Proof with 3 passport size photograph  
• KYC documents from bank  
• Past 6 months bank statement  
• Copy of ownership of the mortgaged property  
• Salary slips by the company  
• If businessman, continuity of the business from past 5 years  
• The required documents like tax returns, P/L account etc.

Now, applying for loan against property is not a problem anymore. We at Credit Express helps you with your application with our numerous partnered banks. We have various banks with us who give this loan facility. We help you in choosing the best for you.  You can do proper research based on various factors and we make it possible for you to fulfill your dreams using investment. You just need to get connected with us and we assist you with application process.

Eligibility Factors for Loan

1. Income

If you are a salaried employee then your income must match their criteria and most of the banks will ask for the salary slips of last three months.  

         2. Employment Proof

You need to submit your employment proofs with them like a letter should able to suffice them and ITR returns submission is also required.  

        3. Credit Score

You credit score is really important for loan against property. Banks pull out your credit score to determine your credit history.  

       4.Age

The one who takes loan must meet the minimum age criteria i.e. 21 years  Getting a loan is no more a hassle now. You do not need to go to different banks and branches for application of loan. Do your research with us and we act as a one stop solution for you. Contact us for further details and documentation process. Credit Express  will be happy to serve you with its services.