Getting a loan against property is one of the most easiest thing, we will tell you how
When faced with a cash crunch, most people turn to an affordable loan to make things easier. And why not? After all, a loan can help them manage their finances without turning to friends or family for help. A loan against property is an excellent option for financing any big-ticket purchase or managing a cash emergency.
A loan against property is a multipurpose loan that can be availed by mortgaging property as collateral. Being a secured form of finance, it carries a competitive rate of interest along with a flexible loan tenure, thus, helping people meet their personal and business goals with ease.
If you’re also looking for an attractive loan against property interest rate, here’s what you need to know about securing the loan online.
Eligibility
Whether you’re a business owner looking for funds for business growth or an individual who needs funds for personal expenses, you are eligible to apply for a loan against property online. That being said, the standard eligibility criteria are as follows-
Constitutions eligible to apply are-
· Partnership firm
· Proprietorship businesses
· Private Limited Company
· Public Ltd. Company (not listed on any stock exchange)
For Individuals
· The applicant must be working at an MNC/ government undertaking/ public sector undertaking/ public/ private company (for salaried individuals)
· The applicant must be a self-employed individual or professional (doctor/cost accountant/chartered accountant)
· Minimum age at the time of application is 21 years and the maximum age at the time of maturity is lower than retirement age (for salaried) and 70 years (for self-employed)
· Any individual who files ITR (for self-employed)
Documents Required
Most banks offer loans against property with minimal paperwork and quick processing. Here is the basic documentation requirement-
· Application form with a photo
· KYC documents- Valid ID proof, residence proof, and signature proof
· Proof of income
· Bank statements (last 6 months)
· Copy of the property documents of the concerned residential or commercial property
How to Apply for Loan Against Property
Today, most banks offer a quick and seamless process to apply for a loan against property online. With fast loan processing and approval, you can expand your business, fund your child’s education or take that long-awaited family vacation – at a competitive loan against property interest rates.
Below are the various ways you can apply for LAP:
Online
· Visit the bank’s website and click on “Apply Now”
· Choose the product “Loan Against Property” from the drop-down menu
· Fill in the application form with your personal details
· Click submit
Once you submit the application, a bank representative will reach out to you.
Offline
· Call the phone banking number to get in touch with a representative for further details
· Visit the nearest bank branch to apply for a loan against the property
In most cases, the bank will process your application within days, and you will receive your funds in no time!
In Conclusion
Now that you know how to apply for a loan against property online, it’s time to research the best loan deals and fulfill all your financial goals seamlessly. You can avail of an instant loan against property from top banks like IndusInd Bank. With attractive interest rates and convenient EMI options, you can secure a high loan amount with a hassle-free application process.
Visit IndusInd Bank’s website for more details, and get ready to enter the world of banking convenience!
