Loan Against Property is a form of secured loan that allows individuals to borrow money to take care of their finances. The borrower is required to pledge their property, either commercial or residential, as collateral.

Processing of Loan Against Property

The complete process of Loan Against Property is relatively simple and easy.

Step 1. Check the eligibility: The first step is to check the eligibility criteria of the loan against Property:

1. The applicant must be Between 21 and 60 years.
2. The applicant must be a salaried employed or a self-employed individual.
3. The credit score of the applicant must be over 700+.

Step 2. Fill the application form: If you fulfil the eligibility criteria, you can start filling the application form. In the application form, you are required to mention your details:

Personal Details: Name, Date of Birth, Address

Professional Details: Name of company, address etc.

Income Details: Salary statement

Step 3. Upload the necessary documents: Once the details have been filled, upload the required documents like:

1. Income Tax Returns for the last two years
2. KYC Documents 
3. Form 16 
4. Bank statements for the last six months and salary slips
5. Documentation about the Property offered as collateral.

Step 4. Submit form: Check all your details and submit the application form.

If your land mortgage loan application is approved, you will receive a call from the customer care executive for the loan terms being offered by the lender. If you agree to the same, your loan will be approved and disbursed directly into your bank account.

Conclusion

Whether it is a wedding, a vacation that you are planning, some medical emergency, or a course you are planning to pursue, Land Mortgage Loan is an excellent option for getting access to instant funds. You can also use the Loan Against Property calculator to choose the right lender and favorable terms.

Must Read: Know How a Loan against Property is processed? (Step By Step)